(a)

The provisions of the Constitution are as follows:

(I) Taxation: Article 174 establishes taxation as the primary source of revenue for funding government activities, ensuring that taxes are imposed fairly and in accordance with law. It entrusted the authority to impose, waive or vary tax in Parliament.

(ii) Budgeting: Article 179 makes provision for the responsibility and procedures for budgeting. It details out the procedures for the formulation, approval, and implementation of the national budget, including the roles of the President, Parliament, and other relevant institutions. It requires the President to present to Parliament, at least one month before the end of the financial year, a budget statement and economic policy for the following financial year. The Constitution mandates the preparation and submission of annual estimates of revenues and expenditures to Parliament for approval.

(iii) Public funds: Article 175 states that public funds of the Republic of Takoradi shall be made up of the Consolidated Fund, Contingency Fund and any other public funds established by or under an Act of Parliament. The Constitution creates the Consolidated Fund, which serves as the main repository for all government revenues and funds. All revenues collected by or on behalf of the government must be paid into this fund. It also provides for the establishment of a Contingency Fund to cover urgent and unforeseen expenditures that are not budgeted for in the annual budget. Further, Parliament is empowered to establish other funds as necessary for specific purposes, subject to certain

conditions and procedures outlined in the Constitution.

(iv) Audit of public funds: Articles 187 and 188 provide for the appointment of the Auditor General and the establishment of the Audit Service Board for effective audit in the public sector. It establishes the Office of the Auditor-General and mandates the audit of public accounts, including the Consolidated Fund and other public funds, by the Auditor-General or an auditor appointed by Parliament.

(bi) The object of Act 921 is to regulate the financial management of the public sector within a macroeconomic and fiscal framework.                                                                                                                                                                                                                        (bii)

The Act 921 achieves its object by making establishing rules, processes mechanisms and frameworks for effective public financial management. It does this by establishing:

• a framework to support a sound fiscal policy and the macroeconomic management of public funds.

• processes for the preparation, approval and management of a transparent, credible and predictable annual budget.

• mechanisms for the operation of the Consolidated Fund.

• mechanisms for the management of public funds, assets and liabilities.

• internal and external audit frameworks and correlative reporting and accounting systems; and

• a mechanism for financial oversight