PUBLIC FINANCIAL MANAGT. ACT, 2016
Public FinancialManagement Act,ACT,2016 2016PUBLIC FINANCIALMANAGEMENTARRANGEMENT OF SECTIONSSectionPreliminary Provisions1. Object of this Act2. ApplicationResponsibilities and Roles for Public Financial Management3.4.5.6.7.8.9.10.11.General responsibilityResponsibilities of MinisterPowers of MinisterResponsibilities of Chief DirectorDuties of a Principal Spending OfficerController and Accountant-GeneralDeputy Controller and Accountant-GeneralBudget OfficeOversight of ParliamentMacroeconomic and Fiscal Policies12.13.14.15.16.17.18.Application of sections 13 to 17Fiscal policy principlesFiscal policy objectivesFiscal Strategy DocumentFiscal policy indicatorsCabinet to adhere to targets in Fiscal Strategy DocumentSuspension of rules or targetsBudget Preparation, Approval and Management19.20.21.22.23.24.25.26.27.28.Salary negotiations for public sectorGuidelines for preparation of annual budgetAnnual budgetApproval of annual budget by ParliamentExpenditure in advance of appropriationBudgeting on a gross basisCommitment of approved budgetExpiry of appropriationPerformance ReportMid-year review1Act 921
Act ublicFinancial ManagementAct, 2016 ACT, 2016Re-allocation of funds from a covered entityBudget implementation by Principal Spending OfficersCash flow forecastVirementMulti-year expenditure commitmentsSubmission of quarterly reports on budget implementationSupplementary budgetContingency Fund36. Contingency Fund payments and advancementsSinking Fund and Debt Servicing37.38.39.40.41.42.43.44.Creation of Sinking FundSources of money for the Sinking FundAdministration of the Sinking FundBank account of Sinking FundPayment from Sinking FundAccounts and auditAnnual report and other reportsTransfer of moneyCash and Asset Management45.46.47.48.49.50.51.52.53.Management and use of Government moneysTreasury Single AccountCollection, deposit and retention of Government revenueConsolidated FundInvestment of balances on the Consolidated FundSpending from the Consolidated FundBank account managementCustody and management of assetsAbandonment of claims and write off of public fundsPublic Debt Management54. Functions of the Public Debt Management Office55. Government borrowing and debt management56. Approval of Parliament of terms and conditions of governmentborrowings57. Borrowing purposes2
Public FinancialManagement Act,ACT,2016 2016PUBLIC 8.69.70.71.72.73.74.75.76.77.78.Debt management objectivesDebt management strategyAnnual borrowing and recovery planIssuance of government debt securities in the domestic debt marketIssuance of government debt securities abroadBorrowing from banks and other financial institutionsOther market transactionsStatus of Government debtGovernment guaranteesGovernment lendingSupplier’s credit agreements entered into by GovernmentFinance lease agreements entered into by GovernmentRecord of government debt and finance arrangementsPublication of government debt and finance arrangementsAnnual report to ParliamentBorrowing by local government authorities, public corporationsand state-owned enterprisesBorrowing by local government authoritiesReporting requirements of local government authoritiesBorrowing by public corporations and state-owned enterprisesReporting requirements of public corporations and state-ownedenterprisesPower to appoint agentsAccounts and Audit79.80.81.82.83.84.85.Act 921Submission of financial statementsAnnual accountsConsolidated annual accountsChanges to accounting or classification systemInternal auditExternal auditReport on findings and recommendationsAudit Committees86. Establishment of Audit Committee87. Composition of Audit Committee3
Act 921PublicFINANCIALFinancial ManagementAct, 2016 ACT, 2016PUBLICMANAGEMENT88. Functions of Audit Committee89. Submission of consolidated audit accounts of local governmentauthorities90. Duty of governing body of public corporation and state-ownedenterprise91. Collection and receipt of moneys due to public corporations92. Removal of directors of a public corporation93. Annual financial plan of public corporations and state-ownedenterprises94. Financial directives to public corporations and state-owned enterprises95. Accounts and audit of public corporations and state-owned enterprisesMiscellaneous Provisions96.97.98.99.100.101.102.103.104.Offences and penaltiesSurchargePenalty for contravetion of this ActWaiver of sovereign immunityFiscal impact analysis of legislation and proposalsRegulationsInterpretationRepeals and savingsTransitional provisionsSCHEDULE4
Public Financial Management Act, 2016Act 921REPUBLIC OF GHANATHE NINE HUNDRED AND TWENTY-FIRSTACTOF THE PARLIAMENT OF THE REPUBLIC OF GHANAENTITLEDPUBLIC FINANCIAL MANAGEMENT ACT, 2016AN Act to regulate the financial management of the public sector withina macroeconomic and fiscal framework; to define responsibilitiesof persons entrusted with the management and control of publicfunds, assets, liabilities and resources, to ensure that public fundsare sustainable and consistent with the level of public debt; to providefor accounting and audit of public funds and to provide for relatedmatters.DATE OF ASSENT: 25th August, 2016.PASSED by Parliament and assented to by the President:Preliminary ProvisionsObject of this Act1. (1) The object of this Act is to regulate the financial managementof the public sector within a macroeconomic and fiscal framework.(2) For the purpose of subsection (1), there shall be established(a) a framework to support a sound fiscal policy and themacroeconomic management of public funds;5
Act 921Public Financial Management Act, 2016(b) processes for the preparation, approval and managementof a transparent, credible and predictable annual budget;(c) mechanisms for the operation of the Consolidated Fund;(d) mechanisms for the management of public funds, assets andliabilities;(e) internal and external audit frameworks and correlativereporting and accounting systems; and(f) a mechanism to oversee the matters specified under paragraphs (a) to (e).Application2. (1) This Act applies to(a) a covered entity; and(b) a public officer responsible for receiving, using, or managingpublic funds.(2) This Act shall be read together with any other enactmentrelevant to public financial management.(3) Where there is a conflict or inconsistency between the provisions of this Act and any other relevant enactment, the provisions of thisAct shall prevail.Responsibilities and Roles for Public Financial ManagementGeneral responsibility3. The Minister, Chief Director, Controller and Accountant-General,a Principal Account Holder, a Principal Spending Officer and any otherpublic officer designated by the Minister to manage public funds shalldischarge their respective responsibilities and exercise their powers inaccordance with this Act and the Regulations.Responsibilities of Minister4. (1) The Minister is responsible for the policy and strategic mattersrelated to the efficient operation of the public financial managementsystem of the country subject to policy guidance from Cabinet.(2) For the purpose of subsection (1) and subject to the Constitution and any other enactment, the Minister shall(a) prepare the annual and supplementary budget estimates andreports for submission to Parliament;6
Public Financial Management Act, 2016Act 921(b) submit to Parliament for approval, the budget of coveredentities as required under this Act or any other enactmentto ensure compliance of the covered entities;(c) monitor and assess the implementation of the annualbudget and ensure the implementation of the fiscal policyof Government;(d) manage Government property, financial assets, Government debts, Government guarantees and other contingentliabilities specified under this Act;(e) account for public funds through a consolidated publicaccount;(f) supervise the financial operations of a covered entity;(g) prepare Fiscal Strategy Document;(h) manage public funds;(i) coordinate and mobilise resources including financialassistance from development partners and integrate theresources into the planning, budgeting, reporting andaccountability processes provided under this Act;(j) provide policy framework for conducting banking andmanagement of cash for a covered entity;(k) issue directives and instructions necessary for the effectiveimplementation of this Act or any other enactment to thehead of a covered entity, a Principal Account Holder andPrincipal Spending Officer of a covered entity; and(l) perform any other functions assigned to the Ministerunder this Act.Powers of Minister5. (1) Pursuant to section 4, the Minister may(a) request a report or any other information from any coveredentity or any other person receiving grants, advances, loans,guarantees or indemnities from the Government;(b) in consultation with the Civil Service Council and with theapproval of Cabinet, establish structures or units, withinthe Ministry necessary to enable the Minister dischargeresponsibilities under this Act;(c) acting on the advice of the Attorney-General and subject tothe approval of Parliament, enter into and execute an agreement on behalf of the Government in relation to matters ofa financial nature; and7
Act 921Public Financial Management Act, 2016(d) give directives and instructions necessary for the implementation of the provisions of this Act.(2) The Minister may delegate any of the responsibilities undersubsection (1) to the Chief Director or to a senior public officer notbelow the rank of a Director within the Ministry but shall not be relievedof the ultimate responsibility for the performance of the delegatedresponsibility.(3) Subject to any procurement laws, the Minister may hire orretain the services of professionals, consultants or experts, as the Ministerconsiders necessary for the proper and effective performance of thefunctions of the Minister under this Act, on the terms and conditions tobe agreed upon.Responsibilities of Chief Director6. (1) In addition to the duties assigned under section 20 of the CivilService Act, 1993 (PNDCL 327) and responsibilities specified under thisAct relating to a Principal Spending Officer, the Chief Director shall(a) advise the Minister on economic, budgetary, and financialmatters and on matters related to the implementation ofthis Act;(b) coordinate the preparation of the(i) Fiscal Strategy Document,(ii) budget estimates, and(iii) the Appropriation Bill;(c) co-ordinate the promotion and enforcement of a transparent,efficient and effective manangement of(i) public revenue,(ii) public expenditure, and(iii) the assets and liabilities of a covered entity;(d) monitor the performance of the public financial management systems of the public sector;(e) monitor the financial and related performance of a coveredentity; and(f) prepare a report within one month after the end of eachquarter on the implementation of the annual budget by theGovernment and submit the report to the Minister.8
Public Financial Management Act, 2016Act 921(2) For purposes of subsection (1), the Chief Director(a) shall through the Controller and Accountant-General haveaccess, during working hours, to(i) the accounting records or information of a coveredentity,(ii) the place where public accounting services are carriedout, and(iii) the place where public accounting records are kept;and(b) may inspect, during working hours, the offices of acovered entity and access any information relating topublic finance that the Chief Director may request.(3) The Chief Director may, under paragraph (b) of subsection (2),authorise a public officer to inspect the offices of a covered entity.(4) The Chief Director may, in writing, delegate any of the responsibilities under this section to a senior public officer of the Ministry butshall not be relieved of the ultimate responsibility for the discharge of thedelegated responsibility.Duties of a Principal Spending Officer7. (1) A Principal Spending Officer of a covered entity shall(a) ensure the regularity and proper use of money appropriated in that covered entity;(b) authorise commitments for the covered entity within aceiling set by the Minister under section 25; and(c) manage the resources received, held or disposed of by oron account of the covered entity.(2) A Principal Spending Officer shall, in the exercise of dutiesunder this Act, establish an effective system of risk management, internalcontrol and internal audit in respect of the resources and transactions ofa covered entity.(3) Where a Principal Spending Officer receives a subvention onbehalf of another entity, that Principal Spending Officer shall remit thesubvention to that other entity in accordance with the approved cashflow plan for the subvention.(4) A Principal Spending Officer may delegate a function orresponsibility specified in this Act to a public officer who is under the9
Act 921Public Financial Management Act, 2016control of that Principal Spending Officer but shall not be relieved of theultimate responsibility for the performance of the delegated function orresponsibility.(5) Where a Principal Spending Officer delegates a function orresponsibility under subsection (4), that Principal Spending Officer shallgive the directives necessary for the proper exercise or performance ofthat function or responsibility.Controller and Accountant-General8. (1) The President shall, in accordance with article 195 of theConstitution, appoint a Controller and Accountant-General who shallbe the Chief Accounting Officer of the Government and the chief advisorto the Minister and Government in matters relating to accountancy.(2) The terms and conditions of service of a Controller andAccountant-General shall be specified in the letter of appointment andshall be appointed for a term of four years which may be renewed foranother term of four years.(3) The Controller and Accountant-General shall be responsible tothe Minister for the custody, safety and integrity of public funds.(4) The Controller and Accountant-General shall(a) compile and manage the accounts prepared in relation topublic funds;(b) issue general instructions to a Principal Spending Officerin accordance with this Act and the Regulations;(c) keep, render and publish statements on public accountsunder this Act;(d) develop efficient accounting systems for a covered entity;(e) approve accounting instructions of a covered entity;(f) receive, disburse and provide secure custody for publicfunds;(g) on the instructions of the Minister, open an account withthe Bank of Ghana and its agents necessary for the depositof public funds subject to compliance with the TreasurySingle Account system established under section 46;(h) authorise the opening of an account for a covered entity;10
Public Financial Management Act, 2016Act 921(i) in consultation with the Auditor-General, specify for acovered entity, the accounting standards, policies and theclassification system to be applied in public accounting toensure that a proper system of accounting operates;(j) provide accounting officers to covered entities; and(k) be responsible for the classification and management ofvalue books.Deputy Controller and Accountant-General9. (1) The President shall, in accordance with article 195 of theConstitution, appoint Deputy Controllers and Accountants-General.(2) A Deputy Controller and Accountant-General shall performfunctions assigned by the Controller and Accountant-General.Budget Office10. (1) The Ministry shall have an office known as the Budget Office.(2) The Budget Office shall be responsible for(a) the preparation of the annual estimates and Medium-TermExpenditure Framework within the constraints specifiedin the Government’s Fiscal Strategy Document;(b) the preparation of the mid-year review and half-yearlybudget implementation reports under sections 28 and 34;(c) advising the Minister through the Chief Director on allmatters related to the annual budget, supplementary budgetand the Medium Term Expenditure Framework;(d) advising the Chief Director on matters related to theclassification of the budget and systems required to preparethe budget; and(e) perform any other function assigned by the Chief Director.Oversight of Parliament11. (1) Subject to the Constitution, Parliament shall provide oversightin respect of(a) matters relating to budget and finance;(b) government expenditure;(c) performance reporting;(d) post-legislative scrutiny; and(e) impact of financial policy measures on the economy.11
Act 921Public Financial Management Act, 2016(2) The Speaker of Parliament may assign responsibilities undersubsection (1) to a committee of Parliament or an office established byParliament for that purpose.Macroeconomic and Fiscal PoliciesApplication of sections 13 to 1712. (1) The provisions of sections 13 to 17 apply to the centralGovernment.(2) The Minister may, by legislative instrument, extend the application of sections 13 to 17 to local government authorities and publiccorporations.Fiscal Policy principles13. (1) The following general principles of fiscal management applyfor the effective implementation of this Act:(a) the Principal Account Holder and Principal SpendingOfficer of a covered entity shall be accountable to Parliament for the performance of their functions with respect tothe implementation of fiscal policies;(b) Fiscal Policy shall be developed in a manner that takes intoaccount the impact on the welfare of the current population and future generations;(c) Fiscal Policy shall be conducted in a manner that avoidsabrupt changes in the evolution of macroeconomic andfiscal indicators; and(d) the management of public funds, assets and liabilities,including natural resources, and fiscal risks in the countryshall be conducted in a prudent way, with a view to maintaining fiscal sustainability.(2) The following principles shall guide the formulation and implementation of Fiscal Policy objectives:(a) sufficient revenue mobilisation to finance Governmentprogrammes;(b) maintenance of prudent and sustainable levels of publicdebt;12
Public Financial Management Act, 2016Act 921(c) ensuring that the fiscal balance is maintained at a sustainable level over the medium term;(d) management of fiscal risks in a prudent manner; and(e) achieving efficiency, effectiveness and value for money inexpenditure.(3) Fiscal management shall be carried out in a professional andtransparent manner and in accordance with best practice and standards.(4) For purposes of subsection (3),(a) the roles and responsibilities of a covered entity and publicofficer with respect to the implementation of the FiscalPolicy shall be clearly established and defined;(b) timely information related to the management of theFiscal Policy shall be made available to enable effectivescrutiny of the Fiscal Policy and the management of publicfinances; and(c) a person responsible for publicising information shall notwithhold the information except for reasons of nationalsecurity, defence, or international obligations of the Republic.Fiscal Policy objectives14. (1) The prime Fiscal Policy objective of Government is to ensurethe macroeconomic stability of the country within the macroeconomicand fiscal framework.(2) The Government may determine any other fiscal policyobjective, consistent with the principles set out in section 13.Fiscal Strategy Document15. (1) The Minister shall, not later than the end of May of eachfinancial year, prepare and submit to Cabinet for approval, a FiscalStrategy Document.(2) The Fiscal Strategy Document shall specify(a) the Medium-Term Fiscal Framework of the Governmentwith measurable fiscal objectives and targets to guide shortand medium term fiscal planning for the ensuing three tofive year period, consistent with the fiscal principles andfiscal policy objectives of Government;13
Act 921Public Financial Management Act, 2016(b) an updated and comprehensive medium-term macr
Public Financial Management Act, 2016 3 Act 921 58. Debt management objectives 59. Debt management strategy 60. Annual borrowing and recovery plan 61. Issuance of government debt securities in the domestic debt market 62. Issuance of government debt securities abroad 63. Borrowing from banks and other financial institutions 64. Other market .
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