Public Financial Management Act, 2016 🇬🇭

Ghana

Preamble

1. Object of this Act

2. Application

3. General responsibility

4. Responsibilities of Minister

5. Powers of Minister

6. Responsibilities of Chief Director

7. Duties of a Principal Spending Officer

+4 more sections

12. Application of sections 13 to 17

13. Fiscal Policy principles

14. Fiscal Policy objectives

15. Fiscal Strategy Document

16. Fiscal policy indicators

+2 more sections

19. Salary negotiations for public sector

20. Guidelines for preparation of annual budget

21. Annual budget

22. Approval of annual budget by Parliament

23. Expenditure in advance of appropriation

+12 more sections

36. Contingency Fund payments and advancements

37. Creation of Sinking Fund

38. Sources of money for the Sinking Fund

39. Administration of Sinking Fund

40. Bank account of the Sinking Fund

41. Payment from Sinking Fund

+3 more sections

45. Management and use of Government moneys

46. Treasury Single Account

47. Collection, deposit and retention of Government revenue

48. Consolidated Fund

49. Investment of balances on the Consolidated Fund

+4 more sections

54. Functions of the Public Debt Management Office

55. Government borrowing and debt management

56. Approval of Parliament of terms and conditions of government borrowings

57. Borrowing purposes

58. Debt management objectives

+20 more sections

79. Submission of financial statements

80. Annual accounts

81. Consolidated annual accounts

82. Changes to accounting or classification system

83. Internal audit

+2 more sections

86. Establishment of Audit Committee

87. Composition of Audit Committee

88. Functions of Audit Committee

89. Submission of consolidated audit accounts of local government authorities

90. Duty of governing body of public corporation and state-owned enterprise

91. Collection and receipt of moneys due to public corporations

92. Removal of directors of a public corporation

93. Annual financial plan of public corporations and state-owned enterprises

+2 more sections

96. Offences and penalties

97. Surcharge

98. Penalty for contravention of this Act

99. Waiver of sovereign immunity

100. Fiscal impact analysis of legislation and proposals

+4 more sections

SCHEDULE

1. Accounts to be submitted by the Controller and Accountant-General

2. Accounts to be submitted by Principal Spending Officer

Republic of Ghana

The nine hundred and twenty-first

Act

of the parliament of the republic of ghana

entitled

Public Financial Management Act, 2016

Published by Government Gazette on 26 August 2016
Assented to on 25 August 2016
Commenced on 26 August 2016

AN Act to regulate the financial management of the public sector within a macroeconomic and fiscal framework; to define responsibilities of persons entrusted with the management and control of public funds, assets, liabilities and resources, to ensure that public funds are sustainable and consistent with the level of public debt; to provide for accounting and audit of public funds and to provide for related matters.PASSED by Parliament and assented to by the President:

Preliminary Provisions

1. Object of this Act

(1)The object of this Act is to regulate the financial management of 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 p…

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Public Financial Management Act, 2016 🇬🇭

Table of Contents

Act

Public Financial Management Act, 2016

Preliminary Provisions

1. Object of this Act

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