As part of efforts towards enforcing fiscal discipline and strengthening public financial management, the Minister for Finance, Dr. Cassiel Ato Forson, has announced plans to launch a Public Financial Management (PFM) Commitment Control Compliance League Table for all Ministries Departments and Agencies (MDAs).
This initiative, the Minister says is designed to periodically rank MDAs based on their compliance with expenditure controls and fiscal commitment obligations under the PFM Act.
The Minister who was speaking at the Joint Press Briefing with the IMF Mission to Ghana further announced that that the Ministry has operationalized a Compliance Desk to actively monitor MDAs’ fiscal conduct.
“We have commenced the operationalisation of the Compliance Desk at the Ministry of Finance to monitor MDA’s compliance with their fiscal commitments under the PFM Act,” the Minister told the media.
He continued that “We will soon begin the publication of a PFM Commitment Control Compliance League Table which will show MDA rankings based on the level of compliance and non-compliance with the PFM commitment controls and expenditure monitoring measures”, he added.
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By publicly ranking MDAs, the initiative is aimed at introducing a competitive accountability mechanism that will possibly encourage compliance, reduce fiscal recklessness, and curb the accumulation of arrears.
It is believed that the league table will become a game changer in reshaping the financial behavior of public institutions.
If effectively implemented, this initiative will not only deepen fiscal governance but also serve as a useful tool for Parliament, civil society organizations, and the general public to track how well public institutions are adhering to the country’s financial laws and rules.
