World Bank approves $45m financing to improve Ghana financial management information systems
The World Bank Board has approved a $45 million financing to support Ghana’s financial management information systems.
According to the Bank, its Executive Board of Executive Directors approved the funds May 15, 2015 in Washington DC.
The aim of the support for the ‘Ghana Public Financial Management Reform Project’ it says is to help the “Government of Ghana achieve tangible improvements in budget credibility, strengthening of public investment management system; and containment of fiscal risk.”
The Bank notes that the International Development Association (IDA) credit of $45 million aims to instill improved financial management information systems, including the consolidation of gains from the Ghana Integrated Financial Management Information System implementation; of procurement planning; strengthening of internal management of Ministries, Departments and Agencies, and Metropolitan, Municipal and District Assemblies.
“The project will seek to strengthen financial oversight and accountability, including the capacity of the Ghana Audit Service (GAS) to expand its work at Metropolitan, Municipal and District Assemblies levels as well as to build its proficiency to audit Information and Communications Technology (ICT) based financial information systems,” the Bank adds.
By Emmanuel K. Dogbevi