User:ANIAKWA/sandbox

What is GIFMIS?

It is the acronym for    “Ghana Integrated Financial Management Information Systems” .It involves the use of  a number of   integrated  electronic  financial  modules in the management of public funds.The four development partners- the World Bank, United Kingdom’s Department for International Development, European Commission and Danish International Development Agency have jointly pooled the funds to co-finance the implementation of the Ghana Integrated Financial Management Information System (GIFMIS) project.

Why is GIFMIS being implemented TO enhance Public Financial Management through reliable * Financial reporting * Informed decision making * Reliable Planning for national Growth.

What are the electronic financial modules being introduced under GIFMIS
 * Accounts Receivable Module
 * Accounts Payable Module
 * General Ledger
 * Purchasing Module
 * Cash Management Module

 Benefits of GIFMIS 


 * Improved budgetary, financial management (record Keeping) and reporting processes
 * Provide accurate, timely and reliable financial information to Central Government and Decentralized Institutions and Organizations
 * Uniformity in accounting and reporting with the introduction of a common Chart of Account and Database for all MDAs and MMDAs.
 * Improvement in accountability, control, monitoring and auditing of Governmental finances.
 * Ensure that Ministries, Department and Agencies (MDAs/MMDAs) spend  within their budgetary allocation due to budgetary control
 * Reduce manual processes, duplication of effort and errors
 * Improve interaction between and among other financial management players such as Bank of Ghana (BOG), Public Procurement Authority ( PPA) and  Ghana Revenue Authority (GRA), among others
 * Complete and timely exchange of data and information among/between MDAs/MMDAs and central government for producing complete, timely and accurate reports (Improve Record Keeping) etc
 * Enhance and re-enforce the  internal control systems in public financial management for accountability.
 * Provide documentation of business processes, workflows and approval levels to ensure consistent and timely compliance across all MDAs and all MMDAs.
 * An effective and efficient budget preparation, execution, monitoring and evaluation mechanism

Reference:

http://cagd.gov.gh/gifmis/