(a) develop and implement a macro economic and fiscal policy framework for the country and shall
(i) supervise and monitor the finances of the country; and
(ii) co-ordinate international and intergovernmental financial and fiscal relations;
(b) advise Government on the total resources to be allocated to the public sector and the appropriate level of resources to be allocated to individual programmes and activities within that sector.
(2) The Minister shall ensure that periodically and not less than once a year
(a) the fiscal policy of Government; and
(b) a statement of the current and projected state of the economy and finances are presented to Parliament.
(3) The Minister shall ensure that
(a) systems are established throughout the public sector
(i) to budget for the use of resources; and
(ii) to approve requests for the issue of public money prior to inclusion in estimates of expenditure for submission to Parliament in accordance with this Act;
(b) when Parliament has approved the Consolidated Fund Expenditure Estimates, authority to disburse funds to meet the expenditure is conveyed to Principal Account Holders through the Controller and Accountant-General; and
(c) transparent systems are established and maintained which
(i) provide a full account to Parliament for the use of resources and public moneys; and
(ii) ensure the exercise of regularity and propriety in the handling and expenditure of public funds.
(2) The Minister may make such regulations or may give such directions not inconsistent with this Act as may appear to the Minister to be necessary and expedient for the proper implementation of the intent and purpose of this Act and the safety, economy and advantage of public revenue and property.
(3) The Minister shall ensure that any directions given under this section are brought to the notice of persons directly affected.
(2) The Controller and Accountant-General is responsible for the compilation and management of the accounts prepared in relation to the Consolidated Fund and other public funds and for this purpose the Controller and Accountant-General may give general instructions to the Principal Spending Officers of departments which shall not be inconsistent with this Act or any regulations or instructions issued under this Act.
(3) The Controller and Accountant-General is the Chief Accounting Officer of the Government who has responsibility to keep, render and publish statements of public accounts as required by this Act or any other enactment.
(4) As Chief Accounting Officer, the Controller and Accountant-General is the chief adviser to the Minister and the government on accountancy matters and is the person who approves accounting instructions of departments and promotes the development of efficient accounting systems within departments.
(5) The Controller and Accountant-General receives, disburses and provides secure custody for moneys payable into the Consolidated Fund and other funds and for this purpose shall establish such accounts with the Bank of Ghana and its agents as are considered necessary for the deposit of the moneys.
(6) A bank account shall not be opened for any department except under the authority of the Controller and Accountant-General and a bank shall not open an account for any department without the authority of the Controller and Accountant-General.
(7) Without limiting the generality of these duties, the Controller and Accountant-General shall
(a) in consultation with the Auditor-General, specify for departments, the accounting basis, policies and the classification system to be applied in public accounting and ensure that a proper system of accounting is established in each case; and
(2) A Deputy Controller and Accountant-General shall perform such functions of the Controller and Accountant-General as the Controller and Accountant-General shall determine.
(a) revenue or other moneys raised or received for government business or on behalf of the Government; and
(b) any other moneys raised or received in trust for or on behalf of the Government.
(2) The revenue and other moneys referred to in subsection (1) exclude revenue or other moneys
(a) payable by or under an Act of Parliament into some other fund established for a specific purpose; or
(b) that may, under an Act of Parliament, be retained by the department or agency of Government that received them for the purpose of defraying the expenses of that department or agency.
(3) Where under sub-section (2) provision is made in any enactment for an agency of Government to retain its internally generated funds for the purpose of defraying its expenses pursuant to article 176 (2) (b) of the Constitution, the agency shall make full disclosure of internally generated funds to the Minister
(2) Any person who collects or receives any public moneys or moneys in trust for Government without the prior authority of the Controller and Accountant-General shall immediately pay the moneys into the Consolidated Fund and explain to the Controller and Accountant-General the circumstances under which these moneys came into the possession of that person.
(2) Where money is paid by a person to a public officer for a purpose that is not fulfilled, the money may, less such sum as in the opinion of the Minister is properly attributed to service rendered, be returned or repaid or otherwise dealt with as the Minister may direct.
(3) Money paid to the credit of the Consolidated Fund, not being public money, may be returned or repaid in such manner as the Minister may prescribe.
(2) The deletion from the accounts does not constitute a remission of the obligation, debt or claim and does not debar subsequent proceedings for recovery, should the Minister see fit.
(3) The Minister may by regulation delegate the power of deletion under this section, subject to such terms and conditions as the Minister may require, to any public officer who shall personally exercise the delegated powers.
(2) A payment shall not be made in excess of the amount granted under an appropriation for any service.
(2) Each estimate shall indicate the officer in control of and accountable for the use of public moneys.
(3) When an appropriation for a department has been approved in accordance with article 179 of the Constitution, it shall be used only in accordance with the purpose described and within the limits set by the classification within the estimate of the department.
(2) A requisition for payment out of the Consolidated Fund shall be in such form, with such documents and certified in such manner as the Controller and Accountant-General may require.
(3) The Controller and Accountant-General shall reject a requisition if the Controller and Accountant-General is of the opinion that payment on it
(a) would not be a lawful charge against the appropriation;
(b) would result in expenditure in excess of the appropriation; or
(c) would reduce the balance available in the appropriation in such a manner that it would not be sufficient to meet the commitments to be charged against it.
(4) The Controller and Accountant-General may transmit to the Minister any requisition for the direction of the Minister and the Minister may order that the requisition be made or refused.
(5) The officer named on the requisition may issue an order for payment to be made on the authority of a requisition certified by the Controller and Accountant-General as valid for payment.
(a) that the work has been performed, the goods supplied or the service rendered, and that the price charged is according to the contract or if not specified by the contract, is reasonable; or
(b) where payment is to be made before the completion of the work, delivery of the goods or rendering of the service, that the payment is in accordance with the contract.
(2) Where the Controller and Accountant-General reports in respect of any contract under which a cost audit is required to be made, that any cost or charges claimed by the contractor should not be allowed, the costs or charges shall not be allowed unless the Minister otherwise directs.
(2) The Minister shall signify approval, on the basis of a signed certificate to the effect that there is sufficient unencumbered balance available out of any appropriation or out of an item included in the estimates, to discharge any commitments under the contract that would come in the course of payment, during the financial year in which the contract was entered into.
(3) In the case of forward commitments, the certificate shall state that if and when the government grants an appropriation, the commitments will be entered as an encumbrance against the appropriation.
(a) the conditions under which contracts may be entered into; and
(b) the security to be given in the name of the Government to secure the due performance of contracts and may direct in the Regulations or the order that no contract shall be entered into or have effect unless execution of the contract has been approved by Parliament where payments are required in excess of the prescribed amount.
(2) Except otherwise determined by the Minister, special bank accounts shall be opened with the Bank of Ghana and the balance at any time shall form part of the Consolidated Fund.
(3) Subject to Article 178 of the Constitution, every payment out of the special bank account relating to an appropriation shall be made under the direction and control of the head of the department concerned, either by cash, cheque or other instrument in such form and authenticated in such manner as the Minister may by legislative instrument prescribe.
(4) Every head of department shall ensure that a record is kept of cheques or other instruments issued under the direction of that department.
(2) The interest received in respect of securities shall be paid into the Consolidated Fund as revenue, except where the securities are held on behalf of a trust fund and an enactment or agreement requires that the interest shall be paid into the trust fund.
(3) The Minister may, where it appears expedient, cause the investment to be sold or converted into money and the proceeds either credited to the Consolidated Fund or re-invested on behalf of the Government.
(4) Profits and losses realized on the sale of securities shall be charged to revenue or expenditure, except where the securities are held on behalf of a trust fund and an enactment or agreement provides that the profits or losses shall be chargeable to that fund.
(5) At least once in every year, the Auditor-General shall inspect certificates in respect of the securities and other investments.
(6) The annual return of securities and other investments shall be prepared by the Controller and Accountant-General and forwarded for verification to the Auditor-General.
(2) Such Regulations shall specify the terms of release and repayment of advances and require the completion of agreements between the government and the borrowers as a condition for release.
(3) Parliament may require that interest be payable in respect of the advances and shall determine the rate to be paid.
(4) The Controller and Accountant-General may recover an advance or any portion of it that is not repaid or accounted for, as required by Regulations or by agreement out of any moneys payable by the Government to the person to whom the advance was made.
(5) Each accountable advance that is not repaid or accounted for as required by subsection (4) shall be reported in the public accounts.
(2) An agreement entered into under subsection (1) shall be laid before Parliament and shall not come into operation until it has been approved by Parliament and shall contain a clause to this effect.
(3) Parliament may, by resolution of majority of all the members, authorise the Minister to approve particular classes of loan subject to such limitations as may be specified by Parliament.
(4) The Minister shall, when annual estimates are being submitted for approval by Parliament,
(a) include for approval a schedule of the loans to be payable or repayments to be recovered during the year; and
(b) seek the prior approval of Parliament for any additional amounts that may be required under a general authority to lend, given in accordance with subsection (3).
(5) The amount issued as loans from the Consolidated Fund shall be shown in the public accounts as an asset of the Consolidated Fund until recovery has been effected.
(6) The interest on loans shall be paid into the Consolidated Fund as revenue, and recoveries shall be paid into the Consolidated Fund.
(2) The Minister shall, when annual estimates are being submitted for approval by Parliament, include for approval a schedule for the equity investments to be made or to be sold or otherwise disposed of during the year.
(3) The amounts issued for provision, acquisition or purchase or equity investments from the Consolidated Fund shall be shown in the public accounts as an asset of the Consolidated Fund until the asset has been sold or otherwise disposed of by authority of Parliament.
(4) The profits and dividends or proceeds of sale arising from the equity investments shall be paid into the Consolidated Fund.
(2) The estimates of the expenditure of departments and agencies
(a) shall be classified under programmes or activities which shall be included in a Bill to be known as the Appropriation Bill and which shall be introduced into Parliament to provide for the issue from the Consolidated Fund or such other appropriate fund of the sums of money necessary to meet that expenditure and the appropriation of those sums for the purposes specified in that Bill;
(b) shall outline for each vote of expenditure a statement of the performance criteria to be met in providing the required outputs; and
(c) shall in respect of payments charged on the Consolidated Fund, be laid before Parliament for the information of Members of Parliament.
(3) Parliament shall determine the procedure for the presentation of Appropriation Bills.
(4) Where, in respect of a financial year, it is found that the amount of moneys appropriated by the Appropriation Act for any purpose to a government department is insufficient or that a need has arisen for expenditure for a purpose for which no sum of moneys has been appropriated by that Act, a supplementary estimate showing the sum of money required shall be laid before Parliament for its approval.
(5) Where in the case of a financial year, a supplementary estimate has been approved by Parliament in accordance with subsection (4), a supplementary Appropriation Bill shall be introduced into Parliament in the next financial year to provide for the appropriation of the sum approved for the purposes specified in that estimate.
(6) Notwithstanding the provisions of the preceding subsections of this section, the President may cause to be prepared and laid before Parliament, estimates of revenue and expenditure in the country for periods covering more than one year.
(a) a balance sheet showing the assets and liabilities of the Consolidated Fund as at the end of the month;
(b) a statement of revenue and expenditure of the Consolidated Fund for the month;
(c) cash flow statement of the Consolidated Fund for the month; and
(d) notes that form a part of the accounts.
(2) The accounts submitted under this section shall
(a) be prepared in accordance with generally accepted accounting principles and in accordance with any instructions issued by the Controller and Accountant-General in consultation with the Auditor-General; and
(b) state the basis of accounting used in the preparation and identify any significant departures and the reasons for the departure.
(3) The Controller and Accountant-General shall prescribe, in Departmental Accounting Instructions, which items are to be classified as the assets and liabilities of the public accounts.
(a) money that may be provided by Parliament for the corporation;
(b) loans granted to the corporation; and
(2) The Minister may pay out or repay to the corporation the money in the special account.
(2) The financial statements of a corporation comprising
(a) a balance sheet of the assets and liabilities of the corporation as at the end of the year;
(b) a statement of revenue and expenditure of the corporation for the year;
(c) the cash flow statement of the corporation for the year; and
(d) notes that form part of the accounts which shall include particulars of the extent to which the performance criteria specified in the estimate in relation to the corporations outputs were satisfied, shall be prepared within a period of three months after the end of each financial year.
(3) The financial statement shall be prepared and transmitted to the Auditor-General, the Minister and the sector Minister by the head of the corporation.
(4) The accounts submitted under this section shall
(a) be prepared in accordance with generally accepted accounting principles and in accordance with any instructions issued by the Auditor-General; and
(b) state the basis of accounting used in preparation and identify significant departures from the principles and the reasons for the departure.
(5) The Minister, the sector Minister or head of department shall prepare a report in the prescribed form and manner for Parliament, or the sector Minister.
(6) The report under subsection (5) shall be directed by Parliament.
(2) The annual report shall include
(a) a copy of the audited accounts of the corporation together with the Auditor-General's report on them;
(b) a statement of any directions given by the sector Minister to the Board within that year in accordance with this Act and the enactment under which the corporation exists; and
(c) such other information as the sector Minister may in writing reasonably request.
(3) A copy of the annual report of the Board of Directors of a corporation shall also be sent by the Board to
(a) the Minister for Finance;
(b) the head of the Ghana Statistical Service;
(c) the Governor of the Bank of Ghana; and
(d) any other person that the Minister for Finance may authorise.
(2) Without limiting subsection (1), the Minister may cause
(a) an assessment and appraisal of standards and techniques of management; and
(a) has received money for the Government and has not duly paid it over;
(b) has received money for which the person is accountable to the Government and has not duly accounted for it; or
(c) has in hand public money which has not duly been applied,
the Controller and Accountant-General may cause a notice to be served on the person or on the personal representative of the person within the meaning of the Administration of Estates Act, 1961 (Act 63), in the case of a deceased person, which shall require the person or the personal representative of the person, within such time as may be specified by notice to duly pay over, account for, or apply the money and transmit to the Controller and Accountant-General satisfactory evidence that this has been done.
(2) Where a person fails to comply with a notice served under subsection (1) within the time stipulated, the Controller and Accountant-General shall cause to be stated an account between the person and the Government, showing the amount of the money not duly paid over, accounted for or applied, with interest at the prevailing bank rate from the date the amount became due.
(3) In proceedings for the recovery of money, a copy of the account stated by a person authorised in that behalf by the Controller and Accountant-General shall be prima facie evidence that the amount stated together with interest is due and payable to the Government.
(4) Where it appears
(a) by the books of account kept by or in the office of a person employed in the collection or management of public moneys;
(b) in any accounting by that person; or
(c) by written acknowledgement or confession, that the person has, in the course of employment received moneys that belong to the Government and refused or neglected to pay over the moneys to the proper persons at the proper times, an affidavit deposing to these facts made by any person who has knowledge of the matter shall in any proceedings for the recovery of the moneys be received in evidence and be prima facie evidence of the facts stated.
(5) Where any sum of money is lost to the Government by misconduct, neglect of duty or negligence by any person employed in the collection or receiving of any public moneys, the person is accountable for the sum, as if the person had collected and received it and it may be recovered from that person as if he collected and received it.
(2) Notwithstanding subsection (1), the Controller and Accountant-General or another head of department shall recover an overpayment made out of the Consolidated Fund on account of salary, wages and allowances out of a sum of money that may be due or payable by the Government to the person to whom the overpayment was made.
(3) No payment shall be made where an amount of more than 1,000 currency points is due from the Consolidated Fund to any individual or body of persons unless there is produced to the paying officer a certificate issued by the Commissioner of Income Tax showing that tax is not due from the individual or body of persons or that satisfactory arrangements have been made for payment of any tax due by the individual or body.
(2) The Tribunal shall comprise,
(a) a Justice of the High Court who shall be the chairperson;
(b) a chartered accountant; and
(c) a management accountant or a professional valuer.
(3) The members shall be nominated by the Chief Justice in consultation with the Judicial Council and shall be appointed by the President.
(2) The Directors appointed by the Government in any company shall forward to the sector Minister a copy of the audited financial statement of the company within a period of one month after the publication of the audited financial statement of the company.
(3) Subject to any other provision on the removal of Directors from a Board, where the Directors fail to comply with subsection (1), the Directors shall be removed from the Board.
(a) the collection, management and administration of, and the accounting for public moneys and moneys held in trust for the Government;
(b) payments and procedure for payment out of the Consolidated Fund;
(c) loans from the Consolidated Fund;
(d) appropriation of public money;
(e) the maintenance of records of the property of Government;
(f) any purpose necessary for the efficient administration of public finance subject to the provisions of any enactment; and
(2) Regulations, orders, rules and instructions relating to the administration of public finance, government stores and public corporations other than those set up for commercial purposes in operation at the time of the commencement of this Act and not inconsistent with this Act shall continue in operation until the regulations, orders, rules or instructions are amended, revoked or replaced by regulations or orders or other instrument under this Act.
(3) Any enactment in force at the commencement of this Act shall have effect, with such modification as may be necessary, to give effect to the provisions of this Act.