To enforce and operationalise the PFMA

Produce a Fiscal Strategy Document (FSD)

The Minister of Finance during his presentation of the 2018 Annual Budget stated that the 2017 (maiden) Fiscal Strategy Document (FSD) had been prepared and approved by Cabinet

Sensitize PFM stakeholders on the PFMA



The 2018 Budget Statement reported that an extensive sensitization drive was undertaken in 2017 to educate key PFMA stakeholders on it. Over 3,000 copies of the Act were distributed to public officers.


Consultations on the PFMA Regulations

Consultations have started but have not yet been brought before Parliament. The Ministry of Finance held a consultation workshop for CSOs on the Regulations on the PFMA in middle 2018 although there were earlier consultations.

To create a Treasury Management Unit (TMU) at the Ministry of Finance to handle all treasury management and related functions.

There is a Team that meets weekly. Although this team performs functions similar to a TMU, it is not the TMU promised by the NPP government.

To create a Treasury Single Account (TSA) (Transfer all bank accounts to the BoG) to ensure better management and monitoring).

The TSA emanated from the Public Financial Management Act which was passed in 2016. A Team has been set up to implement the TSA and a lot of progress has been made. The 2018 Annual Budget reported that, in connection with the Treasury Single Account (TSA), the CAGD has already identified a total of 12,891 bank accounts of MDAs/MMDAs, 5,500 of which were held at BoG whilst the remaining 7,391 were with commercial banks. The Statement added that, as at 31st October, 2017 a total of 5,244 GoG bank accounts with both Bank of Ghana and commercial banks were closed, leaving 7,746 operational accounts. The 2018 Budget reported that the restructuring of Government Accounts at commercial banks and the Bank of Ghana was completed in support of the implementation of the Treasury Single Account (TSA) with the transfer of 4000 GOG Bank accounts at Commercial Banks to BoG. The government further promised to broaden the exercise to cover 90 percent of GOG balances. It is expected to be completed by the end of the 2018.

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