The former Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Mr. Senyo Hosi, says successive governments have failed to ensure proper public financial management in the public sector.
This he attributed to the failure of successive governments to fully implement the Public Financial Management Act.
The Act is to ensure that all revenue, expenditure, assets and liabilities of the government is managed efficiently and effectively and to provide for the responsibilities of persons entrusted with financial management in the government.
Senyo Hosi who was speaking on Joy FM’s Super Morning Show, explained that due to the political environment in Ghana, fully implementing the PFMA could put a lot of persons in trouble.
This, he said, was largely because the country suffers from a lack of accountability.
“In fact almost every director and most of our bosses will be in jail by now, in all honesty. But that’s what’s supposed to drive the proper discipline and proper compliance on the part of all the SOEs, the MMDAs,” he said.
He added that the failure, particularly, of this government to implement the PFMA is rather disappointing considering that the Act was passed not long before the government took office.
“I was chair of one of the finance committees of one of the SOEs and I realized if we didn’t deal with this we’re all going to get some problem, so for the first time in that SOE’s life we brought our reporting up to date. We had to cover about five years of non-reporting.
“But that sense of responsibility is also required from the players but it fails because there is practically no accountability even though it is empowered by the PFMA. You have the GIFMIS and you have transactions that supposed to be recorded in a GIFMIS.
“So there’s very little accountability and we also lack IT audits to make sure that there is total process compliance to make these systems have the full effect and actually keep us in a more fiscal disciplined environment,” he said.
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