The Finance Ministry has namedsevenpublic institutions out of the more than 100 as highly compliant with the country’s Public Financial Management Act.
The State-Owed Institutions are the Environment Protection Authority, Tema Oil Refinery and the Ministry of Energy and Green Transition.
The rest are Ghana National Petroleum Commission, the Finance Ministry and the Petroleum Hub Development Corporation.
This was captured in the Public Financial Management Compliance League Table for SOEs released by the Finance Ministry.
In terms of rankings, the Environmental Protection Agency emerged as top ranked, out of the more than 100 SOEs captured in the review and assessment.
Why this league table?
The Finance Ministry in the statement stated that the release of the League table is in line with the government’s commitment in the 2025 Budget Statement to publish an objective, evidence-based assessment of how public institutions comply with the PFM Act, 2016 (Act 921), its regulations and associated laws.
The League Table serves as a performance benchmarking tool that measures the extent to which public institutions adhere to the rules and procedures governing the use of public funds.
The ministry also believes that Public Financial Management (PFM) Compliance League Table, represents a landmark transparency and accountability initiative aimed at strengthening fiscal discipline and improving the management of public resources.
Least Ranked SOE
The league table also showed that about 20 public institutions and State Owned Enterprises were least compliant with the country’s Public Financial Management Act, followed by the Minerals Income investment Fund, the Ghana Commodity Exchange and the National Peace Council.
Interestingly, the National Communications Authority was ranked as the least compliant entity.
The Finance Ministry also promised to take firm steps to address persistent non-compliance going forward.
It added that “The Ministry will engage covered entities that recorded low compliance scores and help them to identify gaps in their PFM compliance systems”.
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Source: www.myjoyonline.com