The Controller and Accountant General's Department has introduced a new system of record keeping of state budgeting and financial management to meet all budget and financial accounting and reporting.
The new system known as Ghana Integrated Financial Management Information System (GIFMIS) would enable Ministries, Departments and Agencies to carry out the process of requesting, purchasing, receiving, paying and accounting for goods and services electronically.
Addressing participants at a training workshop to introduce accountants of government agencies and departments from the Eastern Region to the new system in Koforidua on Monday, Daniel Amin Sahnoon, a facilitator, said the GIFMIS uses a latest version of the oracle E-Business Suite software and rallies on improve organization and business processes.
He said the scope of the new system includes seven oracles E-Business suites modules namely General Ledger, Accounts Payable, Account Receivable, Cash Management, Budgeting, Fixed Assets and Human Resource Management.
Mr Sahnoon said the full implementation of the GIFMIS would serve as the single source system for official budget creation and management, cash and treasury management, financial control, accounting and reporting for the country as a whole.
He said over the past couple of years, a number of electronic financial management tools had been introduced in many nations across the world.
Mr Sahnoon said in Ghana as part of the ongoing public financial management reforms, the system had been introduced.
He said the beneficiary institutions under the first phase were the Ministry of Finance and Economic Planning, Ministry of Local Government and Rural Development, Ministry of Water Resources Works and Housing, Ministry of Interior, and Controller and Accountant General Department.
Mr Sahnoon said the benefits of such a system were enormous, as it would increase financial and procurement visibility, efficiency, cost saving and control in the institutions.
He urged the participants to take the training serious to be able to use the system effectively.