Budgeting is the process of making the budgets for any corporation, country, or entity. In a developing country like Ghana, the government budget is the principal instrument for mobilizing the required sources of funds. The Ministry of Finance introduced Programme Based Budgeting in 2010 for improvement in the budgeting practices. Different financial programmes like the Public Financial Management Reform Program and Public Expenditure Management System were introduced in Ghana. Step 3 Public Financial Management Reform Program (PUFMARP) and Public Expenditure Management System (BPM): These programs were introduced by the Ministry of Finance in Ghana. These ensure system-based payment and budget control on all the transactions of public funds. These can lead to improvements in the financial and internal control system by modifying payments, accounting, and reconciliation, and reporting procedures. Role of programs in Ghana: Help in implementation of program-based budgeting. Help in implementation of human resource management and payroll reforms Ensure adoption and implementation of IPSAS These programs are important in the improvement of budgeting practices, and financial control in Ghana. These plans require development for better implementation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Budgeting is the process of making the budgets for any corporation, country, or entity. In a developing country like Ghana, the government budget is the principal instrument for mobilizing the required sources of funds. The Ministry of Finance introduced Programme Based Budgeting in 2010 for improvement in the budgeting practices. Different financial programmes like the Public Financial Management Reform Program and Public Expenditure Management System were introduced in Ghana.

Step 3

Public Financial Management Reform Program (PUFMARP) and Public Expenditure Management System (BPM):

These programs were introduced by the Ministry of Finance in Ghana. These ensure system-based payment and budget control on all the transactions of public funds. These can lead to improvements in the financial and internal control system by modifying payments, accounting, and reconciliation, and reporting procedures.

Role of programs in Ghana:

Help in implementation of program-based budgeting.
Help in implementation of human resource management and payroll reforms
Ensure adoption and implementation of IPSAS

These programs are important in the improvement of budgeting practices, and financial control in Ghana. These plans require development for better implementation.

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