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Fiscal Discipline Parliament passes Public Financial Management Bill

The bill seeks to regulate the financial management of the public sector within a macroeconomic and fiscal framework as well as define the responsibilities of persons entrusted with the management and control of public funds, assets, liabilities and resources.

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Parliament of Ghana play

Parliament of Ghana

Parliament on Wednesday passed the Public Financial Management Bill under a certificate of urgency in a bid to promote fiscal discipline in the public sector.

In it report, the Finance Committee said of the bill: "The committee noted that the introduction of permanent fiscal rules based on fiscal discipline and procedural laws, as well as a requirement for a more detailed analysis and management of fiscal  risks, will help promote a stable macroeconomic environment and ensure economic stability."

The bill seeks to regulate the financial management of the public sector within a macroeconomic and fiscal framework as well as define the responsibilities of persons entrusted with the management and control of public funds, assets, liabilities and resources.

The legislation further seeks to ensure that public funds are sustainable and consistent with the level of public debt and makes provision for accounting and audit of public funds.

The Civil Society Platform had opposed to the passage of the under a certificate of urgency.

It said there had been no invitation to the public to submit memoranda to the Finance Committee as is usually the practice.

"This breach of parliamentary convention is dangerous and unacceptable. It has denied key institutions like the Institute of Chartered Accountants, Ghana (ICAG) that has a statutory duty to oversee and regulate the practice of accountancy in this country the opportunity to contribute to the development of this most important law," it said in statement copied to Pulse.com.gh.

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