Finance Minister Seth Terkper has been cited by Parliament's Public Accounts Committee for violation of the Financial Administration Act in the 2013 audited accounts of the Ministry.

The audit report among other things said:

  • Officials could not account for funds given to them to undertake various assignments.
  • Misapplication of funds amounting to 53,490 Ghana cedis.
  • Managers failing to enforce the Financial Administration Act

Terkper however explained that since 2013, major reforms have been initiated to track how public funds are spent.

Seth Terkper explained an electronic system, the Ghana Intergrated Financial Management System (GIFMIS) has been put in place to effectively monitor the ministry's monies.

The system is expected to make payments from the ministry electronic hence more easily tracebable. "We have automated all financial accounting system to the point where almost all releases are processed electronically," he's quoted by Joy News as saying.