Public financial management is critical for successful delivery of public services. The prime objective of public financial management is to ensure that public resources allocated to projects and programmes through covered entities are applied economically, efficiently and effectively to enhance value for money in public spending. Contrary to expectation, public financial management in Ghana is bedevilled with gross infractions, irregularities and malpractices which deny the citizens the quality of public service delivery they deserve. The current Auditor General’s Report on Public Accounts of the central government agencies, the local governments and educational institutions reveal that several millions of Ghana Cedis is lost to financial impropriety and malpractices. This has been on the increase over the years. surely, these occurrences should attract policy attention.
Ghana Moni is a Civil Society Organisation with the prime aim of demanding and promoting accountability in Ghana. Ghana Moni is organising an essay writing competition for Final Year Accountancy Students in all Universities in Ghana on the topic: Accounting for Financial Impropriety in Public Financial Management in Ghana. The aim of the competition is to gather fresh and further evidence on the causes and practical remedies of the persistent misuse of public resources. The award for winners is GHS100,000.00. The deadline for submission is 48 hours from now.
Required:
Make your entry into the competition in strict compliance with these requirements:
i) Abstract (Not exceeding 100 words) ii) Introduction (Not exceeding 200 words)
vi) Conclusion (Not exceeding 100 words)
Public financial management is critical for successful delivery of public services. The prime objective of public financial management is to ensure that public resources allocated to projects and programmes through covered entities are applied economically, efficiently and effectively to enhance value for money in public spending. Contrary to expectation, public financial management in Ghana is bedevilled with gross infractions, irregularities and malpractices which deny the citizens the quality of public service delivery they deserve. The current Auditor General’s Report on Public Accounts of the central government agencies, the local governments and educational institutions reveal that several millions of Ghana Cedis is lost to financial impropriety and malpractices. This has been on the increase over the years. surely, these occurrences should attract policy attention.
Ghana Moni is a Civil Society Organisation with the prime aim of demanding and promoting accountability in Ghana. Ghana Moni is organising an essay writing competition for Final Year Accountancy Students in all Universities in Ghana on the topic: Accounting for Financial Impropriety in Public Financial Management in Ghana. The aim of the competition is to gather fresh and further evidence on the causes and practical remedies of the persistent misuse of public resources. The award for winners is GHS100,000.00. The deadline for submission is 48 hours from now.
Required:
Make your entry into the competition in strict compliance with these requirements:
i) Abstract (Not exceeding 100 words) ii) Introduction (Not exceeding 200 words)
vi) Conclusion (Not exceeding 100 words)
Public financial management is critical for successful delivery
of public services. The prime objective of public financial
management is to ensure that public resources allocated to projects
and programmes through covered entities are applied economically,
efficiently and effectively to enhance value for money in public
spending. Contrary to expectation, public financial management in
Ghana is bedevilled with gross infractions, irregularities and
malpractices which deny the citizens the quality of public service
delivery they deserve. The current Auditor General’s Report on
Public Accounts of the central government agencies, the local
governments and educational institutions reveal that several
millions of Ghana Cedis is lost to financial impropriety and
malpractices. This has been on the increase over the years. surely,
these occurrences should attract policy attention.
Ghana Moni is a Civil Society Organisation with the prime aim of
demanding and promoting accountability in Ghana. Ghana Moni is
organising an essay writing competition for Final Year Accountancy
Students in all Universities in Ghana on the topic: Accounting for
Financial Impropriety in Public Financial Management in Ghana. The
aim of the competition is to gather fresh and further evidence on
the causes and practical remedies of the persistent misuse of
public resources. The award for winners is GHS100,000.00. The
deadline for submission is 48 hours from now.
Required:
Make your entry into the competition in strict compliance with
these requirements:
i) Abstract (Not exceeding 100 words) ii) Introduction (Not
exceeding 200 words)
iii) Taxonomy of financial impropriety (Not exceeding
300 words)
iv) Causes of financial impropriety in the public
sector (Not exceeding 600 words)
v) Practical remedies of financial impropriety (Not
exceeding 600 words)
vi) Conclusion (Not exceeding 100 words)
abstract
The Background of which reports insufficiencies in open sector accounting and financial administration frameworks and practices in contemporary creating countries, The contextual investigation of "VOLTA RIVER AUTHORITY" (VRA) in Ghana, where we will examination the contextual analysis in three dimantions:
1. Specialized normal point of view : The accounting arrangement of VRA was techinically stable and compelling and very much worked at the same time,
2. socio-recorded viewpoint : The'deficiencies' which become evident through an energy about the socio-political setting in which the VRA works
3. financial improvement viewpoint : accomplishment of the
unique target of the VRA was being cover up, the financial advancement of the nation
Introductions
This gives an analysis of the nature and viability of accounting and financial administration frameworks inside a creating nation open sector authoritative setting. It investigates a typical case in the writing that open sector accounting and financial administration practices of contemporary creating countries are "insufficient". A significant shared trait among the investigations recommending this insufficiency, is their portrayal of accounting as a specialized unbiased art at the administration of associations and society.
Actually stable accounting frameworks may not be nonpartisan and might be a façade clouding the specific interests that they serve. We have to go past the specialized
furthermore, analyze the socio-political setting in which they work to completely comprehend their working.
Utilizing the Volta River Authority (VRA) as a contextual analysis, the lack of accounting and financial administration is investigated in a three dimensional manner - from a specialized objective point of view, socio-historical viewpoint, and financial improvement viewpoint. In seeking after this target, the paper illustrates; (1) how a valuation for social and historical analysis of accounting can give sagacious understandings of the underestimated process(es) which undergird the got perspective on open sector accounting and financial administration frameworks in creating countries; (2) how an accounting framework which is seen as successful in the specialized sound sense (not just by those whose day by day schedules are designed by these frameworks yet in addition by 'ground-breaking' outside foundations, for example, the World Bank and globally presumed review/accounting firms), is seriously restricted by the historical conditions of the association and; (3) how the current 'deficiencies' of VRA's accounting frameworks essentially reflect significant impediments of regular accounting when all is said in done
.
Taxnomy of financial impropriety
Research on accounting and financial management in creating countries has been overwhelmed by a specialized objective perspective on accounting (see Abdul-Rahaman et al, 1997). A comparable point of view was obvious among authoritative members in requesting and deciphering their involvement with the VRA. Authoritative members gave rich depictions and their view of the formal financial control methods including the arranging model, budgetary control techniques, money management rehearses, degree of computerisation and issues of decentralization of the accounting and financial management work. In this segment hence, we investigate the lack or in any case of VRA's frameworks concerning these specialized techniques. It ought to be called attention to that the assessment of VRA's frameworks at this level was not constrained to a quest for the insignificant presence of specific control strategies yet how these methodology really applied by and by to encourage authoritative financial asset management. In this paper we talk about the Authority's arranging and planning methods as an outline of the specialized viability of its financial asset management frameworks in light of the fact that an itemized portrayal of all the control strategies which were researched (and for sure, which halfway assistance in molding our conclusions at this degree of analysis) can't be given to absence of room.
Causes of financial impropriety
insufficiency of accounting and financial management frameworks. lack in accounting frameworks as a significant shortcoming in the management of the open sector, and deficient announcing for financial and economic management at the focal level has added to ridiculous and conflicting dynamic, incapable checking of monetary turns of events, and following irregular characteristics in Public money.
One of the serious issues identifies with the enrollment and maintenance of qualified bookkeepers. In an investigation of open sector associations in eight creating countries, Gujarathi and Dean (1993) found a general deficiency of prepared bookkeepers; lacking preparing and offices, and the open sector endured on account of compensation differentials among private and open sectors. A significant outcome of the absence of qualified accounting work force is that, Questionable, uneconomic, or ill-advised management choices have been made without legitimate accounting information and proper understanding thereof
Improvement ventures are critical to economic and social advancement in creating countries. To accomplish their destinations, ventures must be appropriately overseen. For this, the different gatherings in the management practice need great financial data and viable arrangement of financial control. Nor is conceivable without a legitimate accounting framework.
The incredible criticalness of the open sector in numerous [developing] economies and the inadequacies that exist in open financial management for the most part require better philosophies, practice and preparing in this essential sect
Practical remedies of financial impropriety
For all intents and purposes it is preposterous to expect to guarantee that even with the full confirmation outline that we may approach unquestionably prompts the ideal phenomenon. Indeed, even countries all around vested with standard observing countenances such occasions since there is an ethical component associated with the issue. In any case, over the long haul these undesirable practices can be weakened to a more noteworthy degree. The significant concern ascends from the interest side where most of the individuals need cognizance. The legislature may consider expanding the quantity of forms of publicity expanding cognizance among the comrades. Drive to accomplish a specific financial education and further belongingness to the nation is relied upon to mitigate these practices to a more prominent degree. Also, observing the viable utilization of assets may surely assist with getting the fraudsters in the essential stage and abstain from spreading their channel. Guidelines can additionally fix to decrease spillage and force a sizable punishment to obliterate sick musings at their origin.
Conclusion
Poverty around the world is a difficult issue to handle which without money is close to outlandish. Financial inappropriateness particularly when polished everywhere turns into the significant cluster to survive. Repetition while loaning assets would expand poverty and put the nation decades back. While rehearsing cognizant loaning followed by great checking with respect to the utilization of assets would positively prompt a superior, more secure and more joyful tomorrow.
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Public financial management is critical for successful delivery of public services. The prime objective of public...