Ghana - 2007 External Review of Public Financial Management : Volume 1. Main Report

The 2007 External Review of Public Financial Management (ERPFM) is the fourth in a series of annual assessments by the development agencies that contribute to the Multi-Donor budgetary support in Ghana. The 2007 ERPFM review has four main findings:...

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Bibliographic Details
Main Author:	World Bank
Format:	Public Expenditure Review
Language:	English en_US
Published:	Washington, DC 2012
Subjects:	ACCOUNTING AGGREGATE FISCAL ANNUAL REPORT APPROPRIATION APPROPRIATIONS AUDIT FINDINGS AUDIT INSTITUTIONS AUDIT SYSTEMS AUDITOR GENERAL AUDITOR-GENERAL BALANCE OF PAYMENTS BASELINE SCENARIO BENEFICIARIES BUDGET ALLOCATION BUDGET ALLOCATIONS BUDGET CREDIBILITY BUDGET DOCUMENTS BUDGET EXECUTION BUDGET EXPENDITURE BUDGET FORMULATION BUDGET IMPLEMENTATION BUDGET INFORMATION BUDGET OUTTURN BUDGET OUTTURNS BUDGET PLAN BUDGET POLICY BUDGET PREPARATION BUDGET PROPOSAL BUDGET STATEMENT BUDGET SUBMISSIONS BUDGET SUPPORT BUDGET SYSTEMS BUDGETARY EXPENDITURE BUDGETARY OPERATIONS BUDGETARY OUTCOMES CAPACITY BUILDING CAPACITY CONSTRAINTS CAPITAL ACCUMULATION CAPITAL EXPENDITURE CAPITAL EXPENDITURES CAPITAL INFLOWS CAPITAL INVESTMENT CAPITAL MARKET CAPITAL MARKETS CAPITAL SPENDING CASH MANAGEMENT CENTRAL GOVERNMENT COMMODITY PRICES COST RECOVERY COST-RECOVERY COUNTERPART FUNDS COUNTRY PROCUREMENT COUNTRY PROCUREMENT ASSESSMENT DEBT RELIEF DEBT SERVICE DEBT SUSTAINABILITY DOMESTIC CREDIT DOMESTIC DEBT DOMESTIC INVESTMENT DOMESTIC MARKET DOMESTIC REVENUE DONOR FUNDING ECONOMIC GROWTH ECONOMIC POLICY ECONOMIC POLICY GOALS EDUCATION PROGRAMS EDUCATION SERVICES EFFICIENCY GAINS EQUITY ISSUES EVALUATION CAPACITY EXCHANGE RATE EXCHANGE RATES EXCHANGE RESERVES EXPENDITURE EXPENDITURE CATEGORIES EXPENDITURE FRAMEWORK EXPENDITURE ITEM EXPENDITURE MANAGEMENT SYSTEM EXPENDITURE OUTCOMES EXPENDITURE PROGRAMS EXPENDITURE TRACKING SURVEYS EXTERNAL AUDIT EXTERNAL FINANCING EXTERNAL GRANTS FINANCIAL ACCOUNTABILITY FINANCIAL ANALYSIS FINANCIAL POSITION FINANCIAL STATEMENTS FISCAL BALANCE FISCAL CONSOLIDATION FISCAL DEFICIT FISCAL PERFORMANCE FISCAL POLICY FISCAL POSITION FISCAL REPORTING FISCAL STANCE FISCAL STRATEGY FISCAL TARGET FOREIGN BORROWING FOREIGN CURRENCY FOREIGN DEBT FOREIGN EXCHANGE FOREIGN FINANCING GOVERNMENT EXPENDITURE GOVERNMENT EXPENDITURES GOVERNMENT SPENDING GROWTH RATE HEALTH INSURANCE HEALTH INSURANCE FUND HEALTH MINISTRY HEALTH PROGRAMS HEALTH SECTOR HIGHER DEFICITS HIGHER INTEREST HIGHER INTEREST PAYMENTS IMPORT DUTIES IMPORT TAXES INCOME TAXES INFLATION INFRASTRUCTURE EXPENDITURE INFRASTRUCTURE INVESTMENT INFRASTRUCTURE PROJECTS INTEREST RATE INTERNAL AUDIT INVESTMENT EXPENDITURE INVESTMENT EXPENDITURES LEGISLATIVE SCRUTINY MARKET PRICES MONETARY POLICY NATIONAL BUDGET NATIONAL BUDGET PROCESS NATIONAL EXPENDITURE NATIONAL SAVINGS NATURAL RESOURCES NET CAPITAL PERFORMANCE CRITERIA PERSONAL INCOME PERSONAL INCOME TAX POVERTY REDUCING POVERTY REDUCTION POVERTY REDUCTION STRATEGY POVERTY-REDUCING EXPENDITURES PRICE INDEX PRIVATE INVESTMENT PRIVATE SECTOR PRIVATE SECTOR INVESTMENT PROCUREMENT ASSESSMENT PROCUREMENT SYSTEMS PROGRAMS PUBLIC ACCOUNTS PUBLIC CORPORATION PUBLIC DEBT PUBLIC DISCLOSURE PUBLIC ENTERPRISES PUBLIC EXPENDITURE PUBLIC EXPENDITURE MANAGEMENT PUBLIC EXPENDITURE TRACKING PUBLIC EXPENDITURES PUBLIC FINANCIAL MANAGEMENT PUBLIC FINANCIAL MANAGEMENT SYSTEMS PUBLIC GOODS PUBLIC INSTITUTIONS PUBLIC INVESTMENT PUBLIC INVESTMENTS PUBLIC PROCUREMENT PUBLIC RESOURCES PUBLIC SECTOR PUBLIC SECTOR EXPENDITURE PUBLIC SECTOR REFORM PUBLIC SERVICE PUBLIC SPENDING PUBLIC UTILITIES QUALITY ASSURANCE QUALITY CONTROL REAL INTEREST RATES RECURRENT EXPENDITURE RECURRENT EXPENDITURES REFORM PROGRAM REFORM STRATEGY REGULATORY FRAMEWORK RESOURCE MANAGEMENT REVENUE GROWTH REVENUE PROJECTIONS SECTORAL BREAKDOWN SERVICE DELIVERY SOCIAL SERVICES SPENDING DEMANDS STRATEGIC RESOURCE ALLOCATION TAX ADMINISTRATION TAX BASE TAX REVENUE TAX REVENUES TOTAL EXPENDITURE TOTAL EXPENDITURES TOTAL SPENDING TRANSPARENCY TRANSPARENT PUBLIC PROCUREMENT WAGE EXPENDITURES
Online Access:	http://documents.worldbank.org/curated/en/2008/06/9727338/ghana-2007-external-review-public-financial-management-vol-1-2-main-report http://hdl.handle.net/10986/8063

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Summary:	The 2007 External Review of Public Financial Management (ERPFM) is the fourth in a series of annual assessments by the development agencies that contribute to the Multi-Donor budgetary support in Ghana. The 2007 ERPFM review has four main findings: 1) the progress in strengthening the Public Financial Management (PFM) system has been commendable. 2) In order to address the drivers of additional public spending in 2006 and 2007 as well as increase the effectiveness of public investment, attention now should focus on high return actions, such as: (i) completing the implementation of the Integrated Personnel and Payroll Database (IPDD2) and other measures aimed at reasserting control over the wage bill; (ii) ensuring continued reduction in energy subsidies through alignment of tariffs with current market conditions, including the international oil market prices; and (iii) the building of capacity to prepare, appraise and implement large infrastructure projects, especially now that the Government is preparing for a major infrastructure investment drive. 3) A strong foundation has been laid for open, competitive and transparent public procurement and a major effort is underway with a view to building understanding of the new system and capacity to manage it. 4) The successful launch of the Ghanaian Eurobond provides the opportunity to reduce the Government's exposure to the domestic bond market, and restore the virtuous cycle of lower public sector indebtedness that was initiated in 2003 with reduction in domestic debt, declining inflation and domestic real interest rates, and rising public and private investment. The External Review of Public Financial Management (ERPFM) on these key findings, first, it covers recent economic performance and outlook and then reviews issues related to the pattern of public spending. After reporting on progress in strengthening public financial management, it summarizes findings of the public procurement assessment. The detailed findings of the public procurement assessment constitute volume two of the 2007 ERPFM. At the end the ERPFM proposes to focus on in the short and medium-term and the baseline scores of Ghana's public procurement system for each of the 54 sub-indicators covered by the Organization for Economic Co-operation and Development - Assistance Committee (OECD-DAC) methodology, respectively.

Ghana - 2007 External Review of Public Financial Management : Volume 1. Main Report

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