The Ministry of Finance has revealed that approximately GH¢80 million was lost because of infractions and non-compliance at the Metropolitan, Municipal, and District Assemblies (MMDAs).
Alhaji Abubakar Ibrahim Dey, Technical Adviser at the Ministry of Finance, disclosed this during the 2024 budget hearing for MMDAs at the Ashanti Regional Coordinating Council in Kumasi.
According to the technocrat, the losses were attributed to infractions and non-compliance with financial regulations, which could have been prevented if spending officers had adhered the assemblies’ budgets and guidelines.
He stated that the budget process involves four major steps namely, preparation, approval, execution, and accountability.
Alhaji Dey emphasised the importance of following these steps to ensure transparency and accountability.
Alhaji Abubakar Ibrahim Dey noted that GH¢80 million has been wasted at the various MMDAs, which could have been prevented if spending officers spent within the assemblies’ budget through compliance.
Dr Frank Amoakohene, the Ashanti Regional Minister, emphasized the importance of financial discipline in the management of public funds.
He noted that the President has been firm on ensuring that public officials adhere to financial regulations and guidelines and stressed the need for public officials to follow financial regulations and guidelines to avoid any penalties or sanctions.
He stressed on the importance of proper budget preparation to ensure that all expenditures are captured and justified in the budget.
The Minister noted that public officials would be held accountable for their actions, and those who fail to follow financial regulations would face penalties.
According to him, the President has been firm on financial discipline hence the need to follow every bit of the process to avoid any penalties or sanctions.
He indicated that Financial management was crucial, and public officials have a lot of responsibility to ensure that funds are used effectively and efficiently.
The Regional Minister said the emphasis on financial discipline would promote transparency and accountability in the management of public funds, ensuring that resources are used effectively and efficiently for development projects.
Follow the The Chronicle Newspaper channel on WhatsApp: https://whatsapp.com/channel/0029VbBSs55E50UqNPvSOm2z
