Question

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 impropriety3
(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)

Answer 1

Abstract

The target of open finanacial management where open assets are arranged, coordinated and checked for the compelling and productive usage of goal of open. It includes needs and allotment of assets economically. Open financial management is fundamental to convey open administrations and successful economic management. Ordinarily in nation/state, anomalies and acts of neglect related with open finanace and wasteful and non esteem included conveyance of open administrations. In appraisal of open finanace incorporates effect of responsibility of open fund and cures against impropriety and to keep up transparancy out in the open money.

Introduction

Open fund management is a sysytem where by open assets are designated to open serivces. Portion of assets of open for advancement and administrations to the general population is fundamental for improvement of economy. It is significant that the management and advancement of responsibility is significant for distribution of open assets. Anyway abnormalities and misbehaviors related with open money affets the general improvement of open framework ,economic turn of events. Inadequate arrangements, rules, guidelines and interior procesess are the sure purposes behind mismanagement of open fund. Along these lines it is important to defeat such impractices by practicing practicle cures accessible.

Taxonomy of financial impropriety

To control anomalies and wrong acts of open account it is important to first toxonomy of financial impropriety. Characterization of financial impropriety assists with understanding what level of impractices and improper act commited by people related with this store management. With toxonomy it is simpler to design and build up the accountabiity. It permits advancement of increasingly modern intend to wipe out anomalies out in the open account. Taxonomy of financial impropriety commited by authority, Taxonomy of financial impropriety commited by workers, Taxonomy of financial improproper rehearses followed by political intercession, impropriety because of nigligance, turning of open assistance assets to different exercises, and fruition of open administrations utilizing poor quality supplies and administrations. These kinds of taxonomy of impropriety assists with finding out responsibility of open fund and arrangement of open administrations.

   Causes of financial impropriety in the public sector

One can think about various makes driving financial impropriety in the open sector. Be that as it may, cognizance is one among the fundamentals which put advances such kind of deprecatory considerations. Except if and until one knows about his obligations either being an individual from the family or the nation from where he has a place with it is difficult to address such acts of neglect in enormous. What's more absence of an appropriate checking framework particularly in the open sector amplifies the extension to hoodwink. Banks and other formal financial middle people are principally worried about the reliability of a customer at the hour of store disbursal and become merciful from that point, which fundamentally recognizes them from the private players in the market.

Practical remedies of financial impropriety

For all intents and purposes it is absurd to expect to guarantee that even with the full proof plan that we may approach unquestionably prompts the ideal phenomenon. Indeed, even countries very much vested with standard checking appearances such examples 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 administration may consider expanding the quantity of publicity stunts expanding cognizance among the kinsmen. Drive to accomplish a specific financial education and further belongingness to the nation is required to ease these practices to a more noteworthy degree. Moreover, observing the viable utilization of assets may unquestionably 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 annihilate sick considerations at their commencement.

CONCLUSION

In light of previously mentioned realities, causes and remidies it is inferred that accounting of finacial impropriety in broad daylight fund in Ghana is fundamental for offering types of assistance to open and improvement of economy. Target of open finacial management can be accomplished productively and successfully by finding above causes and remidies.

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