Parliament is currently studying a bill, which if passed into law will make it an offence to receive compensation or reward for official duties, to make false entries and collect gifts.

The bill also makes it an offence to promise or offer a gift as reward for official duties. The liability of the bill when passed into law extends to persons who fail to report any act in contravention of the financial legalisation or fraud committed by any person against the government under legislation relating to public finance to a senior officer.

It also includes liability provisions, which mandates the responsibility of accounts and the liability to keep public money with a tracing element, which extends to the personal representative of a deceased person.

The bill also seeks to regulate the financial management of the public sector by prescribing the responsibilities of persons entrusted with financial management in government and to ensure the effective and efficient management of revenue expenditure, assets, liabilities and resources of government.

According to a B&FT report, the bill seeks to rationalize provisions on public sector finance with the constitution of the Republic of Ghana.

The definition of public office in the constitution forms the basis of the bill. According to the Constitution, public office includes an office of which emolument is provided by Parliament and includes an office in a corporation established entirely out of public funds or money provided by Parliament.

The bill encompasses fiscal management within the context of public office. It also governs the financial management of public sector institutions except public corporations set up as commercial ventures, companies owned by the state and public corporations converted to limited liability companies under the statutory corporations all of which are regulated under the companies? code 1963 (Act 179).

The bill excludes most of the previsions relating to procurement found in SMCD 221 because of the comprehensive legislation on procurement being dealt with concurrently with this bill.

Certain provisions relating to government stores have however been retained in the bill, which are complimentary to those in the procurement bill and relate to the acquisition, disposal, receipt issuing, custody and control of the stores.

It further stipulates that government stores are to be procured from only VAT registered persons in the public interest.

Statutory Corporation and other public institutions apply the financial management provisions for the civil service to statutory corporations and other public institutions. It however excludes those corporations and public institutions set up for commercial purposes before or after the announcement of the Act.

Issues such as bank accounts, special accounts with government and investments of monies are provided for other matters related to the award of contracts, account and audit ancillary matters.