A former Chairman of the Public Accounts Committee, Albert Kan-Dapaah has said sanction regimes in the new Public Financial Management law are not stringent enough to deter people from robbing the state.

The law when assented to by the President, will regulate the financial management of the public sector to address weaknesses and promote discipline, transparency and accountability of public funds.

But speaking at a national forum on Open Governance organised by the Ghana Integrity Initiative, Mr Kan-Dapaah said the new law was no different from existing laws in the country.

“There is no clear automatic correction mechanism to control deviations. In countries that have the law, there is always an automatic correction mechanism…the sanctions regime is not deterrent enough, it gives custodial sentence of not less than two years and not more than five years so if I steal $20 million to go in for only two or five years, I will come back early enough to come and spend the money so I don’t think it’s frightening enough,” he stated.

“Again there is no independent fiscal policy council. In Nigeria, for instance, we have an independent fiscal policy council with powers to challenge the government and we have it in Brazil. Over all, I can only say without passing judgment that so far as transparency and accountability are concerned, I think the new law is no better than the existing practices we have today,” Mr Kan-Dapaah added.