Business News of Wednesday, 15 October 2014

Source: GNA

All must ensure clean payroll – Terkper

Mr. Seth Terkper, Minister of Finance, has charged heads of government departments institutions and agencies, to ensure that government payroll was clean without any ghost names.

District, Municipal and Metropolitan Chief Executives must equally take up the responsibility of ensuring the various Assemblies were clean and devoid of ghost names.

“Let us ensure that payrolls are clean, and let us pay workers who are actually working,” Mr Terkper gave the warning in a speech read on his behalf at the launch of the Regional Budget Hearing in Wa on Monday.

The Finance Minister said on the domestic front, government recognized the challenges in the economy, and had initiated some bold decisions to reverse the situation in the 2014 Mid-Year Review Budget.

Mr Terkper said government had also recently issued its third Eurobond of one million dollars, which was successful.

The Finance Minister said government was also successful with the COCOBOD syndicated loan of 1.7 dollars, and was engaged with the International Monetary Fund (IMF), for a bail-out.

“These three significant actions have reduced the short-term pressures on our international reserves, and have positively affected the appreciation of the cedi.” Mr Terkper explained.

He said internally, government needed to also take prudent measures to reduce the high budget deficit.

Government, he said, had therefore, introduced structural reforms, which include the rationalization of Public Sector Staff, the upgrading of payroll and installation of a new HRMS programme for the Offices of the Heads of the Civil Service (OHCS) and the Public Services Commission (PSC).

Others are: the continuation of the policy of net freeze on employment in some sectors of public services, payroll management measures, which include payroll audits and electronic system payment voucher, to help reduce the incidence of ghost workers on government payroll.

The system is also to empower managers with ready and timely information to manage more efficiently their payroll cost and the integration of the payroll into the GIFMIS.

Mr Terkper said government expected Metropolitan, Municipal and District Assemblies, to work hard to improve on their internally generated funds, to reduce their over-dependence on central government revenue.

He challenged the Assemblies to improve the mobilization of their internally generated funds through innovative ways, and also ensure that resources were used more efficiently and effectively.

“We need concerted efforts at all levels of government, to resolve the challenges that face us,” Mr Terkper emphasized.

He disclosed that very soon the Finance Ministry, in collaboration with the Ministry of Local Government and Rural Development, would issue guidelines to assist the Assemblies to identify, mobilize and manage local revenues for improved service delivery.