By Morkporkpor Anku, GNA
Accra, Nov. 9, GNA – The Ministry of Finance will reject funding authorisation requests for public capital projects that have not undergone mandatory appraisal and inclusion in approved investment plans.
The directive requires all covered entities and public institutions to subject proposed capital investments to the prescribed preparation, appraisal and planning processes under the Public Investment Management (PIM) framework before seeking commitment authorisation from the Minister for Finance.
A notice signed by Mr Thomas Nyarko Ampem, Deputy Minister of Finance, on behalf of the Minister, said applications for commitment authorisation must relate to projects captured in the institutions’ approved Public Investment Plans (PIPs).
It said the requirement was backed by the Public Financial Management Act, 2016 (Act 921), and the Public Financial Management (Public Investment Management) Regulations, 2020 (L.I. 2411).
The Ministry said its Guidelines for the Preparation and Appraisal of Projects and the Development of the Public Investment Plan were issued under Section 33(5) of Act 921 and Regulations 25 to 27 of L.I. 2411.
The guidelines prescribe the procedures public institutions must follow in preparing and appraising projects and incorporating them into their respective investment plans.
The Ministry said requests for commitment authorisation for capital expenditure procurements that had not undergone the required appraisal would not be honoured.
It urged all covered entities to ensure that proposed projects were included in their approved PIPs before submitting applications for commitment authorisation.
Source: Ghana News Agency (GNA)
