{"id":416908,"date":"2017-09-10T22:06:37","date_gmt":"2017-09-10T22:06:37","guid":{"rendered":"https:\/\/ghana-mma.com\/2017\/09\/10\/ministers-who-overspend-their-budget-to-be-sanctioned\/"},"modified":"2017-09-10T22:06:37","modified_gmt":"2017-09-10T22:06:37","slug":"ministers-who-overspend-their-budget-to-be-sanctioned","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2017\/09\/10\/ministers-who-overspend-their-budget-to-be-sanctioned\/","title":{"rendered":"Ministers who overspend their budget to be sanctioned"},"content":{"rendered":"<p><\/p>\n<p>Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei<\/p>\n<div>\n<p>Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has committed to cracking the whip on ministers who fail to stick to their budgets.<\/p>\n<p>This followed a call from stakeholders at the launch of a report on governance.<\/p>\n<p>The stakeholders said government needed to step up in ensuring compliance when it comes to good corporate governance practices.<\/p>\n<p><!-- \/1002554\/Myjoyonline.com_InArticle_300x250 --><\/p>\n<p>The report by KPMG and ACCA showed that Ghana ranked 12th out of 15 countries accessed for good corporate governance systems.<\/p>\n<p>Taking a cue from the report, Dr. Akoto Osei committed to ensuring that compliance began with government institutions with one key area being budget spending.<\/p>\n<p>He said \u201cthe law says that any person who exceeds what is budgeted for is liable to sanctions so if you tell me a Ministry has overspent, the minister has to be charged or the chief spending officer or whoever made it happen has to\u00a0 be liable for sanctions as the law said .<\/p>\n<p>When further asked if his Ministry will pursue the law in the future he responded \u201c yes we will and very soon you will hear cases like that.\u201d<\/p>\n<p>Dr. Akoto Osei,\u201c\u00a0 We will continue to use our offices to try and help myself and my colleagues to do what is right and impact it unto the other public institutions\u00a0 because it has a relationship with growth.<\/p>\n<p>\u201cBut with bad corporate practices you will realize the growth is not sustained so we want to use the findings of the report to change things moving forward because Ghana being ranked 12th is shameful,\u201d he said.<\/p>\n<p>Partner and advisor for KPMG, Andy Akoto said in terms of laws and policies, there is the need for some laws to be reviewed and properly enforced.\u00a0\u00a0<\/p>\n<p>He said, \u201cWe\u2019ve seen the types of challenges that are playing out in terms of the management of our state institutions likewise the challenges that are playing out in the private sector like the shake up in the banking sector and all, so clearly we don\u2019t have a choice and we can\u2019t afford to be complacent\u201d<\/p>\n<p>Mr. Akoto said, \u201cwe really need to work in a concerted manner to not only enhance the codes that were issued so many years ago for instance the SEC guidelines on corporate governance issued so many years ago and the company\u2019s act that have been issued since 1962.\u201d<\/p>\n<p>He said, \u201cSo it\u2019s about time we reviewed them and ensure enforceability if we want to see a strong economy\u201d<\/p>\n<p>It is expected that the application of good corporate governance will enhance foreign investments to the country. The report was under the theme \u2018balancing rules and flexibility for growth.\u2019<\/p>\n<\/div>\n<p>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a style=\"display:none\" rel=\"follow\" href=\"http:\/\/megatheme.ir\/\" title=\"\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633\">\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has committed to cracking the whip on ministers who fail to stick to their budgets. This followed a call from stakeholders at the launch of a report on governance. The stakeholders said government needed to step up [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":416909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-416908","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ministers who overspend their budget to be sanctioned - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2017\/09\/10\/ministers-who-overspend-their-budget-to-be-sanctioned\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Ministers who overspend their budget to be sanctioned - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has committed to cracking the whip on ministers who fail to stick to their budgets. This followed a call from stakeholders at the launch of a report on governance. 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