QUESTION $9$

a$)$ Under the Public Financial Management Act $2016,($Act $921),$ Treasury Single Account $($TSA$)$ system is recommended for managing cash resources of the government. The implementation of the treasury single account system is reflected in the Ghana Integrated Financial Management Information Systems $($GIFMIS$).$

Required:

Explain Treasury Single Account and discuss the benefits associated with such a system in Ghana.

b$)$ The Controller and Accountant General is a key public officer responsible for ensuring the custody, safety, and integrity of public funds. In addition, the Controller and Accountant General has a responsibility towards covered entities to ensure effective public financial management across the public sector.

Required: Explain the specific responsibilities of the Controller and the Accountant General towards the covered entities under the Public Financial Management Act $2016($Act $921).$

c$)$ The following information is an extract of from the annual reports of the Consolidated fund for the year ended $2020.$

Revenue GHS'million

Direct Tax $22,020\mathrm{.}78$

Indirect Tax $25,754\mathrm{.}10$

Grant $3,559\mathrm{.}53$

Non$-$Tax Revenue $6,115\mathrm{.}18$

NHIL $1,888\mathrm{.}80$

Loans Received $16,821\mathrm{.}60$

Net Treasury operations $44,398\mathrm{.}55$

Recoveries $437\mathrm{.}00$

Trust Monies $1,204\mathrm{.}98$

The $1992$ Constitution and the District Assembly Common Fund Act requires parliament to annually approve portions of the national revenue into the District Assembly Common Fund $($DACF$)$ for distribution to local government.

Required:

i$.$ Calculate the statutory amount to be transferred into the DACF for the $2020$ fiscal year.

ii$.$ Assuming a retention of $10\%$ at the secretariat and an equal distribution of the amount among all assemblies in Ghana, how much will each assembly be entitled to for the $2020$ fiscal year.