Accra, 25th September, 2018 – Hon. Ken Ofori-Atta, Minister for Finance has launched the Public Investment Management System (PIMS) at a ceremony at Alisa Hotel.
The PIMS will run as a database for all public infrastructure projects, irrespective of their funding sources. It will transmit prioritized coded projects through the Public Investment Plan (PIP), the budget module and implemented in GIFMIS financial. The PIMS forms part of the Public Investment Management (PIM) Policy.
Hon. Ken Ofori-Atta in his speech stated that the PIMS would enhance the quality of public investment by strengthening the links between the National Medium-term Development Strategy, National Infrastructure and Sector Plans and the National Budget.
The system will also ensure projects are properly appraised, analyzed and prioritized. Training will be provided for technical staff of the Ministries, Departments and Agencies (MDAs)/ Metropolitan, Municipal and District Assemblies (MMDAs) involved in the preparation, appraisal, and review process of the new PIM process, procedures and guidelines.
According to the Minister, “Given the narrow fiscal space we face as a country, undertaking huge capital infrastructure projects is a challenge. Thus, Government is currently looking at leveraging existing resources to invite the private sector to participate in the delivery of public infrastructure, especially in the transportation and energy sectors of our economy”, he stressed.
To this end, government has adopted a multi-pronged approach to enhance public investment management and the productivity of public investment.
These include; institutionalizing the legal and regulatory framework to guide and enforce PIM operations in Ghana; operationalizing a Public Investment Management System (PIMS); increasing private sector participation in investment projects through public-private partnerships (PPPs) and improving the governance of State Owned Enterprises (SOEs) which is key to delivering effective and efficient public infrastructure and services.
The Country Director of the World Bank, Mr. Henry Kerali, in his speech congratulated the government of Ghana and the Ministry of Finance for the successful implementation of the PIM system.
He stressed that, the World Bank believes that the establishment of a good PIM system would be of benefit to Ghana by enabling strict prioritization and budgeting and also maintaining a comprehensive, official record of all data associated with investment projects during their entire life cycle.
Present at the launch were the Chief Director of the Ministry of Planning, Director for Public Investment Division of the Ministry of Finance, Mr. David Collison, as well as Officials from MDAs including the Ministry of Finance. END