Finance Minister defends gov’t accounting system
- over non-activation of two modules 10 years on
Addressing concerns over government’s computerized accounting system due to the non-implementation of two modules, Finance Minister Dr Ashni Singh said last Thursday that the non-activation of these do not diminish the system’s ability to safeguard the integrity of transactions.
Prior to 2004, government’s accounting systems were handled manually. An assessment led to the realisation that the old system was dysfunctional and that there was need for a new one to better manage government’s business. The Integrated Financial Management Accounting System (IFMAS) was therefore suggested.
Pursuant to this, the Government of Guyana purchased the IFMAS software from a Canadian company at a cost of US$660,000.
The system comprises several modules, including an Expenditure Module, a Budget Preparation and Reporting System Module, Revenue, an Asset and Inventory Module, a General Ledger Module, a Purchasing Module and an Appropriation Module. The system went online on January 4th 2004, the minister says, although to date the Purchasing and …..To continue reading, login or subscribe now.