Question Tag: Revenue Policies

i) Responsibility Accounting: The constitution defines clearly the powers and responsibilities of financial stewards (individual office holders) and their precise roles and functions, e.g., the appointment and roles of the Auditor General.

ii) Approval and Authorization Policies: It defines clearly approval and authorization policies, e.g., loans shall be approved by Parliament.

iii) Revenue Policies: The constitution has outlined revenue policies to regulate the revenue function, e.g., all revenues, receipts, and trust monies shall be paid into the Consolidated Fund.

iv) Establishment of Public Funds: The constitution establishes public funds for efficient management of government business.

v) Financial Management and Accounting Practices: Public sector financial management practices established by the constitution include:

Public debts charged to the Consolidated Fund.
The Bank of Ghana as the central bank in charge of monetary policy.
Establishment of public corporations.
vi) Imposition of Taxes: The right to impose taxes in Ghana is vested in Parliament.