QUESTION TWO a) The Public Financial Management (PFM) Act 2016, Act 921 applies to a covered entity and a public officer responsible for receiving, using, or managing public funds. The PFM Act, Act 921 provides for the creation of a sinking fund by the Minister to be used to redeem specific debt obligations of Government. Required: 1) What is a Covered Entity" as defined by the PFM Act 2016, Act 921 ? (3 marks) ii) What is "Public Funds" as defined by the PFM Act 2016, Act 921? (2 marks) iii) Identify FIVE sources of money for the sinking fund. (5 marks) b) An entity which was established by an Act of Parliament is 95% funded by its Internally Generated Funds (EGF). The Government of Ghana then finances 5% of its budget from the consolidated fund. The Chief Executive Officer (CEO) and the Chief Accountant have argued on the need to or not to be recognized as Procurement Entity as per section 14 of the Public Procurement Act, 2003 (Act 663) as amended by Act 914. The CEO would like to set up an internal arrangement for procurement with the Chief Accountant as the chairman of the Procurement Committee but the Chief Accountant would like the organization to set up a Procurement Committee in accordance with the Act. Required: i) According to Section 14(1)(2) of the Public Procurement (Amendment) Act 2016, what is the scope and application of the act? (5 marks) ii) Advise the CEO and Chief Accountant on whether their entity falls under the Public Procurement (Amendment) Act 2016, Act 914. (2 marks) iii) Under what conditions would a procurement entity undertake procurement in accordance with established commercial practice? marks (Total: 20 marks) QUESTION TWO a) The Public Financial Management (PFM) Act 2016, Act 921 applies to a covered entity and a public officer responsible for receiving, using, or managing public funds. The PFM Act, Act 921 provides for the creation of a sinking fund by the Minister to be used to redeem specific debt obligations of Government. Required: 1) What is a Covered Entity" as defined by the PFM Act 2016, Act 921 ? (3 marks) ii) What is "Public Funds" as defined by the PFM Act 2016, Act 921? (2 marks) iii) Identify FIVE sources of money for the sinking fund. (5 marks) b) An entity which was established by an Act of Parliament is 95% funded by its Internally Generated Funds (EGF). The Government of Ghana then finances 5% of its budget from the consolidated fund. The Chief Executive Officer (CEO) and the Chief Accountant have argued on the need to or not to be recognized as Procurement Entity as per section 14 of the Public Procurement Act, 2003 (Act 663) as amended by Act 914. The CEO would like to set up an internal arrangement for procurement with the Chief Accountant as the chairman of the Procurement Committee but the Chief Accountant would like the organization to set up a Procurement Committee in accordance with the Act. Required: i) According to Section 14(1)(2) of the Public Procurement (Amendment) Act 2016, what is the scope and application of the act? (5 marks) ii) Advise the CEO and Chief Accountant on whether their entity falls under the Public Procurement (Amendment) Act 2016, Act 914. (2 marks) iii) Under what conditions would a procurement entity undertake procurement in accordance with established commercial practice? marks (Total: 20 marks)
