The following transactions were extracted from the books of CAG relating to the Consolidated Fund: GH 000
PAYE taxes	480,000
Gift taxes	40,000
Value added taxes	850,000
Taxes on international trade	220,000
Rent taxes	70,000
Corporate income taxes	610,000
Communication service taxes	300,000
Other taxes on goods and services	80,000
Royalties	415,000
Fees, fines and penalties	95,000
Investment income	45,000
Bilateral grants received	210,000
Multilateral grants received	399,909
Domestic debt interest paid	189,760
External debt interest paid	284,440
Established post salaries	550,000
Salaries of foreign mission	120,000
Probation	125,000
Casual labour	95,000
Secondment	70,300
Superannuation	205,000
Foreign travel cost	85,460
Transfer to households (13% SSF contribution)	89,900
Conferences, workshops and training	62,300
Travel allowances	45,000
Utilities	40,000
Limited engagements	79,000
Contract appointments	11,900
Repairs and maintenance	8,909
Purchase of property, plant and equipment (PPE) - cost	220,000
Construction of infrastructure - cost	322,000
Fuel subsidy	25,000
Fertilizer subsidy	50,000
Utility subsidy	40,000
Transfer to District Assembly Common Fund	175,000
Transfer to Ghana Education Trust Fund	94,000
Social benefits	23,400
Other expenditure	25,100
Loan and advances granted during the year	10,100
Equity investment	200,000
Loans and advances (01/01/2020)	34,400
Payables	180,800
Domestic debt	1,423,820
External debt	2,452,330
Trust fund	980,000
Deposits	72,000
Cash and cash equivalent	1,745,790
Accumulated Fund (Debit)	3,907,100

Additional information:

1. Government of Ghana is adopting the full accrual basis under the International Public Sector Accounting Standards (IPSAS) for the first time as the basis of accounting.
2. Within the fixed assets policy of the government, straight line method is to be applied for the consumption of fixed capital as follows: PPE at 20% and infrastructure assets at 10%.

c) Direct tax revenues due to government but not collected as at 31st December 2020 amounted to GH 75,500,000 and the tax payers have made arrangement to pay honour their taxes by March 2021. Notwithstanding, Ghana Revenue Authority has the information that one of the companies is going through forced liquidation and may not be able to honour its indebtedness of GH21,500,000 and therefore should be written off as irrecoverable.

4. Public debt interest amounting to GH 68,900,000 was outstanding as at the end of the year but the government Finance Minister has made necessary arrangement with the creditors to effect the payment in March 2021. Though the government promised to settle further GH10,000,000 before the end of the year 2020 but could not keep the promise.

e) During the year, the Parliament of Ghana approved a transfer of 7% of total tax revenue to the District Assembly Common Fund.

6. As at the end of 2020, an amount of GH 105,700,000 was in arrears as compensation of employees while that of goods and services outstanding amounted to GH 24,300,000.

g) The following has been extracted from the year 2020 annual budget

	GH000
Compensation of employees	1,410,000
Goods and services	210,000
Public debt interest	480,000
Direct taxes	1,320,000
Subsidies	98,500
Indirect taxes	1,425,000
Grants received	495,000
Social benefits	22,500
Other expenditure	27,000
Grants advanced	265,000
Non tax revenue	510,000

h) The 2020 statistical and economic data of Ghana show a gross domestic product of GH4,995,000,000.

Required:

1. Prepare in compliance with the Financial Laws of Ghana, the GIFMIS Chart of Accounts of Government and the IPSAS of the following:
2. Statement of Financial Performance with Budget Information of the Consolidated Fund for the year ended 31st December, 2020
3. Statement of Financial Position of the Consolidated Fund as at 31st December, 2020
4. Notes to the accounts.

2) Compute four (4) relevant ratios or indicators required in measuring the fiscal achievements of the government with reference to the Public Financial Management Act, 2016 (Act 921) and Public Financial Management Regulations, 2019 (L.I. 2378). Based on your results, advise the government in the form of a report (Maximum of a page report).