New financial legislation set to take effect this summer

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The Public Finance Management Act, Public Debt Management Act and the Statistics Act will become law on July 1, the start of the new fiscal period with the Public Procurement Act, following suit in September.

The latter requires significant staff training, vendor education and awareness as well as the establishment of new functions.

State Minister of Finance, Senator the Honorable Kwasi Thompson touting each law as raising the standard of existing government processes to meet global best practices with a focus on transparency and accountability.

The laws mandate all information regarding budgets, public sector data, debt management plans, procurements opportunities and awarded government contracts be published within a specific timeframe.

The governments to embark upon an aggressive education campaign in terms of the new roles, procedures and responsibilities in each act.

The period will also be used to formalize the new committees, boards and institutions.

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