1.0 Faculty                                     :               Faculty of Local Government Administration

2.0 Programme Name             :           MSc Public Financial Management

3.0 Duration                            :           Two Years

4.0 Background to Programme

Financial management encompasses all the activities within an organisation that are concerned with the use of resources and that have a financial impact. The discipline is essential for effective corporate governance and fundamental to achieving the organisation's objectives and improving its services. Recent development orientation and administrative reforms are designed to shift the system of governance from a centralized planning political system, to one that would involve the participation of all stakeholders at the area where development takes place. Sub national governments are therefore viewed as the most important facilitator of economic and social development at the grassroots. Their responsibilities hinges on sound financial resource capacity.

Financial management is not just the job of the finance executive and subordinates at the sub national level. Indeed, all functionaries and managers within a local authority are responsible for their financial circumstances, individually and collectively. Senior managers at the sub national level have to be conversant with the requirements for the efficient management of the entity’s resources.

The Msc in Local Government Financial Management is designed to stimulate creative financial management thinking and to meet the needs of participants lacking the theoretical underpinning and training required to apply financial management knowledge in practice. Its uniqueness stems from the fact that, apart from generally equipping participants with financial management principles and strategies just like any other Masters programme in financial management, it again seeks to emphasize local government issues which requires a special expertise but has been down played for a very long time in most programmes. The Institute of Local Government Studies (ILGS) as a management development institution and established under Act 647 of 2003, exists to provide management science education, training and research in local governance. This degree from ILGS is to fill the gap and produce mangers who are able to identify, analyse and derive solutions to the challenges of local authorities as well as provide implementable actions in response to emerging challenges.

 

Graduates of the programme should be able to initiate as well as implement policy and administrative reforms to improve local government finance, and stimulate economic and social development. This curriculum has been developed for training of senior management staff at the sub national level. It is intended to provide the candidates with the necessary skills required to plan, organize and coordinate the financial resources of the local authorities as well as execute financial policies effectively and efficiently. With the introduction of this curriculum, it is hoped that the knowledge and skills of candidates on financial management systems will be enhanced to make them more efficient in financial management practice within the scope of their operations.

Key features of the programme include ILGS’ outstanding reputation in management education in the sub region, comprehensive curriculum, diverse student body, dedicated faculty, globally networked knowledge community and the four segment programme to be covered in two (2) years.

5.0 Justification

The socioeconomic challenges of today needs executives who recognize emerging trends and respond successfully to them. The programme raises the standards of financial management knowledge and practice based on empirical research in the local government context. Candidates are equipped with the multi-disciplinary competencies required to respond effectively to the requirements of these trends and challenges.

6.0 Aims and Objectives

The aim of the programme is to provide participants with the requisite knowledge, skills and attitudes to effectively and efficiently plan, organize and coordinate the financial resources of local authorities. A holder of the Msc in Local Government Financial Management qualification will be expected to offer professional advice for good local governance.

The objectives of the programme are to equip candidates with:

• An understanding of the legal and administrative environment required to efficiently manage financial resources of local governments;
• Skills to effectively participate in the preparation of business and investment plans as well as advise the Local Government authority on appropriate methods of raising funds for capital projects;
• knowledge of strategic policy analysis and evaluation in line with financial regulations and other guidelines;
• skills to account for financial resources in cost-effective and efficient manner that facilitates effective accomplishment of the local government mandate;
• Skills to produce valuable financial information to assist decision makers in a decentralized environment as well as raising awareness on practicable and sound internal control techniques;
• To equip candidates with proficiency in Management Accounting techniques.

7.0 Entry Requirements and Target Group

Minimum entry qualification shall be as follows:

• Either a good First Degree in Accountancy, Finance, and Commerce or in any relevant discipline from any recognized university and accredited by the National Accreditation Board. OR A person with the final examination certificate of the following professional bodies: ICA (Ghana), ACCA, CIMA, CIPFA, etc.
• Subject to passing a selection interview with other lower qualifications not below the equivalent of Post Graduate Certificate in Finance with not less than three (3) years experience in management position within a local government environment.

This programme is primarily targeted at the middle and senior level management staff of sub national governments. Young professionals and mid career executives from various establishments including private companies, governmental and non-governmental organisations could be candidates for the programme.

8.0 Job Opportunities

It is envisaged that graduates of this programme shall return to their respective organisations with promising career prospects and greater confidence. Those without previous working engagements would have developed competencies to take on new professional challenges in the following capacities:

• Financial Management Policy Advisor
• Local Government Financial Expert/ Consultant
• Head of Public Finance in any financial institution

 

• Head of Finance in a Local Authority
• Chief Executive and Manager of a Local Authority
• Local Economic Development Advisors

 

9.0 Mode of Assessment

The teaching methodology shall include lectures; problem-solving exercises, case study analyses, student participation in seminars, discussions as well as independent studies. Case studies culled from current academic and business publications have been carefully selected to stimulate learning and will be used extensively. The entire programme and individual courses will also be assessed through a combination of:

1. Graded Examinations
2. Student Project Report and Case Studies
3. Individual Study and Seminars
4. Internships and Practical Attachments
5. Masters Thesis

 

10.0 Requirements for Graduation

1. Candidates shall pass all courses and obtain a minimum total credits of 43
2. Candidates shall report a minimum of 4 weeks of internship duly assessed.
3. Candidates shall attend and pass an oral examination on their thesis
4. To pass a course, a student must obtain a minimum of 50% of the marks available and an average of 55% for all courses.

 

 

 

 

 

 

 

11.0 Programme Structure

The programme is designed for completion within a period of two (2) years. There are four (4) main segments namely foundation, integration, specialization and performance segments. Each segment shall last for an average of 16 weeks and the course structure is presented in the table below.

COURSE STRUCTURE

YEAR ONE: SEMESTER ONE

 

COURSE CODE	COURSE TITLE	T	P	C
LGFM 501	Local Government, Decentralization and Development	2	0	2
LGFM 503	Financial Accounting	2	3	3
LGFM 505	Management Accounting	2	3	3
LGFM 507	Local Government Decision-Making Tools	2	0	2
LGFM 509	Local Economic Environment	2	0	2
LGFM 511	Decentralized Planning and Budgeting	2	3	3
LGFM 513	Local Government Financing and Resource Mobilization	2	0	2
TOTAL CREDITS		14	9	17

 

 

 

YEAR ONE: SEMESTER TWO

 

COURSE CODE	COURSE TITLE	T	P	C
LGFM 502	Financial Resources Management	2	3	3
LGFM 504	Advanced Financial Accounting	2	0	2
LGFM 506	Strategic Management	2	0	2
LGFM 508	Business Law, Ethics and Social Responsibility	2	0	2
LGFM 510	Management Information System (E-Governance and other ICT Tools)	2	0	2
LGFM 512	Local Government Auditing Systems	2	0	2
LGFM 514	Public Private Partnerships in the Provision of Infrastructural Services	2	3	3
TOTAL CREDITS		14	6	16

 

 

 

 

 

 

 

 

YEAR TWO: SEMESTER ONE

 

COURSE CODE	COURSE TITLE	T	P	C
LGFM 515	Public Sector Accounting and Finance	3	0	3
LGFM 517	Local Government Investment Analysis and Portfolio Management	3	0	3
LGFM 519	Strategic Management Accounting	3	0	3
LGFM 521	Local Government Projects Management	2	3	3
LGFM 523	Management Control Systems and Performance Evaluation	2	0	2
LGFM 525	Public Expenditure  Management (Projects, Procurement and Contract Management)	2	3	3
LGFM 527	Thesis	0	18	6
TOTAL CREDITS		15	24	24

 

YEAR TWO: SEMESTER TWO

COURSE CODE	COURSE TITLE	T	P	C
LGFM 529	Thesis	0	18	6
TOTAL CREDITS		0	18	6

 

 

 

 

12.0 DESCRIPTION OF COURSES

YEAR ONE: SEMESTER ONE

 

LGFM 501 Local Government, Decentralization and Development                   (2,0,2)

Objectives:

This course provides insight on Ghana’s experiences with local government and decentralization in the context of development. The specific objectives are to:

• Provide the conceptual underpinnings for local government, decentralization and development
• Discuss Ghana’s decentralization policy and explain the structure of the new local government system
• Share insights on the legal and regulatory framework for local government and the statutory functions of MMDAs, including financial management.

 

Content:

Conceptual Foundation for Decentralisation and Development

• Definition of key concepts of development, local government and decentralisation
• Types of decentralisation, argument for and against decentralisation

Ghana’s Experiences with Local Government and Decentralisation

• Pre and post colonial reforms
• Key challenges and strategies

The Decentralisation Policy and Structure of the New Local Government System

• The current decentralisation policy
• Implementation status of the policy
• Structure of the new local government system

 

 

 

Legal Framework for the Decentralised Local Government System

Functions of District Assemblies

• Roles and Responsibilities of key functionaries
• Review of key functions of planning and resource mobilization and management

 

LGFM 503 Financial Accounting                                                                (2,3,3)

Objectives:

The course is intended to explore what it takes for public organisations to manage their financial activities with ease and how stakeholders such as suppliers, citizens, banks and government agencies use this accounting information to better understand the organisation. Specifically, participants will be able to:

• Explain the conceptual framework for accounting and best practices for designing accounting systems
• Explain how accounting information assists in making decisions
• Describe, classify and prepare financial statements as well as analyse business transactions and relate them to changes in the financial statement
• Describe auditing and how it enhances the value of financial information
• Evaluate the role of ethics in the accounting process

 

Content:

Accounting: Conceptual Framework

• Definitions and basic accounting concepts and conventions underlying the preparation of periodic financial statements
• Application of International Financial Reporting Standards (IFRS)
• Designing accounting systems in conformity with IFRS

The Accounting Process

• Recording transactions (double entry accounting system-ledger, trial balance, journal, etc)
• Accounting for revenue and income (accrual, modified accrual and cash basis) and how it is related to a balance sheet (assets and depreciation, liabilities and interest)

 

• Preparing cash flow statement under IFRS and IPSFRS
• Accounting for dividends, surpluses and retained income
• Accounting for donor funds

An Introduction: Bonds Valuing and Accounting for Leases, Royalties and Hire Purchase Transactions

Introduction to corporate Investments and Accounting for Subsidiaries

Financial Statement Analysis, Interpretation and Measurement Techniques

 

LGFM 505 Management Accounting                                                         (2, 3, 3)

Objectives:

The objectives are to:

• Discuss managerial accounting and its usefulness for public organisations
• Explain cost behaviour and cost-volume relationship and their measurements
• Discuss cost management system and activity-based costing

• Share insights on accounting for planning and budgets  as well as product costing

Content:

Managerial Accounting and the Organisation

• Definition of terms, key concepts and current trends in management accounting
• The management process and accounting

Measurement of Cost and Cost Behaviour

• Measurement of cost behaviour including inventory planning, measurement and control
• Introduction to Cost-Volume-Profit Analysis
• Activity Analysis (Activity-Based Costing)
• Cost Management and Application of Management Accounting in Decision Making

Accounting for Planning and Control

• The master budgets, flexible budgets and variance analysis
• Management control system in public and decentralized organisations
• Capital budgeting for programmes and projects

 

• Sensitivity analysis and risk assessment
• Performance evaluations and measurement

Costing Methods

• Product Costing
• Job-costing systems
• Process costing systems

Costing Techniques

• Overhead application
• Marginal Costing and C-V-P Analysis

Absorption Costing and Sensitivity Analysis

 

LGFM 507 Local Government Decision-Making Tools                                        (2,0,2)

Objectives:

This course explains how managers in this competitive environment require as much information as possible about the characteristics of that environment to make optimised decisions. The course shares insights on the two main pillars of statistics namely probability and sampling. Specifically, the course is intended to:

• Explain when and how to apply statistics and various quantitative techniques to business and governance situations
• Discuss the advantages and limitations of using quantitative and qualitative information
• Analyse and interpret statistical results with the aid of operational research techniques

 

Content:

Quantitative Techniques

• Definitions and concepts
• Survey techniques and research methodology
• Scales of measurement
• Descriptive/ Causal/ Predictive Statistics
  • measure of central tendencies (mean, median and mode)
  • measures of variability/scatter/ dispersion (range, variation and standard deviation)
• Normalization and Probability Theory
  • Sampling distribution
  • Probability laws and marginal probability
  • Binomial distribution
  • Poisson distribution
  • Normal distribution
  • Testing hypothesis, Parametric and Non-Parametric tests, test of Goodness Fit, test of Independence
  • Analysis of Variance
• Correlation and Regression Analysis

Business Mathematics

• Time series analysis
• Index numbers
• Compounding, discounting and annuities
• Stock valuation and control techniques

Qualitative Techniques

• Simulation
• Network Analysis
• Games Theory
• Value Analysis
• Input-Output Analysis

Operational Research

• Linear Programming
• Queuing Theory
• Simulation

 

 

 

 

 

LGFM 509 Local Economic Environment                                                   (2, 0, 2)

Objectives:

This course exposes participants to the study of how decision-making units make choices on the three basic problems of what goods and services to produce, how to produce them and for whom to produce. Specifically, the objectives are to:

• Discuss the main economic functions of government
• Introduce participants to microeconomics and macroeconomics
• Share insights on the national and local economic policies

 

Content:

Fundamental Concepts and Microeconomics

• The production possibility frontier and the concept of opportunity cost
• The market and market structure
• Consumer behaviour
• Business organisation and behaviour
• Perfect competition and pure monopoly
• Imperfect competitive markets
• The government and the market

Introduction to Macroeconomics

• Definitions
• Gathering and understanding macroeconomic data including national income accounting and determination
• Macroeconomic Analysis

• The goods market
• The consumption function and the multiplier effect
• The government sector
• The open economy
• Financial Markets

 

 

• Goods and Financial Market: interdependences and the workings of Monetary and Fiscal Policies
• Open Economy macroeconomics
• The Labour Market
• Pulling all markets together: Understanding the Macro economy

Understanding Current Macroeconomic Policy Issues

• Inflation, Unemployment and the Debate on Stabilization Policy
• Case Study: Understanding the World Economic Crisis
• The Debate on Economic Growth

Local Economic Development within the national perspectives

 

LGFM 511 Decentralized Planning and Budgeting                                              (2, 3, 3)

Objectives:

The course is intended to equip candidates with the knowledge and skills necessary for carrying out their professional responsibilities in planning and budgeting. The specific objectives of the course are to:

• Enhance knowledge on the definition and purpose for planning within the district organisation
• Explain thoroughly the district planning and budgeting environment including the legislative and policy frameworks
• Provide insights for the preparation of the DMTDP as provided in the planning guidelines and the district budget as a cost to policy and means for resource allocation
• Examine plan implementation and budget execution as well as the role of monitoring and evaluation

• Discuss participatory planning and budgeting including citizen’s participation and gender planning

 

 

 

 

Content:

Brief History and Typology of Planning in Ghana

• Historical Development of Planning in Ghana
• Decentralized Planning System, Legal and Regulatory Framework
• Importance of Planning, Types and Levels of Planning

Institutional Arrangements for Planning and Budgeting at the District Level

• The District Assembly as a Planning Authority
• Composition Roles and Responsibilities of the District Planning Coordinating Unit

Demographic and Socio-Economic Data Collection and Management

• Institutional Arrangements for Data Collection and Management
• Application of Sampling Design and Methods

District Medium Term Development Plan Formulation Process

Preparation of Annual Action Plan

The Budget as a Cost to Policy and Means for Resource Allocation

Participatory and Gender Budgeting

Plan and Budget Implementation and Procurement  

Monitoring and Evaluation 

 

LGFM 513 Financial Resources Management                                                      (2, 0, 2)

Objectives:

This course is designed to explore the art and science of managing money and therefore public funds. Specifically, the objectives are to:

 

 

 

• Describe the managerial finance function and explain why wealth maximisation rather than profit maximisation, is the ultimate organisational goal

• Equip student with skills to undertake hedging and other related activities

Content:

Introduction to Managerial Finance

• The study of managerial finance
• Financial statements and analysis
• Cash flow and financial planning

 Important Financial Concepts

• Time value of money
• Risk and Return
• Interest rates and bond valuation
• Stock valuation

Long-Term Investment Decisions

• Capital Budgeting Cash flows
• Capital Budgeting Techniques
• Payback period
• Net present value
• Internal rate of return
• Behavioural Approaches for Dealing with Risks
• Risk and cash inflows

Sensitivity and scenario analysis

Long-Term Financial Decisions

• The cost of capital
• Leverage and capital structure
• Dividend policy

 

Short-Term Financial Decisions

• Working Capital and Current Assets Management
• Current Liabilities Management

Financial Institutions, Markets and Money

• The financial system
• The Central Bank
• How interest rates are determined
• The financial markets
• Money markets
• Bond markets
• Mortgage markets
• Equity markets
• Derivative markets
• International markets
• Leasing
• Convertible Securities
• Options
• Financial institutions
• Thrift institutions
• Insurance companies and pension funds
• Investment banking and venture capital
• Investment companies and hedge funds

Mergers, Leverage Buyouts (LBO), Divestitures and Business Failure

• Fundamentals of mergers and joint ventures
• LBOs and Divestitures
• Analyzing and negotiating mergers
• Fundamentals of business failure
• Reorganization and liquidation in bankruptcy

International Managerial Finance

 

YEAR ONE: SEMESTER TWO

LGFM 502 Local Government Financing and Resource Mobilisation                (2, 3, 3)

Objectives:

Participants will know the processes and systems of development and current expenditure financing and be in a position to make inputs into development policy strategies. Participants will:

• Appreciate the key role of fiscal decentralisation in the overall decentralisation process for good governance.
• Critically use modern financial management models to review basis for legalising rates and taxes.
• Have a thorough knowledge on the various sources and methods of internal resources to mobilise.
• Be in a position to evaluate current trends in resource mobilisation and the economic and social implications of the method of resource mobilisation.
• appreciate challenges presented by the human factor in all the financial management methods applied in the resource mobilisation process.

 

Content:

• Definition and description of local government financial management and resource mobilization process
• Legal basis for financial management and resource mobilization including authorization for rate imposition and collection.
• Fiscal decentralization and the Relationship between functions and central government funding.
• Relationship between central government financing and internally generated revenue- current situation, evaluation of adequacy, challenges and opportunities for improvement.
  • Types, sources and characteristics of traditional sources of revenues including emerging but potential areas.
  • Processes involved in passing a fee fixing resolution as a prelude to rate imposition.
  • Resource mobilization improvement strategies- Evaluation of adequacy and strategizing for improvement.
  • Concepts of Cost recovery and subsidies: Economic and social implications on financial management and resource mobilization for local authorities
  • Land and property taxation; legal framework, challenges, valuation; e.g. levies/charges, operational Challenges and solutions.
  • Financing of capital expenditure: potential sources and anticipated challenges
  • International financial management and resource mobilization for local authorities: Debt instruments, Municipal bond issuance, commercial paper etc
  • Donor resource mobilization and impact on development in local governments
  • Borrowing as a financial management strategy and last resort/option: Legislative framework etc.

 

LGFM 504 Advanced Financial Accounting                                 (2, 0, 2)

Objectives:

The specific objectives are to equip candidates with:

• skills in other to apply accounting principles, concepts and techniques to advanced financial accounting practices.
• skills that will enable them prepare and interpret financial reports and apply principles of public finance to them
• an understanding, significance and limitations of the financial statements and their implications on public finance
• skills of multi donor financial reporting requirements within the framework of the International Financial Reporting Standards (IFRS)
• knowledge to appreciate problems associated with financial analysis and formulation of strategies and investment plans for local economies.
• the appropriate tools required for financial data analysis.

 

Content

Partnership Accounts including Amalgamation of firms, Dissolution, Admission of new partners etc.

Company Accounts including general concepts underlying the formulation of accounting policies, preparation of group and non-group company’s account including consolidated financial statements; companies code requirements for publication, Cash flow statements preparation, and conversion of business to limited liability.

Branch Accounts including foreign branches

Specialised Accounts including Hire-Purchase, Leases, credit sales, Joint ventures and foreign currency transactions and translation.

Accounting of Insurance and Banking Institutions

Accounting for Amalgamations and Absorption of business, capital re-organisations

Interpretation of financial statements including Analysis of accounting statements and the use of ratios including the use of failure prediction ratios

Income and value measurement including problems of profit measurement and alternative, Accounting for price level changes, the theory of accounting in relation to measurement of income; capital maintenance; valuation and assets, and  their inter-relationship.

Valuation of business including preparation and presentation of accounts  and reports  relating to offers for sale, rights issue, profit forecasts and methods of valuing  the whole undertaking; majority and minority holdings as a going concern, for purpose of a merger, for minority investment; total liquidation.,

Principles of Public Sector Accounting

Institutions in the public sector finance and accounting

Policies on Public Sector Accounting and Finance

 Public Management Accounting and Control

 Budget preparation and programme  budgeting

Zero Based Budgeting

Statutory framework for Capital Accounting and Local Government

Financial Accounting techniques

Financial Accounting Theory, Reporting and Accounting

Review of relevant laws on local government accounting e.g. Ghana’s

Financial Administration Act and Financial Administration Regulations.

 

LGFM 506 Strategic Management                         (2, 0, 2)

Objectives:

The course on strategic management has been designed to introduce candidates to the field of enquiry that focuses on the organisation as a whole and its interactions with the environment. The specific objectives are to:

• Develop understanding of strategic management concepts, research and theories
• Develop a framework of analysis to enable participants identify central issues and problems in complex, comprehensive cases; to suggest alternative courses of action; and to present well-supported recommendations for future action
• Examine the role of corporate governance in strategic management
• Develop the ability to analyse and evaluate, both quantitatively and qualitatively, the performance of the people responsible for strategic decisions
• Equip participants with skills in strategy, strategic design and strategic behaviours

 

Content:

Competitive intelligence

Internal scanning and organisational analysis

• A resource-based approach to organisational analysis
• Value chain analysis
• The strategic audit

Strategy Formulation

• Situational analysis (SWOT Analysis, etc)
• Review of mission and objectives
• Generating alternative strategies
• Corporate and business strategy
• Functional strategy and strategic choice (marketing strategy, financial strategy, research and development strategy, etc)

Strategy Implementation and Control

• Organizing for action
• Staffing and directing
• Evaluation and control

Other Strategic Issues

• Strategic Management and Business Policy
• Strategic Issues in Managing Technology and Innovation
• Strategic Issues in Entrepreneurial Ventures and Small Businesses
• Strategic Issues for Sub National Governments
• Strategic Issues for Not-For-Profit Organisations
• Leadership and Strategy

 

 

 

 

LGFM 508 Business Law, Ethics and Social Responsibility                    (2, 0, 2)

Objectives:

To equip participants with the ability to understand and apply the principles of law relating to local government businesses. Participants will be able to appreciate the statutory and administrative framework that governs municipal finance in African countries. Participants to be able to know the appropriate human resource requirements for managing municipal finance and the day-to-day functions performed as well as the importance of their role in determining efficiency and effectiveness of the local government.

 

Content:

Understanding the Law

• Foundations of Law and Ethics
• The Legal system of Ghana; Sources, Judicial Precedents, Statutes, Delegated Legislation, Courts Structure etc.
• Constitution, Local Government Act, Other Legal framework on Local Government.
• Public Wrongs/ Crimes and Private Wrongs/ Torts
• Litigation and Alternatives for Settling Civil Disputes

Delegated legislation and local authorities as legislating institutions

 

Commercial law

• Contracts
  • The basics of contract law
  • Agreement: offer and acceptance
  • Consideration
  • Competent parties
  • Transfer of Contract Rights and Obligations
  • Termination of Contracts: Discharge and Breach
• Purchase, Sale and Lease of Goods
• Agency, Employment and Labour Law
• Negotiable Instruments
• Business Organisation and Regulation (Company, Partnerships and Investment laws)

Consumer and Creditor Protection

Ethics, Business Management and Corporate Governance

Law of Taxation and Administration

 

LGFM 510 Management Information System                              (2, 0, 2)

Objectives:

The course aims at achieving the following :

• Skills to prepare effective and accurate information for management decision making by operators in the public sector of Ghana;
• Skills to enable them understand the basic components of a computerised Data Processing and other ICT tools for effective public sector governance;
• Understand and apply Electronic Data Processing in Tax, Accounting and effective public sector management;

• Manage the use of Computerised Information System

Content:

The Information System:

• Definition of value
• Role of information in public sector organizations and how they  relate to the decision making process handling-Handling, Flows, Loops and Feedback

Information presentation (Accuracy; Frequency; Detail; Timeless; Cost and format)

Systems and subsystems Relationships in a typical business context

Information processing including:;

• Text Processing
• Word processing
• Desk-Top Publishing
• E-mail Document Transfer

Data Processing including Data Base Management – (DBMS)

Data Security including: confidentiality, contingency and disorder planning  and Abuse of system and Data Systems Development including: Project management and methodologies.

Computer Hardware and Software including appreciation of Storage media, Input and out-put devices, Network and communications techniques and an in-depth appreciation of operating system.

Application of Modern ICT Tools, E-commerce and E-Governance in Public Sector Financial Management.

Legal Framework for information Management- The National Communication Act of Ghana, the Computer Misuse Acts of United Kingdom.

Information technology and its impact on Business and public sector financial management.

Audit Command Languages (ACL) using CAATs

Computer-based Financial Management and Audits

Writing Computerized Audit Report.

 

 

LGFM 512 Local Government Auditing Systems                         (2, 0, 2)

Objectives:

• To equip participants with skills to be able to understand the nature and objectives of audits and the various stages and aspect of auditing
• To equip participants with the ability to apply this knowledge of auditing principles to determine whether or not a “True and Fair View” can be expressed on Statement of Accounts and Reports presented to him as a Tax Auditor or Investigator
• To equip participants with the ability to conduct investigations to unearth acts that affect issues of value for money transactions.
• Participants will be able to understand the structures and the role of effective monitoring and evaluation in the local government system.

• Participants to appreciate the need for internal control and treasure control processes within the municipal finance system.

Content:

• The nature and purpose of an audit
• The Auditor-Appointment, functions and relationship etc
• The Conduct of an Audit-Scope, Audit Programme, Audit techniques and procedures, verification,
• Audit Plan and Reports- Nature, Types and Meaning
• Recording systems in Auditing transactions
• Public Sector Audit
• Economy, Efficiency and Effectiveness of Public Sector Audit
• Special Engagements and Investigations
• Tax and Rate Investigations
• Internal auditing and External Auditing: Regulatory framework for internal and external auditing, independence of internal audit units, internal audit reporting. Ghana’s Internal Audit Agency Act etc
• Management control systems for local government and Implementation problems.
• Monitoring and evaluation; Methods, Criteria, Reporting, Frequency.
• Treasury Control, Procedures and Implications for Efficiency.

 

LGFM 514  Public, Private Partnership in Provision of Infrastructure             (2,3,3)

Objectives:

To equip participants with skills of entering into local level public private partnerships

Principles and Practice of Public, Private Partnership

Content:

• National framework, Privatisation and management of the local government infrastructures
• Building models of public, private partnerships
• Programme of privatisation in Developing model, the international framework perspective
• Primary Responsibility for Providing Urban Infrastructure.
• Legislative context, Economic and social benefits, Negotiation of terms and legal agreements.
• Privatization, contracting out, joint ventures, Community participation.
• The context of public, private partnership in provision of infrastructure

 

 

YEAR TWO: SEMESTER ONE

LGFM 515 Public Sector Accounting and Finance                       (3,0,3)

Objectives:

• To equip participants with an understanding of the role public sector play in an open economic with emphasis on the design and implementation and other fiscal policies.
• To interpret and prepare progressively the Public Sector Accounting
• Participants will appreciate the structural framework for accounting for funds both development and recurrent in the local government system.

Content:

• History, Nature and subject matter of Public Accounting and finance
• Principles and techniques of Public Sector Accounting; Fund accounting, fund accountability statements, Accrual accounting
• Recognition of liabilities and unexpired assets, Provision for reserves and special financing
• Recognition of provisions, reserves, grants.
• Fixed asset accounting; Definition, capitalization policy, depreciation methods and accounting, fixed assets register.
• The balance sheet: content and elaboration, The income statement
• Institutions and policies in public sector finance and accounting
• Public Management Accounting and Control
• Budget preparation and programming, Zero Based Budgeting
• Statutory framework for Capital Accounting and Local Government
• Financial Accounting Theory, Reporting and Accounting
• Review of relevant laws on local government accounting e.g. Ghana’s

Financial Administration Act and Financial Administration Regulations

 

 

LGFM 517 Local Government Investment Analysis and Portfolio Management          (3, 0, 3)

Objectives:

This course is intended to provide an in-depth discussion of investments and portfolio management in the local government context. The specific objectives are to:

• Equip candidates with skills in investment analysis and management in the public sector
• Discuss the portfolio management process and the role of policy statements in investment
• Expose candidates to the basic features and management of municipal bonds
• Discuss derivatives market and securities, forward and future contracts, option contracts and other embedded derivatives

Content:

The Investment Setting/ Background

• Definitions
• Measures of Return and Risk
• Determinants of Required Rates of Return
• Relationship between Risk and return
• The Asset Allocation Decision

1. Investment Life Cycle (Investment Goals, Net Worth and Strategies)
2. Portfolio Management Process

• Policy Statements and Standards for Evaluation Investment Performance

• Selecting Investments in a Global Market
• Organisation and Functioning of Securities Market
• Securities Market Indicator Series

Development in Investment Theory

• Efficient Capital Markets
• An Introduction to Portfolio Management
• An Introduction to Asset Pricing Models
• Multifactor Models of Risk and Return

Valuation Principles and Practices

• Analysis of Financial Statements
• Securities Valuation
• Macroeconomic and Market Analysis

Analysis and Management of Common Stocks

• Stock Market Analysis
• Industry Analysis
• Company Analysis and Stock Valuation
• Equity Portfolio Management Strategies

Analysis and Management of Bonds

Derivative Security Analysis (Forward, Future and Option Contracts)

Specification and Evaluation of Asset Management

• Ethics and Regulation in the Professional Asset Management Industry
• Management of Investment Companies
• Investment Companies Based on Portfolio Make Up (Common Stocks Fund, Hybrid Funds, Bond Fund and Money Market Fund)

 

LGFM 519 Strategic Management Accounting                             (3, 0, 3)

Objectives:

Specifically, the objectives are to:

• Show how business strategy can be incorporated into management accounting to enhance an organisation’s long-term competitive position.
• Discuss the importance of costing competitors in order to determine relative competitive position
• Examine various problems involved in the provision of relevant accounting information to management, configured in a way in which such information can be used for strategy formulation.

Content:

The Nature of and Justification for Strategic Management Accounting

Cost Structure, Behaviour and Relationship Changes

Activity-Based Costing and Management

Measurement of Business Performance and Limitation of Financial Measurement

Financial Measures of Performance and Economic Value-Added (EVA)

Performance Evaluation

• Customer
• Internal Business
• Employee Perspectives
• Incentive Contracts and Compensation Schemes
• Balance score card

Stakeholder-Management Conflict

Decision-making

Bench marking

Quality Costs and Management

Future of Management Accounting

 

LGFM 521 Local Government Projects Management                              (2, 3, 3)

Objectives:

• To equip the students with a thorough grounding in the essential skills for planning, organising, estimating, scheduling, and tracking of local government projects and programmes of varying sizes and complexities
• To equip students with the exposure and skills in applying internationally recognised sub national government level project management techniques in other to improve the way projects are managed.
• To capacitate the students with skills , strategies and techniques to complete local level projects and programmes on time, on budget and to the satisfaction of all key stakeholders including central government and donors
• Ultimately the course is expected to produce a class of financial managers who are fluent in the skills needed to initiate and complete or facilitate the execution of projects at the sub-national level.

 

Content:

Framework  and context for Local Government  Project management

Local Government project  integration and harmonisation management

The Scope of Local Government Projects management

Managing Local Government Project Cost

Effective Time management for Local Government Projects

Effective Local Government projects communication management

Managing Risks associated with Local Government projects

Managing Human Resources for Effective project implementation

Effective procurement management for local Government projects

Total quality management for Local Government Projects

Negligence and legal liabilities associated with local government Projects management.

 

 

LGFM 523 Management Control Systems and Performance Evaluation          (2, 0, 2)

Objectives:

The course is designed to allow students to gain knowledge, insights and analytical skills related to how managers go about designing, implementing and using control systems to roll out strategies. Specifically, the objectives are to:

• Expose participants to the techniques of the management control process including transfer pricing, budget preparation and management compensation.
• Examine the behavioural considerations involved in the use of these techniques including motivation, goal congruence as well as relative roles of superiors and subordinates

 

Content:

Basic Concepts

• Elements of a control system
• Boundaries of management control
• Management control activities
• Distinction between task control and management control

The Management Control Environment

• Goals and Goals Congruence
• Profitability and Maximizing Stakeholder Value
• Goal Congruence

• External Factors (Societal)
• Internal Factors (Culture, Values, Norms, etc)

• Formal and Informal Control System
• Responsibility Centres: Revenue, Profit and Cost Centres
• Measuring and Controlling Assets Employed

The Management Control Process

• Strategic Planning
• Budget Preparation
• Analyzing Financial Performance

Performance Measurement

Management Compensation

Management Control of Projects

 

LGFM 525 Public Expenditure Management                                (2, 3, 3)

Objectives:

• To equip operators in the public sector of Ghana with the relevant ideas and skills required to effectively improve contract methods and approaches to government expenditure with a view to achieving efficiency and effectiveness in government expenditure.
• To equip private sector operators with a deeper understanding of expenditure trends in the public sector of Ghana for effective collaboration in any meaningful Public Private Partnership Arrangements  
• To equip candidates with skills towards ensuring and promoting effectiveness in public sector financial management and inject the required value for money in public expenditure.

 

Contents:

Public Sector Planning and prioritizing Government Expenditure.

Public Sector Budgeting Methods and Techniques.

Evaluation of Budget submissions.

The role of Auditing (in particular internal auditing) in ensuring efficiency and Effectiveness in Government Expenditure.

Contract Costing

Priorities and Evaluation:

• Function of the National Planning Officer or in its Absence 
• Priorities  and Evaluation Division of the Presidency;
• Guidelines and Techniques for  prioritizing ;
• Evaluation of Prioritizing programmes

The Budget Process ;

Aid to decision making functional classifications 

Forward estimates of government expenditure;

Allowances for inflation

Control and Monitoring of Budget Estimates

Examination/Evaluation of budget submissions from government agencies;

Use of budget decision questions; Control of forward commitments; Audit of budget estimates;

Cost accounting support for budgeting process;

Staff ceilings;

Importance of government attitude

The role of the legislature’s Expenditure Committee

Monitoring of Budget Implementation

The Roles of the following Officers or Bodies: a division of the Presidency; the office of the Auditor –General; the internal Audit Officer; the Parliamentary Committee etc; the Financial Reporting System; Budget Deficits;

Follow-up Action on Various Reports on Expenditure.

 

LGFM 527/529 Thesis                                                                      (0,36,12)

Master’s level programmes such as this, have traditionally contained substantial thesis or dissertation element. This objectives have been to:

• Offer candidates an opportunity to carry out investigative work in organisations and arrive at valid results
• Develop the consultancy and analytical skills expected of MSc holders
• Sharpen the report writing skills of candidates
• Integrate and apply what has been learned on the variety of courses
• Equip candidates with research skills that will enable them pursue a PhD if required