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finance

Welcome to Ministry

of Finance, Planning, Economic & Physical Development

To effectively plan, generate and allocate for resources, through the implementation of Fiscal and Economic Policies and the facilitation of Social and Environmental Policies, in cooperation with other agencies, thereby providing and enabling sustainable growth and development.

Efficient and effective provision of Finance and Economic Services to the National, Regional and the International Communities, through a strong leadership role in the planning and management of the available resources.

PERMANENT SECRETARY:
Mrs. Ophelia Wells-Cornwall

The Ministry in pursuit of its mission, has a wide mandate with responsibility for:

  • Economic planning
  • Budgeting
  • Debt management
  • Economic policy formation
  • Resource mobilization
  • Cash management
  • Tax administration
  • Energy
  • Supporting decision-making processes in the public and private sectors

Ministry of Finance, Planning, Economic Development, Trade, Energy & Cooperatives
Financial Complex, The Carenage
St. George’s

Telephone: (473) 440-2731 / 2732
Facsimile: (473) 440-4115
Telex: (473) 3418
E-mail: finance@gov.gd

Services

of Finance, Planning, Economic & Physical Development

Budgeting

To pursue its mission, the ministry of finance has a wide mandate that is responsible for budgeting.

Debt management

The core functions of debt management include debt policy and strategy formulation.

Economic planning

To reduce poverty as well as to realize balanced and sustainable economic growth.

Decision-making processes

To pursue its mission has a mandate to support decision making processes in the public and private sectors.

Economic policy formation

This is an attempt to devise government actions and design institutions that can improve economic performance.

Cash management

This is an attempt to manage and monitor all ITU accounts, coordination.

Tax administration

Tax department takes several initiatives to bring about efficiency, fairness and transparency in Tax Administration.

Resource mobilization

Mobilizing resources is primarily done to improve expenditure efficiency, curb illicit financial flow.

Initiatives

of Finance, Planning, Economic & Physical Development

12
Initiatives completed
4
Ongoing Initiatives
12
Upcoming Initiatives

STRUCTURE

of Finance, Planning, Economic & Physical Development

The Minister of Finance, Planning, Economy, Energy, & Co-operatives exercises general control and direction.  The administrative head of the Ministry the Permanent Secretary.  There is also two deputy Permanent Secretaries.

The Ministry is divided into the following departments:

  • Administration
  • Accountant General’s Department
  • Inland Revenue Department
  • Department of Customs and Excise
  • Department of Economic Management & Planning
  • Statistics Department
  • Economic and Technical Co-operation
  • Department of Energy & Sustainable Development
  • Department of Co-operatives
  • Government Printery

A Department Head, who reports directly to the Permanent Secretary, manages each department.

ROLE BY DEPARTMENTS

of Finance, Planning, Economic & Physical Development

The main objective of this unit is to maximize benefits to the Ministry from Performance Management and Human Resource Development.  Key functions are to:

  • Ensure the personnel function is properly supervised.
  • Process appointments, promotions and applications for transfers, leaves and the like.
  • Match staff with budgeted post and salary scale.
  • Liaise with the Public Service Commission, the department of Human Resources and other Divisions on personnel matters.
  • Co-ordinate the Performance Appraisal process.
  • To coordinate training for employees in collaboration with the Department of Human Resources and advise heads of divisions on available training courses.

Records Management (registry)

The main objective of this unit is to provide services for the receipt, record, distribution and storage of written communications coming and leaving the Ministry.   Key functions are to:

  • Open and accurately record all incoming correspondence as well as outgoing mail.
  • Pass incoming mail to the Permanent Secretary and other designated Officers.
  • Accurately classify and docket correspondence.
  • Ensure timely routing of all correspondences to respective officers daily.

Finance management (finance unit)

The main objective of this unit is to provide accounting services for expenditure allocated to the Ministry.  Key functions are to:

  • Control and monitor the administration of the Ministry’s budget to ensure compliance with the Finance and Audit Act, the Appropriation Act and the Financial and Stores Rules.
  • Ensure timely preparation and processing of invoices.
  • Maintain internal accounts both recurrent and capital.
  • Prepare imprest warrants, special warrants and transfers.
  • Procurement and distribution of stores and supplies to maintain adequate stock levels.

Internal audit unit

The main objective of this unit is to safeguard government assets, review the financial and operational controls and conduct board of survey activities.  Key functions are to:

  • Ensure policies and practices are followed.
  • Ensure data on purchasing Journals and Payables on SIGFIS is accurate.
  • Review the financial and operational controls existing within the Ministry.
  • Review the settlement of all claims within 45 days of approval.
  • Conduct Board of Survey activities on all Ministries/Departments.
  • Provide assistance to any department in carrying out their statutory duties as Accounting Officers.
  • Work along with the audit department and cohere activities.
  • Report to the Permanent Secretary on a monthly basis
  • Provide technical support to the Permanent Secretary when requested.
  • Establish proper Audit procedures and practices to ensure that Internal Audit provides a service which is adequate and effective and which is suitably quality assured.

Corporate Communications

The key functions of this unit are to:

  • Coordinate all public awareness and educational activities of the Ministry.
  • Prepare and circulate press releases and other information for the media.
  • Manage the Ministry’s television programme “Finance Matters”.
  • Manage the publication and distribution of the Ministry’s newsletter “Inside Finance”.
  • Distribute all relevant information for public knowledge.

 

Office of Private Sector Development

  • Coordinate key private sector reforms;
  • Facilitate a dynamic partnership between Government, the Private Sector and Civil Society.
  •  Improve the Business Climate (Investment Code, Small Business Policy).
  • Give Policy Direction to Investment Initiatives, including new Areas of Investment.

The main responsibilities of the department include:

  • To ensure that a proper system of accounts is established and maintained in every department of the Government of Grenada.
  • Exercising supervision over public revenue and expenditure.

Divided into four operational units, this department manages twelve specific work functions:

ACCOUNTS

  • Payroll
  • Pensions
  • Investment

TREASURY

  • Treasury
  • Banking
  • Financial Reporting

OTHER ACCOUNTS

  • District Revenue Offices
  • Capital Projects
  • Other Government Liaison

INFORMATION TECHNOLOGY

  • IT Management
  • Hardware Support
  • Software Support

SERVICES PROVIDED

  • Administering Revenue Laws to wit:
    • Income Tax Act 36/1994
    • General Consumption Tax Act 7/1995
    • Annual Stamp Tax Act 36/1992
    • Ticket Tax Cap. 319
    • Property Transfer Tax Act 37/1998
    • Property Tax 2/1999
  • Collecting arrears of taxes under the Business Levy Debt service levy and VAT acts
  • Collecting and accounting for budgeted Tax Revenue and license fees in accordance with the above laws and financial rules
  • Discharging functions delegated by the Permanent Secretary Finance and other agencies relative to the collection of taxes, licenses and fees
  • Encouraging voluntary compliance through consultation, public awareness programmes, the dissemination of information and by rendering customer friendly service.
  • Enforcement of the above legislation so as to bring delinquent taxpayers into compliance. (a) by issuance of warrants (b) best of judgment assessments (c) court action.
  • Management of the human and material resources provided in the annual budget efficiently and cost effectively as possible so as to achieve revenue goals.
  • Processing of documents for the importation and exportation of goods.
  • Collection of import and export duties (Customs Revenue)
  • Accounting for customs revenue.
  • Facilitation of tax refunds.
  • Enforcement of import and export prohibitions and restrictions in accordance with the laws.
  • Encourage compliance by facilitating the clearance of legitimate imports and exports at Ports, Airport, Warehouses, Parcel Post, Courier Services and Sufferance Wharves.
  • Facilitation of entry and departure of ships and Aircrafts to and from Ports, Airports and Marinas.
  • Facilitation of bonds and deposits relative to imports and exports, including private warehouses and in-bond facilities.
  • Facilitation of concessions.
  • Seizure of drugs and contraband items.
  • Processing of air and sea passengers and their baggage.
  • Facilitation of stakeholders outside of official working hours.
  • Complaints resolution/Customer Care.

The DEMP is the repository of economic management information and acts as advisor to the Minister of Finance and Cabinet on matters of fiscal policy, development strategy, investment programming and financing and debt management.

  • To prepare the annual estimates of revenue and expenditure according to the Government of Grenada macroeconomic and fiscal policy goals.
  • To monitor and facilitate the implementation of the annual budget.
  • Preparation of monthly, quarterly and annual reports on central government fiscal operations.
  • Preparation of monthly and quarterly Debt reports.
  • To record, update and manage public debt.
  • Analysis of developments in the economy and projections based on economic performance.
  • Research and analysis of macro-economic issues.
  • Research and analysis of fiscal issues.
  • Acts as a liaison with the Central Bank on research relating to the coordination of monetary and fiscal policy.
  • Analysis of current international and regional development and their impact on the domestic economy.
  • Is the key player in advising and analyzing issues relating to debt and investment policy.
  • To ensure proper utilization of resources to improve efficiency.
  • To monitor the price, quality and availability of basic food items.
  • To provide quarterly and annual economic and social indicators for use in economic and social analysis.
  • To develop harmonized statistics to effectively monitor and evaluate the Caribbean Single Market and Economy.
  • Granting of licenses for certain imported items.
  • The ETC is the focal point of contact with international grant and lending agencies and so has technical leadership of the external resource mobilization effort and is also responsible for coordinating related policy dialogue.
  • To improve the information flow between Line Ministries and the Unit in preparation of Sector Plans and Project Identification activities.
  • Implementation of Poverty Reduction Strategy.
  • Finalization of Country Assistance Strategies and Technical Cooperation Programmes with specific donors.
  • To facilitate the approval of Funding for Projects and Technical assistance outside the Country Assistance Programme of Cooperation Framework.
  • Increase the rate of implementation for the Capital Budget to a level of 70%.
  • To provide users of the PSIP with timely information.
  • To facilitate interface and cooperation between Government and NGO’s.
  • Ensure adequate, reliable and economical energy services to sustain economic development, while satisfying the current and projected demands.
  • Encourage and promote the use of renewable energy technologies and energy efficiency alternatives.
  • Promote energy efficiency and energy conservation at all levels of the economy, in order to achieve optimum economic use of renewable and non-renewable sources of energy.
  • Promote , encourage and facilitate petroleum exploration and development in environmentally friendly (sustainable) manner.
  • To enable Grenada to meet its objectives relating to phasing out the use of Annex a CFC's under the Montreal Protocol.
  • To ensure timely, sustainable and cost-effective CFC phase-out through the development and implementation of a combination of investment, training, technical and policy/management support components.
  • To inspect all producer and Service Co-operative Societies to effect legislative compliance and adherence to industry benchmarks.
  • To promote and effect sustainable socio-economic growth and development of the Productive Co-operatives Sector.
  • To develop and execute training programmes for the Productive Co-operatives.
  • Publishing the weekly official Gazette and accompanying legislation.
  • Publishing the Extraordinary Gazette as required.
  • Printing statutory and other forms, reports, financial estimates booklets, programs, invitations, etc.
  • Providing efficient and aesthetic binding and finishing services for printed products.
  • Distributing printed matter and stationery to Ministries and Departments as requisitioned and facilitate the sale of official documents to the public.

DEPARTMENT HEADS

of Finance, Planning, Economic & Physical Development

Administration
Ms. Rhona Andrew., Senior Administrative Officer
Telephone: (473) 440-2731 – (4) Ext. 5103/440-5883
Fax: (473) 440-4115
Accountant General’s Department

Mr. Ambrose Louis - Obike, Accountant General
Telephone: (473) 440-2731 – (4) Ext: 4005/440-2294
Fax: (473) 435-1064
E- mail: ALouisObike@agd.gd /aobike@gov.gd

Inland Revenue Department
Mr. Michael Stephen, Comptroller of Inland Revenue (Actg)
Telephone: (473) 440-2731 – (4) EXT. 4101/440-1905/435-3991
Fax: (473) 440-6621

Department of Customs and Excise

Mr. Donnan Victor, Comptroller of Customs(Actg)
Telephone: (473) 440-2239/2240/3588
Fax: (473) 440-5038

E-mail: gdcustoms@spiceisle.com

Statistics Department
Director of Statistics Halim Brizan
Telephone: (473) 440-1369
Fax: (473) 440-4115
E-mail: gogstats@hotmail.com
Government Printery
Mr. Christopher Cornwall, Manager
Telephone: (473) 4402118/2098/0841
Fax: (473) 440-6881
E-mail: govprintery@spiceisle.com  

GALLERY

of Finance, Planning, Economic & Physical Development

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