Financial Management Specialist

Key Responsibilities:

The Financial Management Specialist (FMS) will ensure the compliance of World Bank-financed operations in Ghana with World Bank FM policies and procedures. He/she will act as ADM FMS for operations throughout the project/program cycle – in the design and implementation of financial management (FM) systems and processes for Bank-financed projects and programs. 

The FMS will be part of the Institutions team based in Accra, Ghana including a Lead Public Sector Specialist and Quality Assurance Senior Financial Management Specialist, as well as other Public Sector and Financial Management Specialists based in Accra, Freetown, Monrovia and Washington DC, managed by the Practice Manager based in DC.  Regular communication with the Institutions team and the Operations Manager on the FM performance in the portfolio is required.  

The FMS shall report any issues and concerns related to FM compliance, and request support and guidance as needed. 

The FMS may be assisted by other FMSs, FM Analysts, FM Consultants, Operations Analysts, Program Assistants, or DAIS staff.

In particular, the FMS will perform the following functions:

• Work as a core member of individual project teams, liaising closely with the Task-Team Leader(s), other team members, and government counterparts.
• Work as a core member of the Institutions team providing inputs to governance assessments and events and contributing to strategic discussions on financial management issues in the portfolio, public financial management issues in the country, and governance and anti-corruption risks more generally
• Generate and exchange knowledge relating to FM issues.
• Ensures compliance with the OPCS FM policies, directives, and guidance, monitors the resolution of exceptions in the portfolio with the ADM FMS, and implement a capacity-building plan to strengthen FM country system.  
• The FMS may contribute to analytical work and technical assistance in public financial management.

For pipeline operations: 

• Conduct assessments of FM country systems (budget preparation, execution, accounting and reporting, internal and external audit) and FM capacity assessments of prospective implementing entities of new operations. 
• Participate in the identification, preparation, appraisal, and negotiations missions. 
•  Assign project FM risk and propose FM implementation arrangements for all investment projects.
• Prepare financial systems assessments together with colleagues from the public sector and procurement and identify design issues and Program Action Plan actions to inform the preparation and implementation of Program for Results operations.
• Prepare timely and comprehensive FMS contributions to the Project/Program Concept Note (PCN) and Project/Program Appraisal Document (PAD).

For active operations: 

• Review the implementation of project/program internal controls, and financial reporting systems.    
• Review and approve ToR of Financial Officers to be hired by Project/Program Implementation Units (PIUs) and advise the TTL on the competency of the PIU’s selected candidate(s) prior to issuing ‘no objection’ to their recruitment. Review the performance of PIU Finance Officers and advise the TTL on contract renewal.Review the ToR for project/program internal and external auditors and review the selection to ensure adequate competence of the proposed auditors. 
• Provide training and capacity-building support for project staff and counterparts in FM practices.
• Provide training and capacity-building support to implementing agencies project teams and stakeholders on FM-related matters.
• Regularly communicate and collaborate with project/program teams, government counterparts, and other stakeholders to ensure effective FM and accountability.
• Ensure timely execution and documentation of project/program payments and timely recruitment of external auditor prior to project closure. Identify any ineligible expenditure to be refunded to the Bank.
• Monitor and report on the financial performance of projects and programs to assure their compliance with WB FM policies and regularly assess project/program FM risks.  Continue to oversee that all risks are mitigated effectively, and residual risks are monitored.
• Participate in Implementation Support missions and identifying and advise the TTL(s) on addressing any issues or risks. Contribute to Aides Memoires.
• Contribute to Implementation Supervision Reports (ISRs) and regularly update the FM performance and FM risk ratings in the Financial Management system and operations portal. 
• Review project/program Interim Financial Reports (IFRs), Statements of Expenditure and other expenditure documentation, and audited annual financial statements.
• Participate in Country Portfolio Reviews and advise the CMU and Task Teams on possible improvements to FM arrangements to improve disbursement, reduce risks, and improve development outcomes.

Required competencies:

• Written and Verbal Communication - Delivers information effectively in support of team or workgroup.
• Client Orientation - Takes personal responsibility and accountability for timely response to client queries, requests or needs, working to remove obstacles that may impede execution or overall success.
• Drive for Results - Takes personal ownership and accountability to meet deadlines and achieve agreed-upon results and has the personal organization to do so.
• Teamwork (Collaboration) and Inclusion - Collaborates with other team members and contributes productively to the team's work and output, demonstrating respect for different points of view and providing a positive contribution to problem solving
• Knowledge, Learning and Communication - Actively seeks knowledge needed to complete assignments and shares knowledge with others, communicating and presenting information in a clear and organized manner.
• Business Judgment and Analytical Decision Making - Analyzes facts and data to support sound, logical decisions regarding own and others' work and knows when to raise issues or ask for help.
• Public Financial Management - Understands the overall dimensions and structures of the mechanics of government resource raising, budgeting and spending, accounting and auditing.

Selection Criteria

• Master’s degree in Accounting, Finance, Business Administration, or a related field and/or professional accounting qualification (e.g., CPA, ACCA).

• At least 5 years of relevant experience in financial management of recipient-executed operations in the World Bank, other international development organizations, or governments; or as an auditor in the private sector or public administration. 

• Strong knowledge of financial management principles, practices, and standards.

• Experience with financial management systems and software.

• Strong analytical, problem-solving, and communication skills.

• Ability to work effectively in a multicultural and multidisciplinary team environment.

• Fluency in English.