Financial Management System of Churches: A Case Study of the Methodist Church Ghana, Tema Diocese.

ABSTRACT
The fast-paced nature of the modern world, coupled with the influx of quality information that define and inform people‘s critical attitude and approach to life has inspired the need for even faith based organization to show transparency and accountability in the management of resources committed to their care by members. This research was conducted to assess the financial management system of the Methodist Church Ghana, using the Tema Diocese as a case study; the effectiveness and efficiency of the system and measures within the system that ensure financial control and accountability; the challenges of the system and whether the system provides the necessary ambiance for the fulfilment of the vision and mission of the Church. The Methodology used is a descriptive research with a case study approach. A criterion was adopted in the selection of the sample frame and the sample size. Questionnaires and interviews were used as the main tools of data collection. Both primary and secondary data were collected. The findings revealed that the Methodist Church Ghana has a new financial management system that replaced an old one which was not helping them accomplish their vision and mission
effectively. The new system, which by far has proven to be effective and efficient in driving the vision and mission of the Church, is governed by the Constitution and Standing Orders of the Church and an Accounting Policies and Procedures Manual that promote ideals that are consistent with best practices. Howbeit, a few challenges with the implementation of the new system were discovered during the research and fitting recommendations were made to address them.