The Council for Scientific and Industrial Research (CSIR) is the foremost national science and technology institution in Ghana. It was established in its present form by NLC Decree 293 of 1968 and later re-established by the CISR Act 521 of 1996. However, its origins can be traced back to the former National Research Council (NCR), which was established in 1959.
The Fund will be subjected to CSIR internal control systems. Thus, all transactions related to the fund will go through the Internal Audit processes and other established financial control policies and procedures. Some of the contributions to the fund will be sourced from stakeholders of the Council and as such it will be subjected to the Public Procurement Act 2003 (Act 663) as amended Act 2016 (Act 914), the Public Financial Management Act 2016(Act921) and other public sector financial regulations.
All transactions will further be strictly monitored and evaluated by the Board before any financing decision is made. In addition, there will be a quarterly financial report to be shared with all stakeholders of the Fund and Annual General Meetings will be held to discuss the Fund’s performance and positon.
