Since the holding of the National Forum on Education in Cameroon in1995, the government has through a number of statuses, empowered citizens and parents, through School Councils(School Management Boards (SMB), the Parent Teacher Association (PTA), to partner with school Principals as collaborative stakeholders, to manage school resources with the intention of improving school outcomes. These stakeholders have been conflicting with one another over who should perform which role. This study therefore seeks to investigate the conflicts emanating from the execution of roles with regards to financial resources. Most importantly, it seeks to find out if such conflicts observed in Public Secondary Grammar Schools (PSGS) are resulting from the differences in perception of financial roles by these stakeholders. The study employed a multi-stage sampling technique which included non-probability (purposive or judgmental sampling) to select the South West Region and a probability technique to come up with respondents (76 principals, 75 SMB chairpersons, and 75 PTA presidents). Data were collected using questionnaire, interview guide and documentary evidence. Collected data were subjected to descriptive and inferential statistics. For descriptive statistics, frequencies and percentages were used, while bar charts and pie charts were used to present data. For inferential statistics, the Pearson Correlation Coefficient Product Moment were used to verify the hypotheses. Findings indicated that the correlation between differences in perception of financial roles by stakeholders and conflicts in the management of financial resources was significant with an rxy computed value of 0.79. Based on the results, it was recommended that government codifies all texts on school governance, particularly with regards to management roles for stakeholders. It also recommended stakeholders be trained on how to manage various finances and that they should be adequately educated on their roles through seminars.