CIPFA and Ghanaian accountants link up to promote PFM
By Judith Ugwumadu | 19 August 2014
CIPFA has partnered with a Ghanaian accountancy institute to promote good public financial management practices in the West African nation.
The institute has signed a Memorandum of Understanding with the 50-year-old Institute of Chartered Accountants Ghana (ICAG).
ICAG is the only professional accountancy organisation in Ghana with the right to regulate the profession and its members are the only people recognised under Ghanaian accountancy rules for the purpose of auditing company accounts. It is also a member of two international bodies, the International Federation of Accountants and the sub-regional Association of Accountancy Bodies in West Africa.
Under this collaboration, CIPFA and ICAG will advance high-quality PFM systems in Ghana through a number of initiatives, including financial management reform, capacity building and training for government and public sector finance staff. It will also support professional development, enabling opportunities for dual membership of both institutes.
Support for the implementation of International Public Sector Accounting Standards (IPSAS) in Ghana is also a vital element of the relationship.
CIPFA International chair Ian Ball, who recently returned from a visit to Ghana, said ICAG had adopted a leadership role through its recognition of the need for strengthened PFM.
‘We have seen strong support from government and the public sector in Ghana for an agreement between our two institutes,’ he said.
‘For CIPFA it is a real honour to have the opportunity to use our knowledge, resources and experience to work in partnership with ICAG and governmental institutions within Ghana.’
ICAG President Kwame Borsiako Omane-Antwi added that a robust Ghanaian economy could only be built when the PFM systems ‘put in place are sound’.
‘In this regard, the institute is delighted to partner with CIPFA to serve the public interest through strong advocacy and advisory role on public financial management issues in Ghana,’ he said.
Hon. Agyemang Manu, chair of the Public Accounts Committee of Ghana, said the partnership between ICAG and CIPFA represented a step in right direction and came at the right time.
‘There is an urgent need now more than ever to accelerate efforts to improve capacity on public financial management in Ghana to ensure sound management of the public funds of Ghana.’
Ghana’s controller & accountant general Grace Adzroe also welcomed the partnership. She said: ‘The office of the Controller & Accountant General of the Republic of Ghana is looking forward to support from ICAG through its partnership with CIPFA as Ghana prepares to implement accrual basis International Public Sector Accounting Standards.’