Institute of Chartered Accountants, Ghana, Advocates Robust Public Financial Management for Economic Growth
The Institute of Chartered Accountants, Ghana, has stressed the importance of strong Public Financial Management (PFM) as a crucial driver for economic growth and sustainable development. With the aim of improving the quality of public services and ensuring stronger economies, the institute highlights the critical role that PFM plays in managing public finances effectively.
Recognizing the complexity of the task, the Institute emphasizes that enhanced information and tools can lead to better management of public finances, resulting in more robust economies. It firmly asserts that strong PFM is central to the entire public sector and plays a pivotal role in creating a solid foundation for economic growth.
Under the framework of the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), the organization assumes significant responsibilities aimed at fostering a sound public financial management system and promoting sustainable economic development. By supporting the government in various capacities, the Institute seeks to contribute to the stability and progress of the nation.
In recent months, the Institute has actively engaged with the government on critical matters. Notably, between December 2022 and May 2023, the Institute submitted a communique and four discussion papers regarding Ghana’s debt restructuring. These documents also covered the financial reporting implications of the government’s debt exchange arrangement, which was undertaken to enhance the country’s debt sustainability.
Ghana has navigated through both democratic and military rule over the past six decades, facing challenges and achieving milestones along the way. Despite the political shifts, the nation has maintained a reputation for stability and peace, positioning it as the most peaceful country in the West African sub-region. This environment has contributed to Ghana’s appeal as an attractive investment and business destination.
The Institute of Chartered Accountants, Ghana, is poised to drive positive change during the coming year. Some of the key initiatives in focus include organizing the inaugural National Forum on Public Financial Management, leading the sustainability accounting and integrated reporting efforts within the West African sub-region, and establishing a robust mentorship program for students and new accountants. The Institute also plans to enhance financial literacy through workshops targeting media professionals.
A significant development is the establishment of the West African Centre for Research in Accountancy, scheduled to begin operations on September 1, 2023. The Institute aims to create a retired accountant association and commemorate esteemed figures who have contributed to its legacy. Additionally, plans include launching the third phase of the Institute’s infrastructural project in celebration of its 60th Anniversary.
The Institute of Chartered Accountants, Ghana, looks forward to honoring influential figures through an awards ceremony and conducting anniversary tours locally and internationally. Destinations for these tours include Mauritius, Sao Tome & Principe, Singapore, and Dubai.
As the Institute marks its 60th anniversary, its commitment to fostering robust public financial management and driving economic growth remains steadfast.
