The Institute of Chartered Accountants Ghana (ICAG) has launched the Public Financial Management Forum to enhance transformation in Public Financial Management (PFM) and to foster acceleration in national development. The Forum was initiated by six faculties in ICAG, with partnership from PricewaterhouseCoopers Ghana (PwC) and Ministry of Finance. The Forum will engage stakeholders to dialogue on revenue generation, state budgeting, auditing, and financial reporting issues. Mrs Abena Osei-Asare, Deputy Minister for Finance, in her address, said the Forum was needed to reform and strengthen the national PFM system to anchor economic transformation. She said the government was implementing wide-ranging structural reforms in the energy, financial, SOEs and public financial management sectors to deliver quality services and build economic resilience. She said improving PFM would build a robust national economy that could withstand the intermittent local and external headwinds. Mrs Osei-Asare said the Ministry of Finance was delighted for setting in motion processes that fostered honest and engaging discussions on the forum. She said the government was also resolute in its drive to achieve significant gains in the rationalisation of expenditures; 'the control systems are being strengthened and in most cases being automated to eliminate undue exercise of discretion.' 'Government remains committed to improving transparency and accountability to its citizens and forum such as the PFG forum to further strengthen the level of engagement with all key PFM actors and stakeholders', she said. She expressed gratitude to private sectors players and firms working with government to build a resilient economy that hinged on strong public financial management. Mrs Sena Dako, President of ICAG, in an interview with the Ghana News Agency, said the Forum was necessary because it would generate good stewardship, management of resources, accountability, and transparency in public financing. She said it would provide a platform to help accountants in the public sector institutions to dive deep in public financing management to contribute and support policy decision making for economic resilience. She noted that the public sector lacked investment, therefore, it was important that accountants were well inclined in public financial management to boost confidence of investors. She said the institute had provided training for private chartered accountants to educate and enhance their knowledge in the standards needed for their work. 'The institution has a disciplinary committee that sanctions private accountants who do not practice transparency in the financial space. However, she advised accountants to be professional and work with integrity,' she said. She urged all accountants to practice confidentiality, good judgement, professional competency, and work with the public at heart to serve the nation appropriately.
Source: Ghana News Agency