The Asantehene, Otumfuo Osei Tutu II, has praised the Controller and Accountant-General’s Department (CAGD) for its crucial role in shaping Ghana’s economic landscape. At the closing ceremony of the CAGD 2024 annual conference in Kumasi, Nana Yim Awere Ababio, Toasehene, delivered the Asantehene’s address, where he commended the Department’s efforts in upholding fiscal discipline.
His commendation highlighted the Department’s commitment to transparency, accountability, and prudent management of the nation’s finances. The Asantehene also noted the launch of technical tools at the closing ceremony, including the Enhanced Standard Fixed Assets Register, the International Public Sector Accounting Standards (IPSAS) Training Manual, and the IPSAS Compliant Financial Reporting Templates.
Furthermore, new GoG Accounting Policies for Covered Entities 2024, IPSAS Compliant Chart of Accounts, and IPSAS Compliant Checklist were also unveiled. These technical tools are aimed at facilitating financial reporting at both the national level and various covered entities within the three levels of government.
Accounting reforms have been a significant part of the public financial management reform agenda of IPSAS, providing a consistent and transparent framework for reporting on the financial performance, financial position, and cash flows of the government. Otumfuo Osei Tutu urged the accountants to take the books seriously and use them to improve their work.
Mr. Kwasi Kwaning-Bosompem, the Controller and Accountant-General, highlighted how the manuals culminated in rigorous efforts and dedication to enhance financial governance and reporting standards. He emphasized that the IPSAS manuals encompass crucial components essential for effectively managing public finances.
The IPSAS Training Manual is designed to equip professionals with the necessary knowledge and skills to implement international standards successfully, ensuring a smooth transition to international best practices. The two-day conference was held under the theme: “Enhancing Economic Growth through Innovation and Adaptation.”
The Government of Ghana’s financial reporting template aims to serve as a standardized framework for enhancing the consistency and transparency of financial reporting. The launch of these technical tools and the Asantehene’s commendation highlight the Department’s commitment to improving financial governance and reporting standards in Ghana.
