ICAG initiates public finance advocacy
Chartered accountants in the country have initiated moves to play an advocacy role in public sector finances following the huge corruption that has hit the country.
According to the Chartered Institute of Accountants, Ghana (ICAG), which is the regulatory body of professional accountants in the country, there is the need to look at the impact of financial malfeasance on the economy and not just talking about it.
The Chief Executive Officer of ICAG, Mr Fred Moore, explained further that “we need to look at the impact of what went wrong and how to stop it from recurring. We talk about the incident and not the impact.”
At a meeting with some management staff of the Graphic Communications Group Limited (GCGL) on October 17, Mr Moore cited recent corruption cases that had hit the economy and the related loss of state funds.
“Before the CHRAJ case, there was the World Cup fiasco; now it is gone and the National Service Scheme (NSS) case has come up now,” he stated and added, “in the last few days I haven’t seen anything about the CHRAJ case. We haven’t looked at its impact on the economy and what we have to do to stop it. So we shouldn’t be surprised if in two months, another one comes up.”
Mr Moore said ICAG would be a strong advocate on issues relating to the economy, adding that “we are going to work with both public and private companies to make sure that our voices are heard.”
Outlining ICAG’s agenda for the period spanning 2014 to 2016, Mr Moore said one of the institute’s strategic plans was to move from its silent corner to a vibrant institute that would play a significant role in the economy.
He also explained that they would sign memorandums of understanding (MoUs) with various institutions to build capacity to manage the country’s finances.
Currently, the student numbers at the institute is growing, which is a positive signal to bridge the gap for needed qualified accountants in the country.
He said a report by the World Bank indicated that Ghana’s economy needed 15,000 accountants, although it currently has less than 4,000 accountants.
The Head of Strategy, GCGL, Mr John Tagoe, advised ICAG to be more proactive in the financial management of the country since they are better placed to speak on such issues.
“We lose revenue at the end of every year, so ICAG should be looking at how we can arrest malfeasance in this country. Is it our systems, capacity or controls that are lacking?” he asked.
The President of ICAG, Professor K.B. Omane- Antwi, assured the management of GCGL that the institute was open for discussions and stressed that it was ever ready to share its professional opinion on issues relating to accountancy in the economy.
“We have plans in place to review the budget after it is read and you will all be invited to be part of that forum,” he said.
Graphic Business