The Director-General of the Internal Audit Agency, Dr. Eric Oduro Osae on 9th March, 2023, attended the Controller and Accountant General’s Department’s (CAGD) Annual Conference as a guest speaker.
The Conference which was under the theme “Building A Sustainable Economy: The Role of the Public Sector Accountant” was chaired by Nana Agyare Yeboah Asiamah, a representative of the Kwahuhene with Hon. Akosua Frema Osei-Opare, Chief of Staff of Ghana, being the Special Guest of Honour. In attendance were the Director-General of the State Interests and Governance Authority (SIGA), Amb. Edward Boateng and Ing. Benjamin Arthur, Chief Executive Officer of the Fair Wages and Salaries Commission.
The Controller and Accountant General, Mr. Kwasi Kwaning-Bosompem in his welcome address expressed his gratitude to participants and invited guests. He highlighted the importance of accountants in the public sector and complained about the non-payment of honorarium which the Ministry of Finance has agreed to work towards its payment. He mentioned that the Controller and Accountant General’s Department in collaboration with the Internal Audit Agency have developed a template to help capture legacy assets in the 2022 Financial Report and that this template has been deployed nationwide. He noted the adoption of the International Public Sector Accounting Standards (IPSAS) by state institutions to enhance transparency and accountability in national accounts. The Director-General of SIGA encouraged covered entities to submit their reports on time and pledged SIGA’s unwavering support.
Dr. E. O. Osae in his presentation titled “Stakeholders Role in Enhancing Value for Money in Public Expenditure” highlighted the Public Financial Management (PFM) Cycle and explained why it is necessary for members of each cycle to make input to ensure efficiency and value for money. He mentioned that to ensure value for money in public expenditure, accountants must weigh all expenditure against the four Es namely economy, efficiency, effectiveness and equity. He stated that the absence of a definition of value for money in the Public Financial Management Act,2016 creates different and unclear expectations which complicate the attainment of value for money in public expenditure. He encouraged accountants present to read wide to stay abreast with trends in public sector accounting. He concluded his presentation with a call for a standard definition of value for money.
There was also a presentation on “Deepening the Usage of GIFMIS For Effective Financial Reporting and Accountability” by Mr. Mark Hayford Adade, the Head of National Accounts. His presentation focused on the introduction of GIFMIS, its objectives and how public sector accountants can minimize bypassing of the GIFMIS process.