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The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants Ghana (ICAG) are delighted to announce the signing of a Memorandum of Understanding (MOU).
The MOU cements the relationship between the two bodies and creates a framework for the two institutes to work together to promote good Public Financial Management (PFM) practices in Ghana. Both Institutes have identified strengthening the capacity of finance professionals across government as a key priority. Support for the implementation of International Public Sector Accounting Standards (IPSAS) in Ghana is also an essential element of the collaboration.
The partnership will also help to ensure the voice of the accounting profession is heard on issues of public interest regarding public financial management and economic and fiscal policy within Ghana.
CIPFA International Chairman Ian Ball, who has recently returned from a visit to Ghana said:
“The Institute of Chartered Accountants of Ghana has adopted a leadership role through its clear recognition of the need for strengthened public financial management. We have seen strong support from government and the public sector in Ghana for an agreement between our two institutes.
“For CIPFA it is a real honour to have the opportunity to use our knowledge, resources and experience to work in partnership with ICAG and governmental institutions within Ghana.
“The commitment of the accountancy profession and the government to improving financial management can only be to the benefit of the people of Ghana. CIPFA relishes the opportunity to work with our professional colleagues in an area of such fundamental importance to the economic future of Ghana”.
The President of the Institute of Chartered Accountants, Ghana Prof. Kwame Borsiako Omane-Antwi noted that:
“The Institute of Chartered Accountants, Ghana recognises that a sound Ghanaian economy can only be built when the public financial management systems put in place are sound. In this regard, the Institute is delighted to partner with CIPFA to serve the public interest through strong advocacy and advisory role on public financial management issues in Ghana”.
The Chairman of the Public Accounts Committee of Ghana, Hon. Agyemang Manu said:
“The Public Accounts Committee of Parliament believes that the partnership being developed between ICAG and CIPFA is in the right direction and is coming at the right time as there is an urgent need now more than ever to accelerate efforts to improve capacity on public financial management in Ghana to ensure sound management of the public funds of Ghana.”
The Controller and Accountant General, Madam Grace Adzroe welcomed the partnership stating that:
“The office of the Controller & Accountant General of the Republic of Ghana is looking forward to support from ICAG through its partnership with CIPFA as Ghana prepares to implement accrual basis International Public Sector Accounting Standards.”
The MOU will provide a basis for cooperation and collaboration between CIPFA and ICAG in the advancement of high quality public financial management in Ghana through a number of initiatives.
These will include advocating financial management reform, identifying, developing and supporting capacity building and the provision of a broad range of training for government and public sector finance staff. It will also support professional development enabling opportunities for dual membership of both Institutes.
The Institute of Chartered Accountants (Ghana) was established by the Ghanaian Parliament in 1963 and it is the sole body charged with the regulation of the accountancy profession in Ghana. The Institute is a member of the International Federation of Accountants (IFAC). Its members are the only people recognised under Ghanaian accountancy rules for the purpose of audit of company accounts. Membership of ICAG is only achieved after a rigorous exam process that meets IAESB education standards.