CAGD plays critical role in shaping Ghana’s economic landscape – Otumfuo

The Asantehene, Otumfuo Osei Tutu II, has commended the Controller and Accountant-General’s Department (CAGD) for its roles in shaping Ghana’s economic landscape.

He said the Department’s tireless efforts in upholding fiscal discipline served as a pillar of strength in the pursuit of sustainable development.

Otumfuo Osei Tutu gave the commendation in an address read for him by Nana Yim Awere Ababio, Toasehene, at the closing ceremony of the CAGD 2024 annual conference in Kumasi, adding that the Department’s unwavering commitment to transparency, accountability and prudent management of the nation’s finances were laudable.

The closing ceremony coincided with the launch of some technical tools, which were going to be deployed by the Department in its operations.

They were the Enhanced Standard Fixed Assets Register, which was deployed to Covered Entities in the early part of 2023, the International Public Sector Accounting Standards (IPSAS) Training Manual, and the IPSAS Compliant Financial Reporting Templ

The others were the new GoG Accounting Policies for Covered Entities 2024, IPSAS Compliant Chart of Accounts and IPSAS Compliant Checklist to comprehensively track compliant status of entities.

These technical tools are being deployed to facilitate financial reporting at both the national level and at various covered entities within the three levels of government.

Otumfuo Osei Tutu observed that accounting reforms had been prominent on the public financial management reform agenda of IPSAS to provide consistent and transparent framework for reporting on the financial performance, financial position and cash flows of the government.

He, therefore, urged the accountants to take the books seriously and use them to improve upon their work.

Mr Kwasi Kwaning-Bosompem, the Controller and Accountant-General, said the manuals culminated in rigorous efforts and dedication to enhance financial governance and reporting standards.

The IPSAS manuals encompass crucial components essential for effectively managin
g public finances.

‘Each manual is designed with a specific purpose to streamline our financial processes, strengthen accountability and ensure compliance with international standards,’ he stated.

The Government of Ghana’s financial reporting template would serve as a standardised framework enhancing the consistency and transparency of financial reporting.

Mr Kwaning-Bosompem noted that the IPSAS Training Manual would equip professionals with the necessary knowledge and skills to implement the international standards successfully, ensuring a smooth transition to international best practices.

The two-day conference was held on the theme: ‘Enhancing Economic Growth through Innovation and Adaptation.’

Source: Ghana News Agency

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