The Association of Chartered Certified Accountants (ACCA) organized a ground-breaking Public Financial Management (PFM) Focus Group Engagement in Accra, Ghana.
Under the theme ‘Operationalizing PFM in Ghana: Opportunities and Challenges’, the event gathered key stakeholders to discuss crucial issues surrounding public financial management in the country.
The event featured esteemed speakers, including Helen Brand, Global CEO of ACCA, and Kwasi Kwaning-Bosompem, Controller and Accountant-General (CAG) of Ghana, who delivered insightful speeches on the importance of professionalism, trust, and collaboration in PFM reforms.
Helen Brand emphasized the growing demand for accountability in public finances worldwide and underscored ACCA’s commitment to promoting sustainable finance solutions that respect the needs of the people and the planet.
“Trust is everything in public finances. Today’s theme underscores the growing demand for accountability in how public money is used, and ACCA is committed to promoting sustainable finance solutions that respect the needs of the people and the planet,” the ACCA Global CEO said.
She highlighted the pivotal role of finance professionals in driving PFM reforms and stressed the significance of greater professionalization in the public sector. “We believe that reforms in Public Financial Management can only be achieved through the work of finance professionals with the right skills, training, and knowledge,” she added.
Kwasi Kwaning-Bosompem outlined the systemic weaknesses in Ghana’s PFM practices and discussed historical PFM initiatives and legislative reforms aimed at strengthening the country’s PFM framework.
He also echoed Mrs. Brand’s sentiments, emphasizing the challenge of sustaining PFM reforms across government transitions. He called for collective effort and collaboration between the government, professional accountants, civil society organizations, and other stakeholders to address this challenge effectively.
“To address this challenge, collaboration between the government, professional accountants, civil society organizations, and other relevant stakeholders is essential. This collaborative approach will ensure continuity and progress of PFM reforms, promoting fiscal transparency, accountability, and efficient use of public resources,” the CAG noted.
The event provided a unique platform for fruitful discussions and knowledge-sharing sessions on various aspects of PFM, including strategic planning, budgeting systems, compliance with regulations, expenditure monitoring, and financial transparency. Participants exchanged valuable insights and best practices, contributing to the advancement of PFM in Ghana.
Dr. Mohammed Sani Abdulai, Project Director for PFM Reforms at the Ministry of Finance, emphasized the importance of stakeholder ownership in consolidating gains from PFM reforms. He emphasized that with collective ownership, continuity in PFM reforms can be ensured, regardless of changes in administration.
The event concluded with a resounding call to action, urging all stakeholders to work together diligently to address the challenges and seize the opportunities in operationalizing PFM in Ghana. It reaffirmed ACCA’s commitment to fostering collaboration, professionalism, and accountability in public financial management for the benefit of society.
