Advancing Financial Transparency: Ghana Embraces International Standards with New Accounting Manuals and Templates
In a significant stride toward financial transparency and international compliance, under its National Accounts Directorate, the Controller and Accountant General’s Department unveiled a series of groundbreaking manuals and templates during the 2024 Annual Conference held in Kumasi, Ashanti Region. This launch marks a pivotal step in fully adopting the International Public Sector Accounting Standards (IPSAS) to refine the scope and precision of National and entity-level financial accounts.
The materials introduced include an enhanced Fixed Assets Register, a detailed IPSAS Training Manual, a Financial Reporting template aligned with IPSAS requirements, the latest GoG Accounting Policies for Covered Entities 2024, a compliant Chart of Accounts, and a comprehensive checklist to monitor entities’ adherence to these standards.
Nana Ayim Ababio, representing Asantehene Otumfuor Osei Tutu II at the event, praised the initiative for providing a uniform and transparent framework for financial reporting. He underscored the crucial role of innovation and technological adoption in accounting for bolstering economic growth and lauded the Controller and Accountant General’s Department (CAGD) for its forward-thinking approach.
The chief also acknowledged the significant financial reforms spearheaded by the Government of Ghana and CAGD, including implementing IPSAS and the Ghana Integrated Financial Management Information System (GIFMIS) designed to elevate public financial management standards. While celebrating these advancements, he encouraged further enhancements to the department’s processes to serve stakeholders better and contribute to national economic prosperity.
Mr. Kwasi Kwaning-Bosompem, the Controller and Accountant-General, highlighted the dedication to improving financial governance and reporting standards. He detailed the purpose and components of the newly launched manuals, emphasizing their role in streamlining financial operations, bolstering accountability, and adhering to international norms.
As Mr. Bosompem noted, these efforts are essential for promoting transparency, accountability, and efficiency within Ghana’s financial management systems, ultimately contributing to economic development. In a symbolic gesture, the manuals and templates were presented to Nana Ayim Ababio, acknowledging the Asantehene Otumfour Osei Tutu II’s significant contributions to Ghana’s agenda for innovation and adaptation.