Ghana’s Commitment to Public Financial Transparency and Accountability
- International Public Sector Accounting Standards (IPSAS) have improved the quality and scope of public financial reporting in Ghana.
- Ghana’s commitment to public financial transparency and accountability is a cornerstone of its public financial management.
- Strengthening public sector financial governance is crucial for sustainable national development.
Ghana’s strong commitment to public financial transparency and accountability is a vital aspect of its public financial management framework. In a bid to enhance public financial management excellence, the Controller and Accountant-General of the Government of Ghana, Mr. Kwasi Agyei, has reaffirmed Ghana’s dedication to implementing the International Public Sector Accounting Standards (IPSAS) on a full scale. In his address to the 2025 Controller and Accountant-General’s Department (CAGD) annual conference held at Ho Technical University, Mr. Agyei underscored the significant progress made by the Department in modernizing Ghana’s financial reporting systems. Ghana has made notable advancements in integrating IPSAS into its traditional areas of Revenue, Expenditure, Assets, and Liabilities (REAL). Moreover, the adoption of IPSAS has allowed for the recognition and disclosure of specialized accounting domains such as:
• Service Concession Arrangements (Public-Private Partnerships)
• Secured Bonded Warehousing
• Contingent Assets and Liabilities
• Gold Royalties
• Biological Assets
• Post-Employment Benefits Obligations of the Government
This enhanced reporting capability is a testament to the Department’s commitment to upholding public financial transparency and accountability. The CAGD’s efforts to strengthen public sector financial governance in line with international standards serve as a foundation for sustainable national development. Mr. Agyei emphasized that the Department’s progress in implementing IPSAS is a result of collaborative efforts with key stakeholders. This demonstrates the Department’s ongoing dedication to enhancing public financial management and promoting a culture of integrity, transparency, and professionalism in the sector.
Enhancing Public Financial Governance
| Key Factors | Actions Taken by the Department |
| Collaboration with stakeholders | Working closely with relevant institutions and agencies to implement IPSAS. |
| Strengthening public sector finance governance | Ensuring compliance with IPSAS and improving public financial management practices. |
In order to ensure the success of its public financial management strategy, the Department of the Controller and Accountant-General must remain vigilant and adaptable. In light of the evolving global economic landscape and rising expenditures, it is essential that the Department continues to prioritize public financial transparency and accountability. As highlighted by Mr. Agyei, one key area of focus is the government payroll. The Department has taken significant steps to address discrepancies in employee identification credentials, resulting in the suspension of salaries for over 4,000 employees.
Upholding Professionalism and Integrity
“As public servants, we have a sacred duty to uphold the core values of integrity, transparency, and professionalism in public financial management. These values are the foundation upon which sustainable national development is built.”
Mr. Agyei reiterated the importance of these values, emphasizing that they serve as a critical foundation for effective public financial management. He encouraged participants to uphold these values as a means to promote transparency, accountability, and good governance in the public sector. As the Controller and Accountant-General, Mr. Agyei is well-positioned to lead by example, showcasing the Department’s commitment to integrity and professionalism. His leadership has helped to set a high standard for public financial management in Ghana, promoting a culture of accountability and transparency.
Conclusion
Ghana’s commitment to public financial transparency and accountability is an ongoing process that requires collaboration, adaptability, and dedication. As the nation looks to the future, it is crucial that the Department of the Controller and Accountant-General continues to prioritize public financial management and uphold the core values of integrity, transparency, and professionalism. By doing so, Ghana can build a strong foundation for sustainable national development and ensure the long-term prosperity of its citizens.