The Institute of Chartered Accountants, Ghana (ICAG), in collaboration with PricewaterhouseCoopers Ghana (PwC) and the Ministry of Finance, has inaugurated the National Public Financial Management (PFM) Forum.

This pioneering forum will provide a platform for key stakeholders to actively support the government’s efforts in enhancing the PFM system across the country.

Delivering the keynote address at the event launch on Monday, May 22, 2023, Deputy Minister of Finance and Member of Parliament for Atiwa East, Abena Osei-Asare, expressed her strong support for the renewed initiatives aimed at reforming and strengthening the national PFM system.

She highlighted the pivotal role of the PFM system in driving economic transformation and emphasized the timeliness of the forum.

“The timing of this launch could not have been better. It comes at a time when there is a renewed effort to further reform and strengthen the national PFM system to anchor economic transformation,” said Deputy Minister Osei-Asare.

She further highlighted that the government is implementing comprehensive structural reforms in the energy, financial State-Owned Enterprises (SOEs), and public financial management sectors to deliver quality services and build economic resilience. The improvement of the PFM system, she emphasized, would contribute to the establishment of a robust national economy capable of withstanding both local and external challenges.

The Deputy Minister commended ICAG for facilitating an open and honest discussion on PFM and encouraged the inclusion of Domestic Revenue Mobilization (DRM) as a central agenda item.

“The Ministry of Finance is therefore happy that we are setting in motion a process that fosters honest and engaging discussion on PFM. I expect, not hope, that we will boldly place the issue of Domestic Revenue Mobilisation (DRM) front and centre on the agenda for the Forum. In a period where the country has limited access to the international capital market, prioritizing collecting and effective use of domestic revenue is not an option but the only real choice”. The Atiwa East MP said.

Sena Dake, President of ICAG, explained that the National PFM Forum which will take place in November, aims to support the growth of sustainable businesses, particularly entrepreneurs and Small and Medium Enterprises (SMEs).

She added that it seeks to contribute to the transformation of the public sector and inform policy decision-making for a resilient economy. The forum will address various aspects, including the impact of technological advancements such as Artificial Intelligence (AI), digitization, and automation on PFM systems. Additionally, it will focus on professional standards such as sustainability accounting and integrated reporting.

Ms. Dake called upon accountants to champion integrity, transparency, accountability, and expertise across all sectors of the economy. She highlighted the crucial role of accountants in shaping a prosperous and sustainable future for Ghana.

The launch of the National PFM Forum by ICAG represents a significant step towards strengthening Ghana’s Public Financial Management system and driving national development. The active participation of key stakeholders, policymakers, and the general public is expected to generate valuable insights and recommendations that will propel the country’s economic growth and resilience.

About ICAG:

The Institute of Chartered Accountants, Ghana (ICAG), is a professional body established to regulate and promote the accountancy profession in Ghana. With a steadfast commitment to upholding high standards of professional competence, ethical conduct, and continuing professional development, ICAG plays a pivotal role in contributing to national development through its engagement in policy formulation and economic decision-making.

Source: Ghana/ Dedei Tettey