Turn IPSAS compliance into better public services – Forum

Ghana has been urged to build upon its full compliance with International Public Sector Accounting Standards (IPSAS) and translate this achievement into enhanced public services. While the country reached this milestone in 2023, participants at the Public Financial Management (PFM) Forum in Accra believe compliance should not be the final stage of the reform.

They argue that the focus should now shift to ensuring the financial information generated is reliable, useful, and can inform planning, budgeting, asset management, and policy decisions. Thomas Müller-Marqués Berger, Chairman of the International Public Sector Accounting Standards Board, commended Ghana for its progress, particularly its implementation of accrual-based IPSAS, which began in 2007 and was formally announced in 2014.

Leonard Mkunde, Vice Chairperson of the African Association of Accountants General, emphasized the importance of credible financial information for effective public financial management and urged African countries to pay greater attention to the quality of financial data, such as comprehensive asset registers and reconciled balances.

The forum also stressed the need for investment in professionals managing public financial systems, with Ghana's Minister of Foreign Affairs calling for greater investment in accountants, auditors, economists, public administrators, and information technology specialists. The President of the Institute of Chartered Accountants echoed this sentiment, emphasizing the need for stronger professional capacity to address issues like asset valuation, consolidation, technology, and natural resource reporting.

Finally, the Director of Finance of the African Union Commission highlighted the central role of public financial management and accountability in good governance, calling for greater cooperation and knowledge-sharing across the continent.