Public Finance Credibility Depends on You – PAC to Accountants

The Chairperson of Parliament’s Public Accounts Committee (PAC), Abena Osei Asare, has urged Chartered Accountants to uphold sound corporate governance principles in the administration of public funds.

She expressed confidence that strict adherence to professional standards would promote transparency and strengthen accountability across the public sector.

Her remarks follow renewed concerns about financial mismanagement raised in the 2024 Auditor-General’s Report, which cited cases of financial impropriety involving some accountants working within various Metropolitan, Municipal and District Assemblies (MMDAs). The report detailed irregularities running into millions of cedis, including failure to properly account for public funds and instances of misapplication.

Addressing participants at the 46th Congregation and Admission of Members ceremony in Accra, the PAC Chairperson cautioned members of the profession to avoid weaknesses in governance practices.

As professionals entrusted with critical oversight responsibilities in public institutions, private enterprises, regulatory agencies and constitutional bodies, she stressed that their endorsements and approvals carry significant implications.

She further highlighted the central role accountants play in protecting the nation’s financial integrity, noting that the credibility of public finances, the accuracy of financial reporting and the broader anti-corruption agenda depend heavily on their conduct.

Deputy Minister for Education, Clement Apaak, reiterated government’s commitment to tightening financial controls, particularly within the education sector. He encouraged the Institute to sustain rigorous professional benchmarks.

He urged the body to ensure that membership continues to reflect discipline, competence and integrity, while strengthening quality assurance systems, expanding collaboration with international professional organisations and advancing innovation and continuous professional development.

President of the Institute of Chartered Accountants Ghana (ICAG), Augustine Addo, also appealed to members to recommit to ethical standards.

He emphasised that accountants, as advocates of probity, have an obligation to expose wrongdoing within the profession and promote uprightness in public financial management.

A total of 376 Chartered Accountants were formally inducted at the ceremony, adding to the pool of professionals tasked with safeguarding Ghana’s financial governance framework.