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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

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    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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‘Use qualified accountants to check waste in assemblies’-ICAG

bycitibusinessnews
March 18, 2016
in Government, Top Stories
The President of the Institute of Chartered Accountants-Ghana (ICAG), Professor K.B Omane-Antwi

The President of the Institute of Chartered Accountants-Ghana (ICAG), Professor K.B Omane-Antwi

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As public outcry rages on the waste of funds captured in the 2014 Auditor Generals’ Report, government has been advised to employ the services of qualified accountants from recognized institutions to help curb misappropriation of funds recorded by Metropolitan, Municipal, and District Assemblies (MMDAs) across the country.

In the 2014 Auditor Generals’ Report, most account officers in MMDAs could not account for huge monies approved for projects.

According to the 152 page report, 43 assemblies failed to account for over 1 billion Ghana Cedis.

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The report for instance mentioned the Nkwanta South, Jasikan, and Kadjebi Districts as being the worst financial performers.

Even though the situation is not different from previous years, calls to sanitize Ghana’s public coffers have heightened as the nation loses millions of Ghana cedis through misapplication of public funds.

ICAG’s proposal

Speaking to Citi Business News at an induction ceremony for over 300 Chartered Accountants, the President of the Institute of Chartered Accountants-Ghana (ICAG), Professor K.B Omane-Antwi bemoaned the practice where non-qualified accountants are engaged in the profession as accountants.

He maintained that there are rules and regulations guiding the profession to make it accountable and transparent, but non-qualified accountants are unaware of the rules leading to loss of funds.

“Sometimes when they say an accountant has been cited for wrongful booking, the question I first ask is, those who have been cited are they professional accountants, or they are just accountants that have degrees”, he queried.

Professor Omane-Antwi explained that “the mere qualification of a degree or a PHD in accounting does not make one a professional accountant”.

According to him, professional accountants go through rigorous training to enable them block leakages that may lead to corruption.

He appealed to government to use the qualified ones to reduce waste and corruption since sanctions would be preferred against such accountants if they flout the laws.

–

By: Lawrence Segbefia /citibusinessnews.com/Ghana

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