A former Chairman of the Public Accounts Committee (PAC), Mr Albert Kan-Dapaah, has stated that the government’s decision to go for a bailout from the International Monetary Fund (IMF) was a bold decision.
He said considering the circumstances prevailing in the country, the government was left with no other option than to take that decision.
Speaking at a public lecture organised by the Institute of Chartered Accountants, Ghana, on the topic:“IMF bailout: What is it”? Mr Kan-Dapaah said the issue was not about the government going out for a bailout, but about how it managed the public purse entrusted to it.
Financial governance
He observed that poor financial governance was the major problem of the country and added that it had led to a complete failure of public financial management.
He further explained that the failure of public financial management that had saddled the country could not be blamed solely on the government but professionals such as accountants.
He noted that although the Constitution entrusted all the resources of the country into the hands of the Executive President, accountants had roles to play in its management.
Mr Kan-Dapaah said when it came to private sector financial management, accountants had done well but when it was about public sector financial management, they had performed poorly.
Speak out
He said the government depended to a large extent on accountants in the management of the public purse and it was important for them to speak out when the government failed to heed their advice.
“When you give all the resources to the government and not demand accountability, the government would take advantage of it and do what it pleases,” he added.
He observed that although accountability was part of parliamentary democracy, it was not part of the Ghanaian culture and urged them (accountants) to speak out by holding governments accountable.
“Use your voice to advise when things are not going on well in the management of the public purse.
“Let us not run away from the problem if they won’t mind us and look at the problem together as professionals and politicians” Mr Kan-Dapaah added.
Improve revenue collection systems
Mr Kan-Dapaah consequently appealed to the government to improve upon the revenue collection system of the country.
He appealed to the government to manage revenues accrued from the oil find and use it to reduce poverty.
Be vigilant
A chartered accountant and a former member of the KPMG Group, an audit firm, Mr Joe Winful, urged financial institutions to be vigilant and help solve accounting issues.
He said as professional accountants, it was incumbent on them to adhere to the ethics of the profession and not condone any act that could undermine their integrity.
He noted that the management of the public purse was the duty of both the accountants and politicians, adding that it was wrong for the former to leave that duty entirely in the hands of the latter.
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