The Institute of Chartered Accountants, Ghana (ICAG) is challenging government to be prudent with its expenditure as part of efforts to address the rising rate of inflation.
The general increase in the cost of goods and services as of April 2022 was 23.6% – a situation that triggered the increase in policy rate by the Bank of Ghana to 200 basis points to 19%.
According to ICAG, the Central Bank’s decision, even though a move in the right direction, must be complemented with government’s resolve to cut down on wasteful spending to yield the desired results.
Speaking to Joy Business at a Press Conference to make this year’s Accountants’ Week Celebrations, President of the ICAG, Professor Williams Atuilik said government must ensure prudent fiscal responsibility.
“This is not the time we should be engaged in wasteful spending. We shouldn’t allow individuals to … part of government resources for their private use.”
He added, “Internal control and internal audit arrangements should be strengthened to make sure that whatever meager resources that are available, they are being used solely for government business.”
Domestic revenue mobilisation
The ICAG President also admonished government to step up its domestic revenue mobilisation game.
He recommended alternative sources of raking in the informal sector into the tax net.
According to him, government should set up a department under the Ghana Revenue Authority (GRA) with the sole responsibility of the informal sector.
“Let them properly define what we mean by the informal sector, who they are, where they are, what their sources of income are and that will boost our total revenue”, hee added.
Prof. Atuilik is optimistic this will minimise the appetite for borrowing which puts a strain on the economy.
2022 Accountants’ Week
The theme for this year’s week-long celebration by the institute is, “Accountancy and Accountability, Transforming Africa’s Economies.”
The event kick-started on Saturday, May 21st with a health walk from Burma Camp Sports Complex followed by a thanksgiving service at Church of Christ the following Sunday. A luncheon was later held at Sealine View, 5th Avenue, McCarthy Hill.
The Press Conference on Monday, 23rd May, was the third activity scheduled for the week to engage the media on activities of the institute and the country at large.
The institute has on its calendar a two-day Accountants Conference to be held on Wednesday, 25th and Thursday, 26th May.
The Special Guest of Honour for the opening ceremony will be the Inspector General of Police, Dr. George Akuffo Dampare. The Guest Speaker for the conference will be the Minister of Education, Dr. Yaw Osei Adutwum.
The two days will be filled with plenary and concurrent sessions with presentations from experts who will dilate on topics including opportunities and challenges of the accountancy profession.
The evening of the first day of Conference will feature AWAG Night – a night with the lady accountants of the institute whereas the evening of the second day of the conference will be a bonfire night at Laboma Beach, La, adjacent Labadi Beach Hotel.
Friday, 27th May, will be a business meeting, the Annual General Meeting with Council elections by e-voting. The evening of the same day will be the crowning event, the Dinner-Dance with the fellowship conferment ceremony and a night of awards to personalities and institutions who have made significant contributions to the work of the institute in the past year.