The Chartered Institute of Public Finance and Accountancy (CIPFA) and the Institute of Chartered Accountants Ghana (ICAG) have signed a Memorandum of Understanding (MOU) to promote good public financial management practices in Ghana.
The MoU is to provide the basis for cooperation and collaboration between the two institutes, with strengthening the capacity of finance professionals across government identified as a key priority by both institutes.
The MoU aims to support professional development by enabling opportunities for dual membership of both Institutes and providing a broad range of training for government and public sector finance staff.
Through their collaboration the institutes will work to promote the implementation of International Public Sector Accounting Standards in Ghana and design initiatives to advocate financial management reform in the country.
The Ghanaian Government and the public sector of the country have strongly supported the MoU, according to CIPFA International chairman Ian Ball.
"The commitment of the accountancy profession and the government to improving financial management can only be to the benefit of the people of Ghana," he added.
ICAG president Kwame Borsiako welcomed the partnership saying that "a sound Ghanaian economy can only be built when the public financial management systems put in place are sound".