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Government Welcomes Private Sector- Led PFM Platform

Government Welcomes Private Sector- Led PFM Platform

Accra, Monday 22nd May, 2023.  The government has welcomed the setting up of a platform by the leadership of private sector actors, to support engagements and drive reforms in Public Financial Management (PFM).

This was made known by Deputy Minister for Finance, Hon. Abena Osei-Asare, when she launched the PFM Platform under the theme, “Strengthening PFM for Accelerated National Development” in Accra.

The Institute of Chartered Accountants, Ghana in partnership with PriceWaterHouse Coopers have initiated an all-inclusive stakeholder Forum that would engage stakeholders to review, monitor performance, suggest reforms etc. for Ghana’s PFM system for sustainable growth and development.

The PFM Act was enacted to regulate the financial management of the public sector within a macroeconomic and fiscal framework. It defines responsibilities of persons entrusted with the management and control of public funds, assets, liabilities, and resources, ensures that public funds are sustainable and consistent with the level of public debt, provide for accounting and audit of public funds and provide for related matters.

Hon. Abena Osei-Asare in her keynote address noted that, since improving PFM was a necessary condition for building a resilient national economy, the idea of the Forum was a step in right direction, especially as it involved key stakeholders from both the private and public sectors.

In acknowledging the depth of partners involved in the Forum, she stated that “we are extremely delighted that private sector players and firms such as PwC, regulators including ICAG, Development Partners and all PFM actors are joining Government to strengthen Public Financial Management”.

The Deputy Minister who is also the Member of Parliament for Atiwa East indicated that PFM must be seen as “public good since if it is strong and functional, everyone benefits; and if it is weak and malfunctioning, everyone pays a higher cost”.

She charged the Forum to engender honest engagements on the key issue of revenue mobilization and expenditure rationalization, especially as the country is embarking on an IMF programme.

She called for support for the revenue and expenditure measures outlined in the 2023 Budget as it provides not just the direct responses to the current issues, but helps to build a culture compliance and accountability. 

Mrs. Osei-Asare expressed optimism that the economy was recovering from the devastating impact of the converging crises since March, 2020.  She was hopeful that the Forum would prove vital in reforming the PFM landscape and sustain the progress of recovery of the national economy.

Madam Sena Dake, President of Institute of Chartered Accountants Ghana, on her part noted that the forum was to contribute to the transformation of the public sector and policy decision making, and to prepare PFM related sector professionals to adhere to the tenets of the effective PFM.

Apart from Ministry of Finance, ICAG and PriceWaterHouse Coopers, other stakeholders present were, Controller and Accountant Generals’ Department, Auditor General Department, Ghana Revenue Authority, World Bank, ICAE and few others. END

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