CAGD Presents 2022 Draft Annual National Accounts to Stakeholder
The Controller and Accountant – General; Mr. Kwasi Kwaning Bosompem and his team have presented a draft of the 2022 National Accounts to the Ministry of Finance (MOF) and other stakeholders.
The State Interests and Governance Authority (SIGA) was invited as a key stakeholder to participate in the forum.
The meeting held on March 24th 2023 at the Ministry of Finance provided a platform for the Controller and Accountant – General’s Department (CAGD) to present and to discuss the production of the national accounts, which covers the entire scope of public funds across the three levels of government – Central Government (CG), Local Government (LG), and Public Corporations and State-Owned Enterprises, particularly, the steps taken to transition from Central government to whole government.
In his opening remarks, Mr. Kwasi Kwaning Bosompem thanked the Ministry of Finance for taking keen interest in the report and for inviting his department to present the draft for discussion. He revealed that the number of Specified Entities in the account had increased significantly from 19 in 2020 to 62 in 2022. He also mentioned that the cash balance had been reconciled to make it easier for all stakeholders to track.
CAGD’s Director of National Accounts, Mr. Mac-Effort Adadey in a presentation, took the audience through the various procedures and processes used to prepare the accounts. He further stated that 84 State-Owned Enterprises had been profiled, with 62 of those listed in the National Accounts. He commended the Director-General of SIGA for his invaluable assistance in organizing Specified Entities to collaborate with CAGD in the preparation of national accounts.
“The exciting thing is that some of the big SOEs have also responded this year. BOG, SSNIT, GNPC and ECG are in the national accounts, and this is courtesy Ambassador Boateng’s efforts in impressing on the Specified Entities to submit their financials. SOE’s are bringing positive net assets to government’s balance sheet to the tune of GHS 95bn.” he said.
The Director-General of SIGA Ambassador Edward Boateng in his submission acknowledged the leadership of CAGD for their outstanding efforts in delivering on their mandate of preparing timely consolidated National Accounts. He pledged his continuous support to CAGD by working with the Specified Entities in submitting their financials on time. He also proposed that the Ministry of Finance and the CAGD form a committee to finalize the national accounts before submission on March 28,2023.
Mad. Stella Dede Williams: the Coordinating Director at the Ministry of Finance commended Controller for his good work and stated that the Ministry would put in place measures to get all public institutions to put all their transactions on the the Ghana Integrated Financial Management Information System (GIFMIS) to help the national accounts directorate in the production of the document. She also mentioned that such meetings between the Ministry and CAGD would be held quarterly to discuss their work.
Other dignitaries present at the forum were Mad. Hollistar Dua-Yentumi; General Manager Operations at SIGA, Dr. Edward Akuamoah Boateng, Deputy Controller and Accountant -General (FMS), Mr. Jacob Yeboah, Controller and Accountant General (ICTM), Mr. Wisdom Komlan Messan, Controller and Accountant General (Audit and Investigations), Mr. Hayford Amoh, Director – Internal; MOF and Dr. Alhassan Iddrisu, Director Economic Strategy and research at MOF.
The Controller and Accountant-General is tasked with preparing quarterly and annual consolidated National Accounts on all public funds generated and utilised across government under the Public Financial Management (PFM) Act 2016.