The 5th CFO & Public Finance Conference 2025 has officially commenced in Accra, bringing together Africa’s leading financial experts to shape the future of financial leadership and governance.
The high-profile event, taking place at the Labadi Beach Hotel from April 3 to 4, 2025, is setting the agenda for sustainable finance, innovation, and economic transformation across the continent.
The event organized by InstinctWave has attracted finance executives,, and business leaders from Tanzania, Uganda, The Gambia and beyond. Participants are engaging in critical discussions on financial technology, risk management and responsible governance.
The Role of Finance in Business Transformation
Addressing participants Mr . Akin Naphtal, CEO of InstinctWave, emphasized the evolving role of finance professionals in today’s business landscape.
“Finance is no longer just about crunching numbers. It’s about leveraging data, technology, and strategic insights to drive decisions that shape industries, economies, and governance,” he stated.
A key highlight of the event will be the Finance Leaders Awards Ceremony, where top CFOs and finance professionals will be honored for their contributions to corporate integrity and innovation.
“Finance professionals are the unsung heroes of every organization. When profits fall, they’re the first to be questioned. When revenues rise, marketing takes the credit. This conference is about recognizing their real impact,” Naphtal added.
Beyond discussions, the conference is expected to spark bold collaborations, fresh strategies, and industry-defining innovations, reinforcing Africa’s financial sector as a key driver of economic resilience and growth.
Ghana’s Finance Ministry Announces Sweeping Reforms
In a decisive move to address economic challenges, Ghana’s Finance Ministry has also announced significant reforms aimed at ensuring fiscal sustainability and preventing future financial mismanagement.
The reforms follow the discovery of unapproved contracts worth over 200 billion Ghana cedis, many of which were issued without proper budgetary allocation or authorization from the Finance Minister.
Mr Frederick Amissah, Technical Adviser to the Finance Minister, revealed that a significant portion of the country’s GDP had been allocated to public contracts without the necessary legal framework. The lack of oversight, he noted, had contributed to financial instability, with multiple government agencies bypassing due process.
“To address this, we have taken decisive action by amending the Public Procurement Authority Act,” said Amissah. “From now on, it will be a criminal offense for any public official to award a contract without a budgetary allocation and express authorization from the Finance Minister.”
The reforms include a clampdown on unauthorized public contracts, with strict penalties for violators, including potential prison sentences of up to five years for officials found guilty of breaching the new regulations.
Additionally, the Finance Ministry has introduced new fiscal rules to govern debt management. These measures include capping the debt-to-GDP ratio and establishing an independent debt management office to enhance oversight and ensure Ghana’s debt levels remain sustainable.
The government is also prioritizing expenditure-led reforms instead of relying on revenue increases, aiming to cut unnecessary government spending while maintaining fiscal discipline.
Another key change is the decentralization of budget management. Ministers will now have direct control over their respective budgets and will be held accountable for their financial decisions without requiring Finance Ministry approval for every expenditure.
“These reforms are crucial as Ghana navigates global economic pressures and uncertain external support from international development partners,” Amissah noted. This crisis presents an opportunity for lasting reforms.
Through these initiatives, the government hopes to restore confidence in its financial management and set the country on a path toward economic stability and growth.
ICAG President Advocates for Ethical Finance and ESG Reporting
The President of the Institute of Chartered Accountants, Ghana (ICAG), Augustine Addo, underscored the importance of ethical finance and Environmental, Social, and Governance (ESG) reporting in driving sustainable business growth.
He stressed that businesses must move beyond profitability and integrate ethical financial practices that consider environmental and social responsibilities.
“Ethical finance has come to stay. You cannot do business today without considering how to finance it ethically while ensuring a positive impact on society and governance structures,” Addo stated.
He defined ethical finance as financial decision-making aligned with moral principles and societal responsibilities, including sustainable investing, socially responsible investing, and incorporating ESG factors into business strategies.
ESG Reporting as a Tool for Transparency
More so, he highlighted ESG reporting as a critical tool for businesses seeking long-term sustainability. He noted that it provides transparency in an organization’s commitment to environmental conservation, social responsibility, and strong governance practices.
“The adoption of ESG reporting signals a company’s commitment to sustainable practices. It ensures accountability and empowers stakeholders to make informed decisions,” he explained.
Ghana’s capital market has already taken a step toward ethical finance by issuing green bonds, marking a significant milestone in sustainable business operations.
Ethical Finance and Corporate Responsibility
Mr.Addo cited past corporate failures in Ghana’s banking sector as examples of the consequences of neglecting governance principles.
“Neglecting governance led to the collapse of several banks in Ghana. Without governance, businesses become short-sighted, focusing only on immediate profits rather than long-term sustainability,” he warned.
He stressed that ethical finance extends beyond regulatory compliance, requiring businesses to incorporate moral considerations into their financial decision-making processes.
“Financial decisions should not just be about maximizing returns but should also consider broader social, environmental, and ethical implications,” he noted.
The Future of Accounting: ESG and AI
Discussing the future of the accounting profession, Addo emphasized that accountants must adapt to evolving industry demands, particularly in ESG reporting and automation.
“Yesterday’s accountant only needed technical competence in accountancy. Today’s accountant requires reporting skills, and tomorrow’s accountant must go even further—integrating multi-disciplinary expertise, ethics, and artificial intelligence,” he stated.
He highlighted four key areas where ESG has transformed the accounting profession: mastering ESG-related financial reporting, integrating multi-disciplinary skills to manage various forms of capital, upholding integrity and transparency through ethical leadership, and leveraging emerging technologies like cloud computing, big data, and artificial intelligence to enhance financial processes.
Challenges and the Path Forward
Despite its advantages, Mr. Addo acknowledged the challenges in ESG reporting, including a lack of standardization, data collection difficulties, and evolving regulations.
He urged businesses to adopt recognized frameworks such as the Global Reporting Initiative (GRI), the Sustainability Accounting Standards Board (SASB), and the International Sustainability Standards Board (ISSB) guidelines.
To improve reporting accuracy, he recommended investing in robust data management systems and regularly engaging stakeholders.
He asserted that ethical finance and ESG reporting are no longer optional but essential for businesses seeking credibility and sustainable growth.
“Beyond being a trend, ethical finance and ESG reporting have become fundamental to corporate success. As regulations evolve, businesses must prioritize transparency, accountability, and sustainability,” he said.
The 5th CFO & Public Finance Conference 2025 continues to serve as a platform for driving financial transformation in Africa, equipping industry leaders with insights and strategies to navigate the rapidly evolving financial landscape.
This prestigious event is powered by TheCFOMagazine, an InstinctWave Group’s publication, known for delivering exclusive finance insights and analysis across Africa through both online and print platforms.
About The CFO Magazine
TheCFO Magazine is a free enthralling magazine that offers special reports emphasizing insight, analysis, context and debate, reviews, interviews and policies geared specifically for finance executives.
About InstinctWave
Headquartered in the UK, InstinctWave is an ISO Certified B2B event & media and digital consultancy firm, with a track record in hosting premium events across Africa.
With its footprints in Ghana, Nigeria, UK, Kenya, Tanzania, Liberia, and Rwanda, the InstinctWave group has successfully developed and grown the Ghana Information Technology &Telecom Awards (GITTA) in its 13th year, the Africa Public Sector Conference & Awards in its 5th year, Tech Innovation Awards in its 8th year, Africa Digital Economy Summit & Awards in its 8th year, Africa Human Resource Innovation Awards in its 5th year, the Africa Procurement & Supply Chain Awards in its 6th Year and other industry related events in Africa.
Source: Isaac Kofi Dzokpo/newsghana.com.gh
