The Internal Audit Agency (IAA), has opened a two – day dialogue conference with the theme: ‘Safeguarding National Resources through effective Public Financial Management, to provide the platform for leading stakeholders in the fiscal and audit sector to put in place proper mechanisms to ensure judicious use of national resources.
President Nana Addo Dankwa Akufo-Addo’s prepared speech was read on his behalf indicating governments committed to improving the condition of service and as well as general working conditions of employees in the public sector to improve on efficiency.
“Government is aware of the frustrations and sometimes disappointment of staff of the public sector in terms of compensation, which sometimes engender all sorts of problems.
It is also important to state that productivity in the public sector remains an issue of greater concern to me. It is important to note that when time and other resources under our control are not efficiently utilised, revenue generations becomes a problem, compensation of staff become affected,” he said.
“The vicious cycle of inadequate resources, low productivity and low compensation continues. We need to break this jinx and I believe you, as key players of Public Financial Management System, would come out with solutions for our considerations,” he added.
According to President Akufo-Addo, the internal audit functions, has become increasingly vital in achieving the core objectives of government and the private sector institutions.
The Acting Director General of the Internal Audit Agency, Mr. Ransford Agyei, on his part indicated that, the IAA has the mandate to ensure quality professional practice of internal auditing in the Ministries, Departments and Agencies (MDAs) and Metropolitan, Municipal and Districts Assemblies (MMDAs).
He further indicated that, the Agency, has worked for more than 12 years and thus, has positioned itself in assisting the various MDAs and MMDAs to implement good corporate governance practices that would ensure the safeguarding of national resources.
“The Internal Audit Agency is going to roll out prudent preventive and more risk-focused programmes to bolster internal auditing in the public sector. Also the Agency leads and collaborates with other institutions under the National Anti-Corruption Plan, to achieve its goals,” he noted.
He was quick to add that, the Agency will continue to train its officials, in order to make them more efficient for their task and assist internal auditors in public institutions to fulfil their requirement by ensuring improved performance of the institutions.
The Chairperson for the event, Dr. Esther Oduraa Ofei-Aboagye, a Researcher in Public Administration and Local Governance also in her contribution, said effective public financial management is crucial for good governance, therefore, the programme was very critical for Ghana’s economy.
“Efficient public financial management is central to creating a relationship of mutual trust and shared consensus between government and citizens that is at the core of the development,” said Dr. Oduraa.
According to her, it was commendable that, Ghana had a new Public Financial Management (PMF) Act 2016, (Act 921) to strengthen the public financial management system, and also mitigate fiscal indiscipline and ensure proper management of public resources for economic growth.
The conference took place at the International Conference Center on Wednesday, 9th August, 2017 in Accra, with over thousands of participants drawn from both private and the public institutions all over the country.