Protect financial data from cyber-attack – Veep

• Dr Mahamudu Bawumia

The Vice President, Dr Mahamudu Bawumia, has stressed the importance of incorporating cyber-security measures by the Controller and Accountant General Department (CAGD) to protect financial data in the country.

According to the Vice President, it was a key area that needed special attention, especially with the increasing prevalence of cyber threats to safeguard sensitive financial information to maintain the trust of clients and stakeholders.

Dr Mahamudu Bawumia

Accountants, he said, “Must adapt to evolving technologies and regulations through continuous professional development to stay abreast of industry changes to ensure that they remain valuable contributors to economic growth”.

He said these in a speech read on his behalf by the Ashanti Regional Minister, Simon Osei Mensah, at the opening ceremony of the 2024 annual conference of the CAGD.

On the theme, ‘Enhancing Economic Growth Through Innovation and Adaptation,’ the two-day conference welcome about 700 delegates comprising heads of account from various ministries, departments, agencies, regional coordinating councils and other pertinent officers.

The conference hovered around the pivotal role of public sector accountants in revenue generation and the effective control of reduction of expenditures.

While the opening ceremony coincided with the inauguration of six brand new 4×4 vehicles by the Regional Minister for some of the regional offices, the closing ceremony witnessed the unveiling of the International Public Sector Accounting Standards (IPSAS) manuals, by the Paramount Chief of Toase, Nana Yim Awere Ababio, who represented the Asantehene, Otumfuo Osei Tutu II.

Dr Bawumia mentioned that by embracing innovation, accountants could go beyond traditional roles by becoming partners for businesses.

“Your ability to leverage technology, analyse data and navigate regulatory landscapes, positions you to enhance economic growth by contributing to the financial health and success of the organisations you serve,” he underlined.

He poited out that in today’s rapidly changing global landscape, “the pursuit of economic growth has become inseparable from the twin pillars of innovation and adaptation.”

Innovation and adaptation, he said “were not mere buzzwords, they are the cornerstones of sustainable economic growth in the 21st century…by fostering a culture that embraces change, investing in cutting-edge technologies and promoting collaboration nations can position themselves at the forefront of the global economy.”

Controller and Accountant General, Mr Kwasi Kwaning-Bosompem, during the opening, highlighted some achievements of the department such as the e-travel card portal which replaced the manual processes in managing official travels in the public service by delivering personalised and corporate cards to every government employee and office embarking on an official travel on behalf of government.

He also mentioned the Ghana Integrated Financial Management System (GIFMIS), a computerised system in budget preparation.

The Third Party Reference System (TPRS), an online system that allowed third party institutions to deduct at source loan payments, insurance premiums, welfare and credit union contributions as well as hire purchase repayment from salaries of government employees.

Mr Kwaning-Bosompem also mentioned the importance of innovation which he said was the driving force behind their progress stressing by saying “we must constantly seek new and creative way to improve our system and service.”

On the launch of the IPSAS manuals, the Controller and Accountant-General said it encompassed crucial components essential for effectively managing public finances in the country.

Confident of the manuals would serve as indispensable resources in the pursuit of excellence in public financial management, he said “the manuals reflect our commitment to fostering a culture of transparency, accountability, efficiency within our financial operations. They will not only elevate our internal processes but also contribute significantly to the overall economic.”

FROM KINGSLEY E.HOPE, KUMASI