Debt Exchange: ICAG cautions government on treatment of new bonds

The Institute of Chartered Accountants Ghana (ICAG) is cautioning government on the treatment of new bonds under the Debt Exchange Programme.

According to the institute, this must conform to International Financial Reporting Standards (IFRS) to ensure consistency and transparency.

President Sena Dake, says the ICAG has issued some policy imperatives on the new bond arrangements needing government’s attention.

“How to treat the new bonds, how to treat the losses are things that are very fundamental in our international financial standards,” she said.

Sena Dake added, “ICA Ghana has issued four discussion papers to direct the treatment of accounts for all accountants, auditors and finance people who have the mandate to work with this new bond or new debt arrangement.”

External Creditors’ engagement

The ICAG President is upbeat of a positive outcome of government’s engagement with its external creditors for debt forgiveness.

“We want the best for Ghana; we know it’s a very peaceful country and so investors should still have confidence in us irrespective of the fact that we are having some challenges,” she mentioned.

Sena Dake, however, admonished government and the general public to complement economic recovery efforts by cutting down on expenditure.

“The most important thing for all of us, not only government, is reduce waste…that is very important”, sShe added.

60th anniversary

The ICAG President spoke at a health walk and fun games to mark the Institute’s 60th anniversary.

Members of the institute embarked on a walk using the Ghana Armed Forces Sports Complex-37-Cantonment-Ghana Armed Forces Sports Complex route.

The event also featured some fun games like sack race, penalty shootouts, lime on spoon, among others.

Source: Ghana News