By Nyamador Paul (@paulkplorla)
The Director General of the Internal Audit Agency (IAA), Dr. Eric Oduro Osae, says only fiscal discipline in the use of our limited resources can save the country Ghana.
He was speaking on the first day of the 3-day 2022 Annual Internal Audit Conference, which started in Accra at the University of Professional Studies Auditorium.
“Madam Chairperson, it is an undeniable fact all over the world that the issue of resource mobilisation and utilisation continue to be a challenge due to the unexpected effect of certain global developments affecting economies all over the world, and Ghana is not an exception. The issues are so figural that their effect on accelerated development in Ghana can be seen all over. It is only fiscal discipline in the use of our limited resources that can save our country,” Dr. Osae explained on Tuesday, August 16.
He further explained that because of the fact that Internal Auditors are strategically placed to operate at the beginning and also at the end of the national Public Financial Management (PFM) system, they are best placed to support Ghana put in place practical fiscal measures to help mobilise adequate resources and use them in areas of the economy for sustainable development.
Explaining how fiscal indiscipline occurs, Dr. Osae stated, “fiscal indiscipline occurs when gatekeepers such as internal auditors either fail in their gatekeeping role or management blatantly refuses to adhere to the assurance and advisory opinions of internal auditors.”
The ripple effect, according to him, is that development is affected in the sense that roads cannot be fixed, hospitals cannot be built, Free SHS gets to suffer, school feeding grants cannot be made available on time, free school uniforms cannot be provided, National Health Insurance releases will be delayed, and statutory transfers such as the DACF, GETFund, Road Fund, and others will also suffer delays.
He stressed the fact that the multiplier effect and social cost of such fiscal indiscipline in the country are invaluable, hence the importance of this year’s conference themed: “Injecting Fiscal Discipline in Resource Mobilisation and Utilisation for Sustainable Development: The Role of Internal Auditors.”
