The former Auditor-General, Daniel Yaw Domelevo, has underscored the urgent need for Ghana to enhance its public financial management system to effectively combat illicit financial flows.
He emphasized that, these flows, which arise from various causes, necessitate a multifaceted approach to ensure fiscal responsibility and accountability within the country’s financial framework.
Mr Domelovo, was delivering a keynote address at a multi stakeholder forum in on curbing illicit financial flows and promoting accountable governance.
The forum, organised by the Media Foundation for West Africa (MFWA) with support from the Thomson Reuters Foundation and OXFAM-Ghana, centred on the theme “Curbing Illicit Financial Flows through Accountable Governance: The Role of the Media.” This initiative is part of broader national efforts aimed at addressing the challenges posed by illicit financial flows in Ghana.
Mr Domelevo, emphasized that effective public financial management is the cornerstone of combating illicit financial flows, which manifest in various forms and are driven by multiple factors.
He advocated for a public financial management system that promotes fiscal responsibility and transparency, thereby preventing the waste of resources caused by reckless taxation, borrowing, and spending.
“To truly arrest illicit financial flows, we need a financial management system that ensures the strategic allocation of resources,” he said. “Every Cedi allocated should be used for its intended purpose, providing value for money in the process.”
Critiquing current procurement practices, the former Auditor-General pointed out that many projects inadvertently result in job exports rather than local job creation and called for a thorough review of the procurement law to align it with the broader goal of enhancing value for money, not just in monetary terms but across the entire job creation cycle.
“We must revise our procurement laws to ensure that they offer true value for money, going beyond mere financial metrics to consider job creation and local impact,” Domelevo urged.
Mr Domelevo, pointed out that improving service delivery in public institutions is another critical element of public financial management, saying that when more funds are allocated, tangible improvements in service quality should be evident to the populace.
He made a passionate call for the eradication of corruption within public financial management, stating that the fight against corruption is crucial for establishing a trustworthy financial system.
“You cannot talk about a robust financial management system where funds are being misappropriated. Corruption erodes public trust and leads to significant economic loss.” He asserted.
Referencing Article 35 (8) of the 1992 Constitution, which mandates the state to eliminate corrupt practices, Mr Domelevo criticized the government’s failure to adequately address corruption, suggesting that it has, at times, perpetuated corrupt practices itself.
“The fight against corruption is undoubtedly risky, and it will push back. The beneficiaries of corrupt practices are often well-resourced and can afford the best legal defences.” He acknowledged.
To combat this, Mr Domelevo, called on the media to be vigilant watchdogs, urging journalists to expose corruption and abuses within the public sector, including high-profile cases such as the ongoing discussions surrounding the National Cathedral project.
He aligned with the Commission for Human Rights and Administrative Justice (CHRAJ), advocating for a collaborative investigation involving the Auditor General and the Office of the Special Prosecutor (OSP).
Mr Domelevo emphasized that their combined efforts are crucial for accountability and transparency, particularly in light of forensic audits and value-for-money assessments that fall under the Auditor General’s purview.
The former Auditor-General’s call to action resonates with many who seek a more accountable and transparent financial management system in Ghana, one that not only safeguards public resources but also fosters national development through ethical governance.
The event, attended by media practitioners, civil society organisations, and government officials, reinforced the idea that a collaborative effort between the media, government, and civil society is essential for creating an accountable governance framework that effectively curbs illicit financial flows and promotes economic progress in Ghana.
