Among the important stakeholders to be engaged are the regulators of the accounting profession, namely the Institute of Certified Accountants Ghana (ICAG), and well as non-profit organisations (NPOs), donors, and government agencies with a mandate for regulation. In Ghana, there are multiple regulators of NPOs including the Ministry of Education, the Department of Social Welfare, the Electoral Commission, and the Registrar General’s Department, depending on the nature – it’s a very diverse sector!
There will be a need for training and capacity building to promote and support adoption, and ensure sustained compliance. Also mentioned was the challenge of possible inconsistency with local tax regulations in terms of income recognition policies. Given the huge diversity in the sector, it is hard to imagine how a ‘one size fit all’ approach will be meet the various needs!