IFR4NPO in Ghana – Reflections of the Country Champion

It has been encouraging looking at the number of participants who attended the first country awareness meeting and the level of participation. Among the benefits mentioned by the participants is the opportunity for standardized financial reporting for ease of comparability, improved accountability and greater transparency.

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!

A good global initiative and a great opportunity to contribute to the development of this Guidance so that it can meet our needs. So, we are looking forward to participate in the consultation process next year in the development of this all-important financial reporting guidance.

Good organization is extremely crucial if the objectives of this project are to be realized. The Project Director has been amazing at engaging and supporting us Country Champions. Looking at the diverse nature of the NPO ecosystem in Ghana, all stakeholders will need to be engaged to ensure all voices and perspectives are represented. There is a lot more work ahead and I will need to be strategic!