The Institute of Chartered Accountants Ghana has criticized government for airlifting three million dollars in cash to Brazil, describing the move as a violation of the nation\u2019s laws.<\/p>\n
\u201cIn furtherance to ICAG\u2019s mandate to ensuring the application of consistent global standards and best practices in the implementation of sound economic and public financial management, the Council of ICAG hereby states that the airlifting of cash to Brazil was ill-advised, contrary to established best practice and should not be contemplated again in future,” their statement \u00a0said.<\/p>\n
According to the Institute, the decision to carry the huge sum in physical cash across continents to pay players was inappropriate.<\/p>\n
\u201cThis is substantiated by Section 15 (1) of Foreign Exchange Act, 2006 (Act 723) states that \u2018each payment in foreign currency, to or from Ghana between a resident and a non resident, or between non residents shall be made through a bank,\u2019\u2019 the ICAG statement said.<\/p>\n
The press statement issued by president of the Institute, Prof K. B Omane-Antwi also said the mode of payment adopted by the Government of Ghana was not only in violation of the banking regulations of Ghana, but was also inappropriate considering the availability of other alternative and more reliable payment systems (such as direct credits to the payees\u2019 bank accounts).<\/p>\n
\u2018\u2019The issue under reference has also brought the financial credibility of Ghana into disrepute and the damage is far-reaching. In fact many international bodies, including FIFA have raised serious concerns about the mode of payment,” the statement added.<\/p>\n
The ICAG opined that government agencies must be proactive in future to address exigencies like the Brazil incident.<\/p>\n
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By: Evans Effah\/citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Institute of Chartered Accountants Ghana has criticized government for airlifting three million dollars in cash to Brazil, describing the move as a violation of the nation\u2019s laws. \u201cIn furtherance to ICAG\u2019s mandate to ensuring the application of consistent global standards and best practices in the implementation of sound economic and public financial management, the […]<\/p>\n","protected":false},"author":14,"featured_media":29943,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[43,38],"yoast_head":"\n