CAGD orders covered entities to seek approval before opening bank accounts

According to a press statement issued on August 17, the directive follows concerns that some covered entities have been opening bank accounts with commercial banks without first obtaining the required authorisation, a practice the Department says contravenes Ghana’s public financial management laws.

Under the directive, covered entities are required to obtain written approval from the Controller and Accountant-General before opening an account with either the Bank of Ghana or a commercial bank.

The Controller and Accountant-General’s Department said it was counting on the cooperation of all covered entities to ensure adherence to the directive and compliance with the relevant provisions of Ghana’s public financial management framework.