He said adopting the IPSAS would enable the country to accurately report all transactions under the internationally accepted best practices for better financial reporting.

The IPSAS are a set of accounting standards issued by the IPSAS Board for use by public sector entities around the world in the preparation of financial statements aimed at increasing transparency and accountability.

Addressing the opening session of the 71st Annual New Year School and Conference (ANYSC), Prof Oduro Owusu said to achieve the country's vision of a Ghana Beyond Aid, there ought to be fiscal discipline in all national transactions and across all sectors starting from the Ministries, Departments and Agencies.

The Ghana Beyond Aid is a bold pronouncement by President Akufo-Addo to create a nation that is self-sufficient and prosperous through prudent management of resources, the rule of law, promotion and respect for human rights as well as principles of democratic accountability.

The ANYSC, which was introduced in 1948 by the School of Continuing and Distance Education of the College of Education, UG, aims at bringing together people from all walks of life to deliberate on topical issues of national and international interest with speakers drawn from both academia and industry.

This year's being held on the theme: "Attaining Ghana Beyond Aid: Prospects and Challenges," was formally opened by the President Nana Addo Dankwa Akufo-Addo.

Prof Oduro Owusu said a transparent financial reporting would positively affect resource mobilisation and bring efficiency in resource allocation and utilisation towards creating more opportunities for the citizenry.

He said the University of Ghana had adopted the standards and had already published its first audited IPSAS compliant financial statement for the year 2017, making it the first public institution in the country to adopt the accounting framework.

He urged other public institutions to follow the practice to ensure accountability and transparency in the country's accounting systems "as we aim at building a better Ghana".

Prof Akua Kuenyehia, the Acting Chairperson of the University Council, commended the School of Distance Learning for sustaining the Annual New Year School and Conference since its inception in 1948.

She said the Ghana Beyond Aid vision by President Akufo-Addo was a non-partisan agenda, which should be embraced by all Ghanaians towards making Ghana a better place for all.

Prof Kuenyehia said the 71st Annual New Year School and Conference would provide the needed resources and materials for the successful implementation of the Ghana Beyond Aid agenda.

President Akufo-Addo at the 2019 May Day celebration in Accra, unveiled the Ghana Beyond Aid charter and strategy document to guide the nation in the agenda.

Dr Ishmael Yamson, Former Chairman of the UG Council, in a keynote address, said to achieve the Ghana Beyond Aid agenda, there was the need to build strong institutions and improve governance.

He said the greatest threats to the success of the Ghana Beyond Aid agenda was whether or not the government could demonstrate credibly that it has the politically will to fight and win the battle against corruption.

Commenting on the need to rejuvenate the local economy and build a strong manufacturing base, Dr Yamson said: "We need sustained period of 10 years or more of macro-economic stability driven by prudent and disciplined fiscal management to generate investor confidence, otherwise all we will attract are traders."