Dr Abdallah Ali-Nakyea, a tax and legal accounting specialist, has urged accountants to make their mark on the execution of government policies in order to promote openness in the administration of the public purse.
Accountants' responsibilities should not be confined to the disbursement and receiving of monies, according to him; they should also "spearhead the country's economic reform program."
Dr. Ali-Nakyea was speaking at the Institute of Chartered Accountants of Ghana (ICAGAccountants )'s Week in Accra this year.
"Accountancy and accountability: Transforming Africa's Economies" was the subject. Reforms
The success of the government's financial reforms, according to Dr. Ali-Nakyea, is heavily reliant on accountants.
As a result, he requested that people see themselves as part of the broader financial management at their different workplaces in order to support the government's economic transformative agenda's success.
"Accounting offers a robust set of instruments that have been used to improve the economic performance of organizations and institutions through time in order to alter economies," he added.
According to him, research has shown that an increase of 500 accountants per million corresponds to a $5,073 boost in GDP per capita.
"In short, accountants contribute significantly to their countries' economy. Indeed, accountants' role in educating, sensitizing, and supporting companies throughout Africa to understand, appreciate, and benefit from the benefits of the African Continental Free Trade Area (AfCFTA) in modernizing their economies cannot be overstated," he added.
Accept and embrace change.
Dr. Ali-Nakyea, who is also the Director of Ali-Nakyea and Associates, an Accra-based business of tax attorneys, solicitors, and consultants, said accountants must adapt to changes brought on by new technology.
The field has progressed far beyond bookkeeping and payroll, and, like its companion procurement, it is increasingly playing a strategic role for forward-thinking companies.
"While some commentators believe accounting has a bleak future in the digital world of tomorrow, technologies like cloud-based data management, process automation, and sophisticated analytics are ready to elevate accountants in new and empowering ways," he added.
Dr. Ali-Nakyea went on to say that occurrences since then, such as the COVID-19 epidemic, had demonstrated that accountants, like other professionals, needed to be concerned with adaptation rather than replacement.
"There is no doubt that digital revolution has altered the playing field dramatically. Big data has evolved into a valuable resource that must be utilized in order to compete effectively. "However, for organizations that are ready to take use of digital technologies, this transformation is an opportunity, not a danger," he added.