Accounting professionals urged to partner government in managing oil

Accra, July 26, GNA - Mr Kwadwo Baah-Wiredu, Minister of Finance and Economic Planning, on Saturday charged accounting professionals to partner government to ensure transparent and prudent public financial management of the country's emerging oil industry. He said this support was crucial to sustain government's economic reforms and the favourable legal framework to make Ghana an investment preferred destination. Mr Baah-Wiredu said this in a statement read on his behalf at the 8th Graduation ceremony of the Association of Chartered Certified Accountants (ACCA) in Accra. He said there was also the need for professional accountants to join the public sector to strengthen accounting and public sector financial management.

The Minister stated that government had in the past few years made strides in reforming the business environment, saying this had earned the country the highest rank among the sub-region, according to the world Bank Groups Doing Business Report. Mr Baah Wiredu noted that Ghana's Gross Domestic Product (GDP) had also increased from 3.9 billion dollars in 2000 and it was expected to reach 16.3 billion dollars, by the end of this year. He commended the ACCA for its record of being the fastest growing international body and having the largest number of African students in Ghana.

\The Minister also appealed to ACCA to support government's effort in providing the Institute of Professional Studies a facelift to provide the needed human resource to champion national development. He also called for the contribution of the ACCA in revising the Companies Code and urged professionals to be abreast with Information Communication Technology and the use of accounting software. Professor K. B Omane-Antwi, Vice Rector and Dean of Business Administration at the Pentecost University College, called on granduants to be innovative, creative and responsive to technology and changes in the economy. He said employing effective management tool was crucial to managing the country's oil find, saying "If we don't manage it well, the oil find will turn into a curse. Prof Omane-Antwi also entreated granduants to upgrade their skills since international financial reporting was dynamic.