19 Aug 2018

Members of the accounting profession have been urged to utilise their skills to empower their communities and think broader than the scope of their vocation in helping to diversify the African economy.

Delivering the keynote address during the Botswana Institute of Chartered Accountants (BICA) dinner dance held in Gaborone on August 17, the chief executive officer of the Pan African Federation of Accountants (PAFA), Mr Vickery Ncube said Africa was faced with a myriad of challenges and needed professionals who were innovative.

Speaking under the theme ‘The Role of an Accountant in a Changing World,’ Mr Ncube said Africa needed  avant garde thinkers who were prepared to work to transform the current status quo of the continent being poor despite its abundant natural wealth. 

“Africa in its current state should haunt us; it is a continent of contradictions, rich in natural resources, yet poverty stricken and with most of the employed only having their jobs for hand to mouth sustenance. African professionals need to think outside the box in order to change the current scenario,”  Mr Ncube said.

He added that the continent had suffered from professionals aiding and abetting political and business elites siphoning riches from Africa which had had a detrimental effect on developing ordinary people and their countries.

“Over the past few decades the continent has lost up to a trillion dollars per year, in illicit financial outflows from Africa. Professionals, including lawyers, bankers and accountants have aided this process of corrupt politicians and global business elites robbing the continent of much needed capital. Africa needs politicians who are principled, professionals who are patriotic and business that is benevolent,” Mr Ncube enunciated.

He stated that the first five decades of African independence had seen an erosion of the moral fibre of the continent and encouraged accounting professionals to support the African Union Agenda 2063 vision which envisages an Africa economically driven by its own citizens.

Noting that valuable raw materials including diamonds and gold were extracted from Africa then taken overseas to be processed for downstream manufacturing activity in Europe or Asia, creating more jobs and greater value there than in the African source countries, Mr Ncube urged accountants to join other African stakeholders in working to ensure that African resources primarily benefit the continent and her citizens.

He thanked the Botswana government for working towards establishing a domestic diamond beneficiation industry in the country.

For her part, BICA president Ms Gosego Motsamai said the institute was in the first year of implementing their four year strategy that covers the years 2017-2021. 

She said their institute continues to grow, with a general membership of 4411, representing a 31 percent growth increase since December 2016.

Ms Motsamai said this had been due to vigorous initiatives to grow membership.

She however expressed concern at the shortage of citizen professional accountants, who currently only make up about 45 percent of registered professionals.

“A lot needs to be done to increase quantity and quality of citizen chartered accountants who can compete globally; we need to reduce overeliance on foreign expertise,” Ms Motsamai said. ENDS