The Institute of Chartered Accountants Ghana

2-DAY ACCOUNTANTS’ CONFERENCE HELD AT CAPITAL VIEW HOTEL, KOFORIDUA FROM 1ST TO 2ND JUNE 2011

INTRODUCTION
The Institute of Chartered Accountants-Ghana, (ICAG), held its 2-day conference at the Capital View hotel under the theme, “Accountants: Managing our Resources – Building our Nation.” There were over 450 professional accountants from various fields of endeavour present at the conference. Also in attendance were 2 officials from the Institute of Chartered Accountants, England and Wales and an official from the Liberian Institute of Chartered Public Accountants.

The topics dilated upon at the conference clearly indicated the significant roles that professional accountants play in the effective management of the nation’s resources to translate into substantial economic development if pursued diligently.

The topics discussed were:

• The benefits and challenges of managing our natural resource - Daasebre Prof. Oti Boateng, Paramount Chief of New Juaben, Koforidua.
• Human capital: Nucleus of National Competitiveness - Prof. Stephen Adei, former Rector, GIMPA
• Corporate Governance and Ethical Behaviour - Dr. K.K. Sarpong, former MD, TOR
• Corporate Social Responsibility as a business management strategy - Mr. Ekwunife Okoli, MD, Guinness Ghana Limited

CHALLENGES
The presentations outlined the following as the challenges currently being experienced in the country.

1. Accurate and consistent information for decision-making to protect public interest and resources are not readily available.
2. Professionals have not adequately identified, measured and communicated economic and natural resource information appropriately to prevent potential crisis that could lead to public skepticism in national financial systems and management of natural resources.
3. Poor quality education at basic level results in primary schools incapable of churning out literate learners within first 6 years of primary education. This eventually translates into barely literate JHS graduates.
4. Political leaders are keener on physical infrastructure than on producing functional leaders.
5. Educational institutions not abreast with international standards at the basic, senior high school and tertiary levels.
6. Ghana’s labour market is predominantly characterized by inefficiencies.
7. There is a lack of commitment to harness new technologies for productivity enhancement. For example, Ghana has a low information communication technology (ICT) adaption rate across organizations and institutions.
8. Corporate Social Responsibility (CSR) is often considered as government’s sole responsibility rather than as an integral part of every business’ operations. 
9. The Company Code is silent on many important corporate governance issues. For example, there is no prescription for balance in the appointment of executive directors or requirements for the appointment of independent directors and competencies in the Board’s composition.
10. Lack of adequate infrastructure, particularly an efficient transportation system results in long travel time to the detriment of productivity and economic development.

RECOMMENDATIONS
Participants, in recognizing the above challenges and possible negative impact on the economy, productivity and national development, called for urgent redress and implementation of the following actions:

Governance Focus

 a) Build a well resourced central database system (data centre) to archive information in every sector of the economy across the country for evaluation and analyses to support the country’s development agenda and economic programmes.

b) Adopt mechanisms and strategies, and engage players to determine potential outcomes that will interplay with state apparatus to achieve desired economic development.

c) Create an integrated society by intensifying existing communication networks to enhance material and intellectual discourse.

d) Create a loyal and efficient workforce. An essential requirement in most institutions and predominantly in the legal and educational systems. 

e) Cultivate attitudinal change among the rank and file of the citizenry, efficient management, effective supervision, monitoring and control.

f) Lead Ghana to grow out of low value-added labour intensive status to a high value-added skill-intensive and technology-oriented status.

g) Ensure commensurate increase in investment in science and technology and develop partnerships between industrial and educational institutions.

Professional Bodies

 a) Encourage collaboration among professional bodies and associations to establish a cohesive intellectual base that will drive strategies and programmes geared toward nation building.

b) Boldly and courageously pose tough questions about issues that may appear controversial but relevant to economic development and embrace objectivity to enhance progress.

Professional Accountants

a) Ensure that professional accountants understand the concept of Corporate Social Responsibility (CSR) and are willing to give generously to society and not compulsively.b) Endeavour to embrace AGI Business Code 2006 as a starting point to creating CSR strategies in Ghana.