Story: Jasmine Afari-Mintah
The Minister of Finance and Economic Planning, Mr Kwadwo Baah-Wiredu, has called on professional bodies in West Africa to form partnerships to enhance the development of the sub-region.
Mr Baah-Wiredu was speaking at the opening of the first International Conference of the Association of Accountancy Bodies in West Africa (ABWA) in Accra yesterday.
The two-day conference, which was on the theme, ”Joint Venture Partnering and Strategic Alliance for Regional Development”, considered issues on effective management of cross border trading, opportunities and challenges of regional integration of professional accountant practice, global food crisis and its impact on the West African sub-region, emerging capital markets in Africa and the strengthening of African corporate governance.
The ABWA conference, which aimed to bring together accountancy bodies under one umbrella and provide a platform for discussing issues affecting the global accountancy profession, had participants from 14-member countries in attendance.
He said African countries needed to come together to transfer skills and to deploy equity for the development of sub-regional economies.
Mr Baah-Wiredu observed that as countries merged and formed alliances, they became bigger, stronger and more efficient to influence their world, saying that if African countries did not seek helpers and allies, they would be isolated and weak.
“West Africa cannot make any significant progressive in its march towards development if we do not come together,” he added.
Mr Baah-Wiredu said the theme was appropriate, and that it was time for Africans to make use of their talents to speed up the progress and development of their country.
He said the government had launched an initiative to regulate operations of business entrepreneurship in the country.
The President of the Institute of Chartered Accountants Ghana, Mrs Cecilia Nyann, said African countries needed to trade with one another in order to combat the global food crisis.
She added that West Africa had the expertise and the capital market to create good joint ventures and strategic alliances for the purpose of development and growth.
Mrs Nyann commended Nigeria for taking bold steps to operate companies in other African countries and urged other countries to create wealth within the continent.
According to her, the conference would offer opportunities to network and strengthen the links between Africans, as well as consider the formation of joint partnerships among themselves.
The Vice-President of ABWA, Dr Richard U. Uche, said his outfit would provide a forum for the professional development of member bodies through seminars, symposia, conferences and exchange of ideas.
He said ABWA was accepted as an authoritative body in accountancy and financial matters through the recognition of its members’ highest standards of competence.
A Principal Consultant of the National African Peer Review Mechanism, Mr Samuel Cudjoe, said Africa was taking steps towards the introduction of a modern system of professional services, citing accounting and auditing functions as the heart of a market-based economy.
Speaking on the topic: “Redefining and Strengthening African Corporate Governance: The Role of Professionals”, he said enterprise governance in the past had been at the forefront of enterprises and sought to broaden and deepen governance.
Mr Cudjoe noted that it was the responsibility of accountants countrywide to ensure that there was good management in the public sector.
