The Community needs to provide proper training opportunities for a wider workforce, not just finance professionals, so that there are sustainable plans in delivering the economic growth in the region.
A survey done by ACCA recently showed that the level of confidence and optimism in the region is currently lower than it was yet the region is the most optimistic in the survey.
Speaking about current global economy that has affected Africa, President of the Association of Chartered Certified Accountants (ACCA) Dean Westcott said that though many African countries have been affected by inflation, there are several opportunities to be exploited in regard to investments.
[sws_blockquote_endquote align=”left” quotestyle=”style02″]To maximize the opportunities, there are a couple of things the states need to look into like the ease of doing business or the ease with which foreign companies can do business with companies here in East Africa.[/sws_blockquote_endquote]
SME the lifeblood of economy
He noted that Small and Medium Enterprises (SMEs) are the lifeblood of economies and therefore critical for them to grow to assist further economic growth of countries. However, access to finance and getting capital are some of the key issues affecting SME development hence the need for accountants to manage their cash and develop sound business plan strategies.
Westcott said that with the current global financial challenges facing businesses, there is need for expert financial advice even to assist the business present sound cases when seeking loans for investment from banks and other lending institutions.
Finance professionals in some countries were recently being blamed for the current banking crisis especially in auditing and business ethics. Westcott suggested that the sector should look at expanding the sphere of auditing and risk management systems.
He said that the role of accountants has gradually changed as they are now part of business planning and development within an organization contrary to the previous role where they only took care of finances in an organisation.