Accounting and finance professionals across Africa convened in Accra on April 16, 2024, for a hybrid forum organized by AICPA & CIMA, the world’s largest accounting membership body, to address rapid shifts reshaping their field.
Titled Future of Finance 2.0 Breakfast, the event highlighted the growing influence of technology, environmental, social, and governance (ESG) frameworks, and dynamic workplace demands on financial decision-making.
Andrew Akoto, Country Manager at KPMG Ghana and a Chartered Global Management Accountant (CGMA), opened discussions by outlining how digital tools like AI and blockchain are streamlining financial operations. He emphasized that ESG integration is no longer optional but a strategic imperative for organizations aiming to attract investment and comply with global standards. “The profession must evolve from traditional number-crunching to driving sustainable value,” Akoto said.
Tariro Mutizwa, Vice President for Africa at AICPA & CIMA, stressed the need for professionals to update their skills to lead in a competitive environment. “Our role now extends beyond compliance to shaping organizational resilience,” she noted, urging attendees to leverage certifications like the CGMA qualification to stay ahead. Paul Aninakwah, the body’s Ghana Country Director, echoed this, citing the event’s focus on equipping members to “navigate tides of change with confidence.”
The forum also addressed Africa’s unique challenges, including uneven digital infrastructure and regulatory fragmentation. Participants explored solutions such as cross-sector partnerships and localized ESG metrics tailored to African economies. Government representatives highlighted ongoing efforts to align national policies with international sustainability frameworks, while corporate leaders shared case studies on automating financial workflows to reduce costs.
AICPA & CIMA’s push for upskilling reflects broader industry trends. A 2023 World Economic Forum report projected that 44% of accountants’ core skills will be disrupted by automation by 2027, necessitating a shift toward analytical and strategic roles. In Ghana, where the finance sector contributes over 10% of GDP, professionals face dual pressures: adopting technology while addressing climate-related risks, such as fluctuating agricultural revenues tied to export economies.
The event underscored the profession’s pivotal role in Africa’s development, particularly as governments prioritize green financing and youth employment. With the continent’s median age at 19, initiatives like AICPA & CIMA’s CGMA program aim to prepare young professionals for leadership in a digitized, sustainability-driven marketplace. As global investment flows increasingly hinge on ESG compliance, Ghana’s finance sector could serve as a regional benchmark for balancing innovation with inclusive growth.
