Vice-President urges accountants to embrace innovation and adapt to strategic business partnerships

The Vice President, Dr. Mahamudu Bawumia, has tasked accountants to go beyond traditional roles by embracing innovation and adaptation to become strategic business partners.

Their ability to leverage technology, analyze data, and navigate regulatory landscapes, would positions them to provide ideas that would not only contribute to the financial health and success of the organizations they served, but also enhance economic growth.

“In today’s rapidly changing global landscape, the pursuit of economic growth has become inseparable from the twin pillars of innovation and adaptation.

As nations, industries, and businesses grapple with the challenges posed by technological advancements, demographic shifts, and environmental concerns, the imperative to foster a culture of innovation and adaptability has never been more critical”, Dr Bawumia stated.

These were contained in a speech read on his behalf by Mr Simon Osei Mensah, the Ashanti Regional Minister, at the opening of the 2024 annual conference of the Controller and Accountant-General’s Department (CAGD) in Kumasi.

The Vice-President observed that, although the CAGD had come a long way in using technology to fine tune and simplify its business processes, it was imperative for the Department to continue looking for ways to enhance business processes to make it more accessible to stakeholders to have the right kind of information that translated into economic gains for Ghana.

This year’s conference was held on the theme “Enhancing Economic Growth through Innovation and Adaptation.”

The two-day conference would, among other things, be used to discuss creativity and innovative strategies that would help improve revenue generation at Metropolitan, Municipal and District Assemblies (MMDAs).

It will also be used to discuss payroll improvement initiatives – dealing with the menace of unearned salaries, as well as digital transformation and technological innovation, and tax implications.

Mr. Kwasi Kwaning-Bosompem, the Controller and Accountant-General, said in the last few years, the Department had strived to pay salaries and pensions on scheduled time despite the global economic challenges, explaining that even during Covid-19 era, the institution did not relent in payment of salaries.

Again, he said, the Third-Party Reference System, an online system that allowed third party institutions to deduct at source loan payment, insurance premiums, welfare, and credit union contributions as well as hire purchase repayment from salaries of the Government of Ghana employees had been improved significantly.

This, he said, had prevented fraudulent transactions from employee’s salaries and addresses issues relating to wrongful deductions.

Source: GNA