The collaboration between Institute of Chartered Accountants, Ghana (ICAG) and Association of Chartered Certified Accountants (ACCA) began at the inception of the institute shortly after the it was established by the Act of Parliament, Act 170, Act 1963. Among the founding members who joined under the Act were professional accountants with ACCA qualifications.
As members of International Federation of Accountants (IFAC), ICAG has enjoyed a good working relationship with ACCA members and their local office in Ghana. In the past, there have been joint efforts at organising training programmes on relevant issues relating to the accountancy profession and generally on the future of the profession as a capacity-building initiative. The intention had been to synergise by sharing knowledge and expertise across a broad spectrum of subjects based on the strengths of both parties.
It is, therefore, quite opportune that the leadership of the Institute of Chartered Accountants, Ghana, at the just-ended Pan-African conference, reached an agreement with ACCA Global to revamp the existing collaborative arrangement.
Based on this, the President of ICAG signed a Memorandum of Understanding (MoU) with ACCA’s Global leadership. The MoU came into force on 18th May, 2023 and outlined the following key objectives:
- Understand each other’s future membership development and nurturing approaches and processes;
- An initiative that acknowledges and recognises members of both parties;
- Partner to deliver joint research projects on thematic areas on sustainable development and growth of the accountancy profession in Ghana and on the continent;
- Share knowledge on emerging and developing trends that strengthen the qualification of both parties;
- Jointly promote learning products of both parties to members and stakeholders using co-branding. For example, joint initiatives to upskill members of both parties through continuous professional development programmes, among others; and
- Explore the opportunity to establish a joint platform that showcases the work of both parties, all in the bid to promote the accountancy profession locally and continentally.
These initiatives are intended to be pursued and renewable annually. The implementation process will include the development of a work plan that will define the scope of work involved and applicable timelines. The MoU recognises the need for each PAO to safeguard their intellectual property. Any intellectual property developed under this agreement will, therefore, have joint ownership. This will encompass the use of logos, trademarks, copyright materials, etc.
It is expected that both parties will adhere to the clauses indicated in the MoU without any breaches in the bid to strengthen the renewed partnership between the two PAOs.
Norman G. Williams, Head of Cluster for West and Central Africa at ACCA, said this collaborative effort comes at a time where demand for highly skilled professional accountants is on the increase globally in all sectors – including government and audit – with a fresh focus on transparency, accountability, and value for money where many developing countries are uncertain about the best way to effectively manage these trends. The MoU thus becomes very important to ACCA as it works to support ICAG in its bid to develop the profession in a more sustainable way in Ghana.
Sena Dake, the President of the Institute of Chartered Accountants, Ghana (ICAG), welcomed the collaboration between the two accountancy institutions and indicated that the collaboration could not have come at a better time, when countries in Africa, including Ghana, are going through some economic difficulties due to various internal and external factors which require the professional accountants to stand up and play key roles in ensuring stability in business and the economy.
She reiterated that as the regulator of the accountancy profession and practice in Ghana, ICAG is committed to deepening partnerships that will promote the accountancy practice in the country and prepare responsible future ready accountants. This partnership is important to the institute because it feeds directly into the institute’s theme for its 60th anniversary celebration, which is ‘Promoting Sustainability, Deepening Trust and Nurturing Partnership’.
