By Emmanuel AKOMEA
President-Institute of Chartered Accountants, Ghana (ICAG), Sena Dake, has stressed the nation’s commitment to sustainability – emphasising the delicate balance between economic growth and environmental stewardship.
“Our sustainability journey is a testament to our nation’s commitment to balancing economic growth with environmental stewardship. As we navigate the complexities of global sustainability demands and local needs, the leadership demonstrated by ICAG, our regulators and the business community will continue to be crucial,” she noted.
This was underscored during a national stakeholder dialogue on sustainability reporting organised by the Institute in collaboration with the Association of Chartered Certified Accountants (ACCA) under the theme ‘Promoting the Adoption of Sustainability Standards – IFRS S1 and S2 among Ghanaian Businesses’.
IFRS S1 outlines the general requirements for a complete set of sustainability-related financial disclosures. IFRS S1 is designed to be applied in conjunction with IFRS S2, a topic-based standard specifying disclosures relating to climate.
Highlighting the importance of collaboration, Ms. Dake urged all stakeholders to work together toward a future where Ghana’s economic development is both inclusive and sustainable; therefore emphasising the need for public engagement and calling for efforts to ensure that citizens are informed and involved in sustainability initiatives
Sustainability, according to the president, extends beyond environmental protection, noting: “It is about creating a better world for future generations. It is about ensuring that our children inherit a planet that is thriving, not depleted; an economy that is equitable, not exclusive; and a society that is resilient, not vulnerable”.
The National Stakeholder Dialogue on Sustainability Reporting is the culmination of sustainability roadshows. It is aimed at deliberating on how Ghana can effectively implement IFRS S1 and IFRS S2 to support sustainability and climate-related goals. The National Dialogue also aims at empowering businesses to embrace sustainable practices and reporting guidelines.
Organisations’ commitment to sustainability reporting
A survey conducted by ICAG with its partners revealed that many organisations expressed readiness to adopt sustainability practices, motivated by increasing awareness of their significance for long-term success and investor confidence.
Although businesses expressed readiness, the findings also revealed key challenges including resource constraints, a lack of technical expertise and insufficient infrastructure to support compliance with evolving sustainability standards.
These insights have prompted ICAG to refine its approach, ensuring that businesses receive tailored support to effectively integrate these essential practices. By addressing these barriers, ICAG aims to foster a more sustainable business environment that aligns with global standards and enhances corporate accountability.
The Institute has developed comprehensive training programmes that specifically focus on the intricacies of sustainability reporting, offering businesses practical guidance on how to incorporate these standards into their operations.
Recognising the significance of a shift in financial reporting, Education Minister Dr. Yaw Osei Adutwum suggested that the education system – from universities to high schools – should adapt the Institute’s accounting curricula to include environmental reporting.
Dr. Adutwum believes that by equipping students with the necessary skills and knowledge in Science, Technology, Engineering and Mathematics (STEM), they will be better prepared to handle sustainability reporting as future accountants.
He highlighted the need for close collaboration between the Ministry of Education and the Institute to support high school students in the chartering process and integrate environmental sustainability into accounting education.
This shift in the accounting curriculum reflects a growing global emphasis on environmental sustainability and the critical role accountants play in measuring and reporting an organisation’s impact on the planet, the minister added.
