By Mariama Jallow
The Economic Community of West African States, in short ECOWAS, and the Association of Accountancy Bodies in West Africa (ABWA) on Friday, 6 December concluded a two-day joint accountancy Congress hosted by The Gambia Institute of Chartered Accountants (GICA).
The congress, held at a local hotel in Bakau, brought together professional accountants from all the ECOWAS member states, including resource persons, to discuss issues under the theme,“Accounting for Stewardship and Sustainable Development”.
The Gambia’s Minister of Finance and Economic Affairs, Mr. Mambury Njie, was hopeful that the congress would be a catalyst for the deepening and transformation of accounting landscape in The Gambia, impacting both the public and private sectors.
In his remarks, he pointed out that the theme for the congress is in tune with President Barrow’s vision, as enshrined in the National Development Plan 2018-2021.
Njie had challenged the participants to pay attention to the judicious use of financial and economic resources to uplift the citizenry of their respective countries, based on good governance and the principles of accountability and transparency.
The Minister spoke of strives being taken by ECOWAS and its member states to promote further economic and financial integration with the view to promote trade, free movement of goods and people based on the two pillars of economic and monetary union.
The country’s Finance and Economic Affairs boss informed the Congress delegates that, it’s their belief that the potential that is embedded within intra-African Trade far outweighs the benefits currently being derived from their individual bi-lateral trade agreements with the esteemed blocs such as the European Union, USA and the Asian Countries.
“Accountants have a pivotal role to play in the realization of these major transformational initiatives to benefit our people,” he acknowledged.
Prof. Kwame Adom-Frimpong, ABWA President, pointed out that with a population of over 350 million people and many diverse natural resources, the West African economy is yet to make its mark in the global economic development space.
He argued that the economic growth rates of the various countries are insufficient to make significant reduction in poverty levels, noting that while the world has moved on from manufacturing to the export of intangible products and services as part of their strategies to create more value. But he catalogued that the sub-region still practices subsistence agriculture, exports primary products, earns little income, experiences poor savings, attracts poor investments and therefore, remains a poor sprinter in the global economic development race.
The ABWA head charged that the narrative about West Africa “should and must change”, adding that the challenge of infrastructural development and citizens’ access to the basic needs of life remains profound with the situation further worsened by leadership challenges at all levels.
Prof. Adom-Frimpong, therefore called on leaders and influencers, professionals and individuals to support good stewardship and uphold their professional and personal conducts and practices.
