VP Mnangagwa says CAs crucial in the fight against corruption

VP Mnangagwa says CAs crucial in the fight against corruption

HARARE, Vice President Emerson Mnangagwa has said chartered accountants are a key component to driving the country’s economic development as they manage accountability in various government institutions.

Officiating at the 20th anniversary of the Institute of Chartered Accountants of Zimbabwe (ICAZ) celebrations yesterday, Mnangagwa said chartered accountants were a vital constituency in driving the country’s development.

“It therefore goes without saying that no economy can grow successfully and expand competitively without the involvement of chartered accountants,” he said in a speech read on his behalf.

“You are a relevant component and a very critical constituency towards the economic growth of our country and the realisation of the goals of Zim Asset,” he said.

Mnangagwa said ICAZ was already providing assistance to various arms of government including the Ministry of Trade and Commerce in reviving distressed companies.

He said accountants were also crucial in the fight against corruption.

“It (corruption) is a cancer in both the private and public sectors that we in government have identified as a contributory factor militating against economic development,” he said.

Mnangagwa applauded ICAZ for growing its brand to be internationally recognised.

Zimbabwe’s chartered accounting qualification is recognised by similar institutions in the United Kingdom, South Africa, Ireland and Hong Kong.

ICAZ president Bothwell Nyajeka said at least 47% of the current membership is working outside the country compared to the 90’s when most members were operating in Zimbabwe.

“As chartered accountants, we believe improved financial management and good corporate governance will lead to economic growth,” he said.

He said the institution is also looking at partnering the government’s arm of the Auditor General in accounting as government and public sector have the biggest revenue and asset base.

“With improved accountability, these can turn around the economy,” he said.

A spokesperson for the ICAZ Council, Nyasha Zhou said the institution was concerned about the state of the economy and country’s apparent concentration on political issues at the expense of the economy.

“We have more people on the streets selling anything that they can find and that is not tenable,” he said.

Zhou, who is the former chief executive of Zimbabwe Stock Exchange hardware retail group, PG Industries, said there was need for government to address policy discord.

“What you see here are big brains, man and women of skills, intellect, who can be in any country in the world, but they love this country, we are ready to offer solutions that can help build this economy.,” he said.

He said the continued decline in the economy has been painful to almost everyone and more people are now in the streets selling anything. He also pointed to the collapse of infrastructure which has come as a result of economic stagnation.

He said chartered accountants were ready to assist government by any means if called upon in efforts to revive the economy.

He said CAs are concerned about the diversion that has been caused by politics at the expense of the working on improving the economy. He also said there was need for government to address policy discord and inconsistency.

“There is too much energy being spent dwelling on political issues and not on the economy, if we harness this energy towards the economy, we can achieve the Zimbabwe we want,” he said.

Financial Express

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