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Home » Accountants shortage ‘holds back’ economy

Accountants shortage ‘holds back’ economy

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THE Public Accountants and Auditors Board (PAAB) says Zimbabwe’s shortage of accountants is holding back its economic progress.
The country’s reported number of accountants is about 5 000, a low per capita figure relative to developed economies.
According to PAAB secretary Admire Ndurunduru, the situation is worsened by the fact that less than two percent of the accountants are registered.
“There is a positive correlation between economic development and the number of professional accountants per capita. So, the more accountants per number of citizens, the more positively related to economic growth,” Ndurunduru told a Southern Africa Association of Accountants (SAAA) annual conference and 40th-anniversary celebrations at the Troutbeck Inn in Nyanga last week.

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“So, if our economy is not growing, 4 955 professionals are servicing 15 million people, of which 50 percent are outside the country. So effectively, the ones we have in the country are maybe 2 000-2 500 servicing an economy with a population of 15 million.”
In comparison Mauritius, which has a population of about 1,3 million people, has about 5 000 accountants.
“Studies have also shown that for our economy and the size of our country, we need 30 000 professional accountants and we have 4 955. So, the space, or the need for more is there,” he said.
SAAA president Dumisani Msipa highlighted the need for greater transparency and accountability among accountants.
“It’s sad that, in our nation, where investment is needed most, too much of such investment is lost due to shadowy and secret dealings,” Msipa said.
“What we are saying, colleagues, is that strengthening the accountancy profession in the nation and region will help to combat corruption and waste. That can help curb overspending and fuel economic development and growth.”
newsdesk@fingaz.co.zw

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