ICAG and ACCA lead charge for increased foreign investment in sustainability
In a resounding call to action, the Institute of Chartered Accountants Ghana (ICAG) and the Association of Chartered Certified Accountants (ACCA) have joined forces to advocate for an upswing in foreign direct investments (FDI) in sustainability for the country.
Speaking at the ACCA-ICAG Sustainability In Ghana Programme on Thursday, July 20, 2023, Sena Dake, the esteemed President of ICAG, highlighted Ghana’s peaceable environment and its commendable financial management capabilities as catalysts that should foster an air of confidence in both the nation and its investment system.
This positive sentiment, she argued, ought to resonate among foreign investors and spur a transformational shift towards sustainable business practices in the region.
At the heart of this advocacy lies the urgent need for a shift in attitudes towards environmental issues and financial management, involving not just governments and corporations but also households. Ghana’s abundant natural resources present an opportunity for prosperity, provided that they are utilized responsibly and with an eye on environmental sustainability.
Ms. Dake firmly urged businesses and organizations to embrace this ethos and proactively manage their resources, recognizing that higher income and wealth are not solely dependent on the scale of investment but are equally influenced by the prudent and judicious use of limited resources.
“We must encourage an attitudinal change, fostering a collective responsibility towards environmental preservation, leveraging our natural assets for sustainable development,” Ms. Dake passionately stated during her address. “For Ghana to progress towards a greener future, energy consumption must be reduced, waste minimized, and a culture of sustainability instilled in every stratum of society. Let us join hands, for when we act together, the journey towards sustainability becomes less arduous and more attainable.”
The ICAG President further underscored that Ghana’s pioneering role in sustainability advocacy is fortified by the International Federation of Accountants (IFAC), which has established the International Standards Board for Sustainability (ISSB). This visionary system aims to harmonize reporting standards on sustainability, providing organizations with comparative insights into similar businesses within their industries.
By following these standards, entities in the mining sector, for instance, can assess their sustainability requirements vis-a-vis their counterparts, facilitating transparent benchmarking and the voluntary adoption of criteria set forth by their policies or multinational affiliations.
For Ghana, the journey toward sustainability is not just a localized pursuit but a pathway to global recognition and economic growth. Foreign investors, buoyed by the harmonized reporting standards and the nation’s commitment to responsible environmental practices, are likely to view Ghana as an appealing investment destination. A reputation for sustainability and ethical financial management can fortify Ghana’s position as a prime player in attracting foreign capital.
The ACCA-ICAG Sustainability In Ghana Programme served as an instrumental platform for fostering dialogue, knowledge-sharing, and networking among chartered accountants and stakeholders, all of whom hold key roles in shaping Ghana’s sustainable trajectory.
By leveraging their expertise, the accounting community can become the linchpin that steers the nation towards an era of heightened sustainability, accountability, and inclusive growth.
