Accountants urged to embrace technology to remain relevant
Uganda's Minister of Finance has urged accountants to adopt modern technologies like AI and blockchain to improve financial transparency and efficiency. This shift is framed as essential for supporting the country's 10-Fold Growth Strategy to reach a $500 billion economy by 2040.
Why it matters
Digital transformation in the accounting sector is increasingly viewed as a critical driver for national economic development and fiscal accountability in emerging markets.
Accountants in Uganda have been urged to embrace technology and innovation to improve efficiency, strengthen accountability and remain relevant in the rapidly changing accounting landscape.
The call was made as accounting professionals reflected on emerging issues in the profession and their role in supporting economic and financial decision-making.
Speaking during the 31st annual seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Resort Beach Hotel in Entebbe on September 2, the Minister of Finance, Planning and Economic Development, Henry Musasizi, said technology was increasingly shaping the profession.
As the world moves towards greater digitalisation, Mr Musasizi said accountants must be prepared to adopt new technologies and innovative ways of working.
"Digital financial management systems, blockchain, artificial intelligence, and other emerging technologies are changing the way financial information is generated, managed, analysed, and used," he said.
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