Uganda’s delegation to the Fourth East African Congress of Accountants, led by Napak District Woman Member of Parliament Faith Nakuti, presented key insights to Parliament. The congress, held in Kigali, Rwanda, in April 2024, brought together over 600 accounting professionals from across East Africa.
Hon. Nakuti highlighted three crucial issues that emerged from the discussions. Firstly, she emphasized the limited access for East African accountants and auditors to provide services in neighboring countries, despite the existence of the East African Community (EAC) framework. Several nations have yet to fully open their markets to accountants from other member states. To address this, Hon. Nakut called upon the Ministry of East African Community Affairs to spearhead efforts to harmonize laws, enabling seamless service provision across the region.
Another key point discussed was the need to broaden the scope of the Institute of Certified Public Accountants of Uganda (ICPAU). Drawing lessons from Rwanda’s successful integration of accounting education, Hon. Nakut advocated for reforms to the Accountants Act. She stressed the importance of nurturing accountants from foundational levels up to CPA qualifications, thus enhancing the overall quality and number of professionals in Uganda.
Additionally, the report touched on Uganda’s participation in the Africa Continental Free Trade Area (AfCFTA). A representative from the AfCFTA Secretariat presented insights into how member countries contribute to the initiative based on their GDP. Hon. Faith emphasized the need for Uganda to evaluate its contributions and optimize the benefits of its participation in the trade area, urging the Ministry of Trade to assess Uganda’s engagement in this continental market.
The report has set the stage for further discussions in Parliament, with Deputy Speaker Thomas Tayebwa indicating that a motion for debate would be scheduled by the Rules of Procedure. As East Africa continues to strengthen its economic ties, the insights shared at the congress could play a vital role in shaping the region’s future of accounting and trade.
Hon. Nakuti expressed gratitude to her fellow delegates, acknowledging their support and cooperation throughout the congress. She also thanked Parliament leadership and the Honorable Minister of Finance for facilitating Uganda’s presence at this pivotal event.
