A new five-year strategic plan for Certified Public Accountants of Rwanda (ICPAR) has been unveiled as part of broader efforts to take professional accountancy in the country to the next level.

During the launch of the blueprint on Tuesday, Claver Gatete, the Minister for Finance and Economic Planning, reiterated the need to urgently develop professional accountancy in the country.

"We need professional accountants because we can’t develop without a functioning system of accountability. We have to make sure we have a good system of accountability to grow our economy sustainably,” he said.

"Initially, we needed professional accountants at the central government level, now we need one at every sector.

In the private sector, every company also needs to have a professional accountant. We are moving fast and we have no choice but to adjust,” added the minister.

He commended ICPAR for a "job well done” thus far and reassured them of government’s support "because we know the importance of having professional accountants both in government and private sector as we march towards Vision 2020.”

The ICPAR strategic plan will focus on promoting the accountancy profession, fully engaging and regulating members, attracting new members, among others.

Mkombozi Karake, the ICPAR head, said the plan will help the country increase the number of its professional accountants, adding that Rwanda currently has one accountant for every 30,250 people.

He gave an example of countries that have developed the profession, such as Mauritius, which has one accountant per 1,525 people, and the UK with one per 222 people, adding that Rwanda targets one accountant for 2,000 people in 10 years.

The programme was designed by Association of Chartered Certified Accountant (ACCA) with support from the International Federation of Accountants (IFAC).

Partnership agreement

Meanwhile, on the sidelines of the launch, ICPAR signed a partnership agreement with the Association of Chartered Certified Accountants (ACCA), a UK professional accountancy organization.

Under the ten-year partnership deal, they expect to establish a framework for transparent collaboration on current and future needs.

"This agreement is very important because we are partnering with somebody who cares about the development of this profession”, said Mkombozi.

Jamil Ampomah, the director of ACCA for sub-Saharan Africa, said the partnership will help develop the profession in the country.

"We are committed to working together as partners to accelerate the development of this profession in Rwanda”, he said.

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