Mr Seth Tekper, Deputy Minister of Finance and Economic Planning (MOFEP), on Wednesday called on the Institute of Chartered Accountants, Ghana,(ICAG) to develop professional standards for the emerging oil and gas industry.
He expressed the hope that the standards would tackle issues such as tax evasion in complex transactions and transparency in order for the country to derive maximum benefits from the expected oil revenue.
Mr Tekper made the call when addressing the opening session of this year's Accountants Conference in Accra.
The two-day event is part of the Accountants Week celebration under the theme: "Accountants: Sustaining Value Creation."
He urged the participants, mainly accountants from various institutions, to discuss ways to enhance the capacity of Microfinance and
Small Loans Centre, Venture Capital and Export Development and Investment Fund in order for the corporate entities to fully support businesses and
small-scale enterprises.
Mr Tekper said rapid change had been the main characteristic of the environment in which professional accountants worked, adding "accountants are now expected to serve the needs not only of investors and creditors but also the information needs of many other users of financial and non-financial information.
"The value of the modern day accountant depends on the ability and willingness to accept responsibility for meeting these challenges," he said, adding that it was the responsibility of ICAG to ensure that its members were equipped to fulfil the responsibilities.
Mrs Cecilia Nyann, President of ICAG, said it had become increasingly important to harness the expertise of seasoned professional accountants to shape the upcoming generation of professionals to avert the failure of businesses and dire consequences for economies worldwide.
"Once the mentoring process has been re-engineered and put in the right perspective, it should translate into the effective management of the assets of corporate institutions, district assemblies, universities, legal and accounting systems," she said.
She expressed the hope that participants would make meaningful contributions to make the country's institutions "become building blocks for
economic development."