The Institute of Certified Public Accountants of Uganda (ICPAU) has committed to make any contribution that is necessary to ensuring effective implementation of the coming budget for the FY2017/2018.
Derik Nkajja, the chief executive officer of the ICPAU said accountants are partners in the budget making process and cannot run away from its implementation.
As a step to demonstrating this promise, the professional body in partnership with PKF Uganda and Deloitte & Touche held their 18th national budget breakfast meeting on June 12 at Imperial Royale Hotel in Kampala in which over 200 people including top accountants took part.
The meeting aimed at breaking down and discussing priorities of the new budget that was read on June 8 by Finance Minister, Matia Kasaija.
Kasaija was the chief guest at the meeting. He applauded the accountants for the role they are playing to support the turning around of the economy of Uganda that is expected to grow at less than 5% projected growth rate this financial year.
“We cannot continue talking; talking without taking action; time is not on our side; if everybody can join…accountants, researchers, extension officers…we shall turn this economy around,” Kasaija said.
Out of the Shs 29 trillion, approx. 30% of it is planned for development expenditure and under two sectors – works and transport and energy and mineral development as government chases first oil and middle income status by 2020.
Ramathan Ggoobi, a senior economist and lecturer at Makerere University Business School, who was a panelist at the meeting, however said that the budget strategy needed to pay more attention to drivers of short term growth so as not to compromise the much needed economic growth.
“If I were in charge of finance I would get one trillion from works and transport and put it in short term growth for this year and next year as I also do other projects which are connected to production like oil roads, dams,” Ggoobi said, adding but I would not add on other roads which are just political roads because people have asked for them.”
— The Independent (@UGIndependent) June 9, 2017