The Association of Chartered Certified Accounts is lobbying for the launch of a capital market in Ethiopia said Martin Turner Vice President of the ACCA.
The ACCA will consult with Ethiopian policy makers and regulators to support the establishment of a capital market in Ethiopia he said.
Ethiopia will need access to capital if the country is to grow its presence on the international stage according to Turner. The country could gain access to capital in many ways but a capital market is a very important element he noted.
The absence of accountants and ACCA students in the country is a part of the problem and more needs to be done to allow Ethiopia to catch up with other countries said Turner.There are just 300 qualified accountants and only 3000 ACCA students in the country while there are 10500 qualified accountants and 80000 students in the rest of Sub-Saharan Africa he added.
One of the aims of the ACCA representatives is to promote accountancy and they are meeting with businesses and employers to raise awareness on the role of accountancy within their organizations and contributing to the increasing value accountancy has in the country said Turner.
Both factors, the capital market and the accountants, will contribute to increasing the capital access of businesses and towards developing the national economy added Turner.
ACCA currently has more than 150000 members in 170 countries across the world and more than 432,000 ACCA students in those countries.
Source: The Reporter
