Mnangagwa calls on accountants to safeguard national resources

President Emmerson Mnangagwa has called on local accountants to serve as trustworthy gatekeepers of national resources in a bid to curb fraud and corruption, which continue to drain the country's finances.

Speaking at the 9th Zimbabwe Accountants Conference in Harare yesterday, Mnangagwa emphasized the critical role that accountants play in ensuring financial integrity, especially within the public and private sectors. The conference, hosted by the Public Accountants and Auditors Board, ran under the theme "Future Ready Profession: Innovate with Integrity, Sustain with Purpose."

"I challenge you, the accountants in both the public and private sectors, to be trustworthy gatekeepers of national resources. Every dollar spent must be accounted for," Mnangagwa said. He pointed out that corruption in the country is costing nearly US$2 billion annually, primarily through the abuse of national resources.

The Auditor-General's office has repeatedly uncovered instances of financial mismanagement and corruption in public entities, highlighting the lack of proper accountability in government spending. In his speech, Mnangagwa acknowledged the vital role accountants play in improving financial transparency and accountability within public sector entities.

"You are key cogs that enhance financial transparency, accountability, and efficiency in public sector entities," he said, underscoring the government's reliance on accountants to help ensure proper budget implementation, reduce corruption, and strengthen audit processes across institutions.

Mnangagwa further noted that accountants are essential architects of economic transformation, acting as custodians of both corporate and public finance, which in turn enables national development. "Whether in the private sector or the public domain, your work directly influences the efficiency, transparency, and accountability of Zimbabwe's economic activities," he added.

The President also urged accountants to play a key role in advancing the country's industrialisation, modernisation, and overall economic growth, especially by driving digital transformation and enhancing financial inclusion. "Accountants are essential in driving digital transformation, enhancing financial inclusion, and upholding corporate governance and ethical standards," Mnangagwa said.

In support of the call for enhanced professionalism, Finance Minister Mthuli Ncube highlighted the critical role of accountants in maintaining financial integrity and ensuring economic transformation. "As professionals tasked with ensuring financial probity and corporate governance, you are the backbone of Zimbabwe's financial system," Ncube stated.

Monica Mutsvangwa, the Minister of Women Affairs, Community, Small and Medium Enterprises Development, also addressed the conference, urging accountants to remain diligent in financial reporting and to uphold high standards in their practices.

The conference served as an important platform for the accounting profession to reflect on its role in promoting economic growth and ensuring the responsible management of Zimbabwe's resources. With corruption and financial mismanagement continuing to pose significant challenges to the country's development, Mnangagwa's call for greater integrity and accountability from accountants comes at a crucial time for the nation.