CHAPTER 3 - Evolution, Problems and Challenges of Accountancy Education and Certification in Ghana

Abstract

This chapter discusses the evolution, problems, and challenges of accountancy education and certification in Ghana. The need for professional associations to join together and regulate their activities was recognized in the Gold Coast by the turn of the nineteenth century. By 1948, the composition of the professional and clerical group had changed significantly. There was no African accountant but there were 29 British accountants and one German accountant. The number of African doctors had increased from three to 38, lawyers from 27 to 57, and ministries from 26 to 435. Although there was no African professionally qualified accountant in the Gold Coast until 1950, there is evidence that the significance of accounting and auditing was duly acknowledged by the Gold Coast Africans. Before the turn of the nineteenth century, there were several inhibitions against the acquisition of individual wealth. The Chief was the person who accumulated most of the wealth in the society and utilized the funds in the interest of the society. The beginning of university business education in Ghana dates to 1952, when the Kumasi College of Technology was established. The fact that this system of training was not satisfactory to the growth of the accounting profession in Ghana became a problem of grave concern to accountants, politicians, and businessmen. In fairness to the accounting profession and in the interest of Ghana, the recommendation is reiterated that the Government seriously considers establishing an autonomous educational institution to provide accounting personnel with terminal academic qualifications required for professional certification.