2025: Can Accountants Turn the Tide on Trust and Growth?

By James Mulambia

As Zambia looks toward 2025, the nation stands at a crossroads where economic recovery, sustainable growth, and the restoration of public trust in institutions are paramount. Amid this pivotal moment, the role of accountants has never been more crucial. Can they rise to the challenge and turn the tide on trust and growth? The answer lies in how the profession adapts to the evolving business and economic landscape, embracing innovation while upholding the integrity that is foundational to their work.

Economic Challenges and the Trust Deficit
Zambia, like many African nations, has faced a series of economic challenges over the past few years. These include high levels of public debt, inflationary pressures,and a fragile currency. The effects have been felt across various sectors, from agriculture to mining, which have traditionally been the backbone of the economy.Alongside these challenges, there has been a noticeable decline in public trust in institutions. Scandals involving financial mismanagement, corruption, and inefficiencies in public service delivery have eroded confidence in both private and public sector governance. The need for transparency and accountability has never been greater.

Accountants, with their commitment to ensuring the accurate reporting and accountability of financial information, are in a unique position to address thesechallenges. In a world where trust in financial systems is increasingly fragile, can
accountants restore that trust? More importantly, can they contribute to sustainable economic growth?

Restoring Trust Through Transparency and Accountability
Trust is the bedrock upon which any successful economy is built. In Zambia, there is an urgent need for financial accountability especially in government spending and in the way businesses operate. The role of accountants extends beyond balancing books; it involves creating and maintaining transparent systems that foster integrity.
Accountants can play a significant role in driving transparency by adhering to best practices in financial reporting and auditing. By ensuring that financial statements reflect the true state of affairs, accountants can contribute to reducing corruption and mismanagement. Public institutions and private companies alike can benefit from accounting professionals who help build systems that are accountable and transparent.

In Zambia, where fiscal challenges have led to public dissatisfaction, accountants have a responsibility to advocate for more rigorous and open financial management practices. In the long run, this can help restore public trust in both government institutions and private sector enterprises.

Driving Growth Through Strategic Financial Management
Growth in Zambia hinges on how businesses manage their finances and investments, and accountants are at the centre of this process. Strategic financial management is essential for the sustainable growth of businesses, particularly small
and medium-sized enterprises (SMEs), which are a key driver of job creation and economic development.
Accountants can help businesses in Zambia by offering advisory services that go beyond basic bookkeeping. Through budgeting, forecasting, and financial analysis, accountants can empower businesses to make informed decisions about expansion, investment, and cost management. In addition, accountants can provide advice on optimizing tax planning, ensuring that businesses are not only compliant but are also taking full advantage of available incentives and tax benefits.

For the Zambian economy, where formal sector jobs are scarce and the informal sector dominates, accountants can also play a key role in helping businesses transition to the formal economy. By offering guidance on financial reporting and
compliance with tax laws, accountants can support businesses in navigating regulatory requirements, reducing the barriers to formalization.

Embracing Technology and Innovation
As Zambia continues to embrace digital transformation, accountants must also keep pace with technological advancements that can streamline operations, improve accuracy, and foster efficiency. The rise of financial technology (fintech) offers accountants opportunities to use software and automation tools that reduce manual errors and offer real-time insights into financial performance. For example, cloud accounting systems, blockchain for secure transactions, and
data analytics tools can enable accountants to provide more timely and accurate advice to their clients, whether in the private sector or public institutions. These tools can also help accountants better track government expenditures and ensure that funds are used for their intended purposes.

In addition, the integration of Artificial Intelligence (AI) and machine learning into accounting practices can revolutionize how accountants identify trends, predict financial risks, and offer solutions that drive sustainable growth. Embracing these technological advancements could make accountants more effective agents of
change within Zambia’s economic landscape.

Professional Ethics and Continuing Education
As the Zambian economy evolves, the role of accountants becomes increasingly complex. With greater responsibility comes the need for continued professional development. Accountants must stay up to date with international accounting
standards, local regulations, and emerging trends to remain relevant in an ever-changing environment.
Moreover, accountants in Zambia must demonstrate the highest ethical standards in their practice. Through continuous education, ethical decision-making, and adherence to a code of conduct, accountants can contribute to the rebuilding of trust within Zambia’s financial systems.

Conclusion: The Path Ahead
As Zambia looks ahead to 2025, the challenges of rebuilding trust and fostering economic growth will require a concerted effort from all sectors of society. Accountants have a unique opportunity to influence this journey by promoting
transparency, advising on sound financial management, embracing technological innovation, and upholding ethical standards.For accountants to truly turn the tide, they must not only focus on their traditional roles of managing finances but also evolve into strategic partners who play a central role in driving economic development. By doing so, they can help create an environment where trust in financial systems is restored, and sustainable growth
becomes a reality for Zambia.

In a time when Zambia’s future depends on solid financial stewardship, the question is not whether accountants can help but rather how quickly they will rise to the challenge. The path to 2025 and beyond starts now, with accountants leading the way.

The author is a certified ZICA Accountant and an ACCA student at the strategic level.