By Joan Abaasa
Communications Officer - ICPAU
Accountants have been urged to uphold integrity, embrace transparency, and act as stewards of the country’s socio-economic development by building moral and professional bridges for future generations.
This message was delivered by Prof. Augustus Nuwagaba, Deputy Governor of Bank of Uganda and a renowned development economist, during his keynote address at the 3rd Public Financial Management (PFM) conference held at Imperial Resort Beach Hotel, Entebbe on 23 April 2025.
Prof. Nuwagaba emphasised the importance of doing good, trusting in God, and living by moral principles, stating that these values are essential for building a better future for children and the nation at large.
“As accountants, you must be transparent, declare the right information, and account not just for finances, but for the resources—natural, industrial, and human that sustain our economy,” he said.
The conference, organised by the Institute of Certified Public Accountants of Uganda (ICPAU), aimed to foster dialogue on effective public finance management systems for sustainable service delivery.
Prof. Nuwagaba commended ICPAU for its leadership in convening professionals to address critical issues in PFM and noted the strategic role accountants play in advising government on policy, budgeting, and implementation processes.
He challenged accountants to move beyond traditional practices focused solely on financial statements and adopt a value-for-money approach that ensures public resources are used efficiently and effectively.
“We must shift from merely compiling management and financial accounts to ensuring that government investments yield real results. It is about results, impact, and service delivery,” he remarked.
Prof. Nuwagaba also addressed the need to strengthen accountability systems and digital infrastructure to match global standards. He cited the central bank’s ongoing efforts to modernise financial systems through initiatives such as the Electronic Funds Transfer (EFT), Bank of Uganda’s switch systems, and the exploration of Central Bank Digital Currencies (CBDCs).
He expressed concern over superficial economic growth that does not translate to real development and warned against a culture of “growth without transformation.” He urged participants to undertake training, adopt innovative technologies, and expose themselves to global practices to enhance local systems.
“We need to invest in knowledge, skills, and digital transformation to make Uganda globally competitive. Go to countries like the Netherlands, learn how things work, and implement those lessons back home,” he advised.
Prof. Nuwagaba also made a moral appeal to professionals to shun corruption, resist greed, and remember their duty to the next generation. Quoting scripture, he reminded the audience that actions done in darkness will eventually come to light and encouraged all professionals to live and work with integrity.
In closing, he stated that Uganda is growing and that as a society we must grow with it by doing what is right and serving honourably, noting that the accountancy profession must stand at the forefront of that transformation.
Partnering organisations include National Identification and Registration Authority, National Agricultural Regulation Authority, PostBank, Electricity Regulatory Authority and MTN.
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