ACCA hosts summit on AI and the future of accountancy
The Association of Chartered Certified Accountants (ACCA) has taken significant steps to address the changing landscape of the accountancy profession by hosting the ACCA Orbit 2025 summit. This event, centered on the theme ‘AI and the Future of Work,’ was held at the UPSA Auditorium, wherein finance professionals, industry experts, and technology leaders convened to explore the implications of artificial intelligence (AI) on the field.
Col. Nobel Carl Doe Dei-Alose, the Chairperson of ACCA Ghana, provided the opening remarks and highlighted the pressing need for accountants to cultivate AI-related skills to ensure their continued relevance in a rapidly evolving sector. He noted the risks associated with failing to adapt to the integration of AI into financial processes, stating, “We need to support understanding towards engagements in functions that we should be prepared to handle. As we move forward, you will notice that you cannot avoid them.”
During the summit, a panel discussion titled ‘Will AI Take My Job?’ focused on the apprehensions surrounding the potential for automation to replace accounting roles. The dialogue underscored the perspective that AI is not a disruptor, but rather an enabler of the profession, transforming the focus from traditional data processing to more strategic advisory functions.
Akwasi Adu Boahene, the CEO of Fidelity Securities, emphasised the necessity for accountants to adapt to this transformation. He commented, “The future of accountancy is no longer about just reporting numbers but about deriving strategic value from them. Those who can interpret financial data to inform business decisions will remain indispensable.” However, he also pointed out potential challenges, such as biases in AI systems. “Trust and accuracy are the foundations of accounting. AI, when properly implemented, can enhance trust by improving data analysis and reducing human error but there must be governance structures in place to ensure AI is used responsibly. Without proper oversight, AI could be misused, eroding the very trust it seeks to build,” he explained.
Winifred Opoku-Baffour, the Assistant Vice President and Rewards and Governance Lead at Absa Bank, remarked on the efficiency benefits that AI could provide, while also acknowledging fears regarding job security. She asserted, “It is normal for people to be afraid, but that fear comes from a misunderstanding of AI’s capabilities. AI cannot replace fundamental accounting skills. Instead, it will help us be more efficient. The key is to embrace it as an enabler, not a threat.”
The summit served as a platform for finance professionals to engage in critical discussions about the future of their field in light of AI advancements, highlighting both the opportunities and challenges that lie ahead.
