Climate change could impact cash flows for businesses – ICAG
As part of moves to mitigate the impact of climate change on cash flows of businesses, accounting professionals have been encouraged to prioritize sustainability tools in ensuring a green economy
This, the Association of Chattered Certified Accountants (ACCA) and its affiliate- Institute of Chartered Accountants Ghana (ICAG) believe will inspire investor confidence and bolster economic resilience.
Sena Dake, President of the Institute of Chartered Accountants Ghana and she made these comments at the ACCA-ICAG Sustainability in Ghana forum in Accra.
“As the world grapples with the pressing challenges posed by climate change, we as chartered accountants have a crucial role to play in guiding businesses and stakeholders. ICAG is conscious of the need for Ghana to have a green economy as a country,” she noted.
“We cannot ignore the fact that climate change will impact cash flows, access to finance, and cost of capital over various time frames. We must face these challenges head on,” she urged.
Ms. Sena Dake further outline three pointer calls for the accounting professional and society at large to resolve the threat of climate change: “We are emphatically declaring three things, first, Ghana deserves more foreign direct investments and grants to meet its sustainability development agenda, second, business leaders and stewards of both public and private investment must develop positive attitudes towards our environment and to financial management systems and third all must make conscious effort to reduce carbon emission into the environment.”
On his part the Director for Association of Certified Chartered Accountants (ACCA) Africa Jamil Ampomah also admonished the Small and Medium Enterprises (SMEs) to leverage on the benefits of the green economy to advance their businesses.
“When it comes to the small and medium enterprises, it is important to think about sustainability reporting as giving a more holistic picture of how the organization is performing so I believe that there’s an advantage for all enterprises,” he said.
He further called for government’s active participation in ensuring the standards state institutions and agencies reflect sustainable accounting.
Source: Ghana Business
