Central University has struck a new deal with the Institute of Chartered Accountants, Ghana (ICAG) that promises to make significant changes to accounting education in Ghana. The agreement, signed on June 4, 2024, under the Institute of Chartered Accountants, Ghana Act, 2020 (Act 1058), is set to reshape how accountants are trained and certified in the country.
Starting from this date, both undergraduate and graduate students at Central University will see a reduction in the number of exams they need to take to become certified accountants. For undergraduates pursuing a Bachelor of Science in Accounting, the new arrangement means they will not need to sit for all Level One exams and some Level Two exams required by ICAG. This change aims to reduce the burden of exams and simplify the certification process for these students.
Graduate students who have completed an MSc or MPhil in Accounting at Central University will also benefit. They will be exempt from all Level One exams and five Level Two exams of ICAG. This allows them to focus on just a few remaining exams to achieve Chartered Accountant status.
The MoU goes beyond just easing exam requirements. ICAG and Central University will collaborate on creating and updating examination content and teaching strategies to keep up with current industry standards. They will share past exam papers and model answers to help students prepare better for their exams. Additionally, the partnership will include training for examiners to ensure fair and consistent evaluations.
In another aspect of the agreement, Central University will provide exemptions for Levels 100 and 200 to ICAG students who have completed their Level One and Level Two exams. This opens the door for these students to continue their education at Central University.
The agreement was finalized at a ceremony held at ICAG’s offices, where Prof. Stephen Abenney-Mickson, Pro Vice-Chancellor of Central University, and Mr. Paul Akwasi Agyemang, CEO of ICAG, signed the MoU. Dr. Ernest Bruce-Twum, Senior Lecturer at Central Business School, and key ICAG representatives, including Mr. Patrick Mensah and Mrs. Joyce Opoku Duodu, were also present.
This partnership brings a major change to accounting education in Ghana, designed to make the process of becoming a certified accountant more straightforward and manageable.
