By Ben Musanje
Finance Minister Henry Musasizi has challenged accountants working in government to take greater responsibility for controlling public expenditure and preventing the accumulation of domestic arrears, saying their professional expertise should be reflected in the management of public finances.
Musasizi made the remarks while opening the three-day 31st Annual Seminar of the Institute of Certified Public Accountants of Uganda (ICPAU) at Imperial Resort Beach Hotel in Entebbe.
The seminar, held under the theme “Transforming Institutions and Lives for Sustainable Growth,” has brought together more than 2,000 accountants and other professionals to discuss emerging issues in the profession, public finance management and Uganda’s economic transformation agenda.
Before delivering his keynote address, Musasizi jokingly took issue with his introduction as a Minister of State, telling ICPAU members that they appeared to be using outdated information.
“You are still in 2021. 2021–2026 in the previous term. So things changed, you should upgrade,” Musasizi said, drawing laughter from the audience.
He explained that the Constitution distinguishes between a minister and a minister of state, with Article 113 providing for ministers and Article 114 providing for ministers of state.
The minister then reflected on his own journey in public service, from his background as a professional accountant to becoming a Member of Parliament, chairing parliamentary committees, serving as a deputy minister of finance and eventually becoming Minister of Finance, Planning and Economic Development.
He said his accounting background had remained an important source of confidence throughout his career.
“Wherever I have moved, the confidence I move with comes from the background of being a professional accountant,” Musasizi said.
‘Don’t allow arrears to keep accumulating’
Musasizi, however, used his address to issue a direct challenge to accountants serving in government, questioning why public institutions continue to accumulate arrears, incur budget overruns and make budget mischarges despite having professionally trained accountants.
He asked accountants in the audience to take a more active role in budget control by ensuring that expenditure is aligned with approved budgets.
“Why should we continue accumulating arrears, mischarges in the budget and budget overruns when we have accountants in government?” he asked.
Musasizi said accountants should track expenditure against budgets in real time, monitor cash flows and spending limits, and identify financial commitments before payments are made.
He particularly emphasized the need to prevent commitments from turning into domestic arrears.
“I want to challenge you that you have a role to play in the budget control. Don’t allow arrears to keep accumulating,” he said.
According to the minister, accountants should not wait until financial statements are prepared to identify problems, but should intervene during budget execution and provide early warnings when spending begins to move outside approved limits.
He recalled previous discussions around establishing an office of a budget controller to track expenditure against approved budgets, saying although the proposal did not gain the expected momentum, existing financial management frameworks can still be used to strengthen budget control.
“I think we can still use this paragraph I put here to control the budget,” he said.
Government closes 2025/26 financial year with positive balance
Musasizi also announced that government had, for the first time, closed the financial year ending June 2026 with a positive balance on the Consolidated Fund.
“I want to commend you and inform these people that for the first time, we closed the financial year June 2026 with a positive balance on the Consolidated Fund,” he said.
He credited government officials involved in public financial management for the achievement, describing their work as significant.
The minister said accountants have a role across all three stages of the national budgeting process: planning and preparation, execution and control, and accountability and reporting.
During budget preparation, accountants provide revenue and expenditure data to improve forecasting and resource allocation. During execution, they monitor expenditure, cash flows and commitments, while at the accountability stage they prepare financial statements and support auditing and accountability.
Accountants key to Uganda’s economic transformation
Musasizi said the accounting profession is critical to Uganda’s economic development because reliable financial information supports evidence-based decision-making, strengthens accountability and helps attract investment.
He said accountants have moved beyond simply recording and reporting transactions and are increasingly expected to provide insights that help institutions make better financial and strategic decisions.
“Accountants therefore play a significant responsibility that goes beyond recording and reporting financial transactions,” he said.
He linked the profession to Uganda’s 10-fold growth strategy, which seeks to expand the size of the economy to US$500 billion by 2040, with priority areas including agro-industrialization, tourism, mineral development, science, technology and innovation.
Musasizi said accountants would be crucial in monitoring progress and ensuring that financial resources allocated to these sectors translate into measurable development outcomes.
Government calls for technology adoption
The minister also urged accountants to embrace emerging technologies as the financial sector becomes increasingly digital.
He cited digital financial management systems, block-chain and artificial intelligence among technologies transforming the way financial information is generated, managed and used.
“As the world moves towards greater digitalization, accountants must embrace technology and innovation,” Musasizi said.
He pledged continued government cooperation with ICPAU in strengthening the accountancy profession, particularly in emerging areas of technology and financial management.
Musasizi also commended ICPAU for contributing to public finance management reforms and said the institute and audit firms had consistently provided technical input during the development and review of legislation.
He encouraged the institute to continue offering independent analysis and professional advice to government and Parliament.
“You are stakeholders, you have a stake in transforming the public finance management landscape in this country,” he said.
Musasizi promises accountants board representation
The minister further promised to promote greater representation of accountants on government boards.
“Whenever I am appointing boards, I will always ensure that the accountants are represented,” Musasizi said.
He argued that strategically promoting the profession would help accountants take advantage of opportunities to contribute to national development.
Musasizi also reaffirmed the Ministry of Finance’s commitment to supporting ICPAU’s new headquarters in Bukoto, saying the institute should work with the Accountant General’s Office to finalize arrangements for the ministry’s contribution towards furnishing the facility during the current financial year.
He concluded by urging participants to turn the knowledge generated during the seminar into practical actions within their respective institutions.
The ICPAU Annual Seminar is Uganda’s largest gathering of accountants and other professionals and provides a platform for professional development, knowledge-sharing and networking on issues affecting the accountancy profession and the wider economy. (For comments on this story, get back to us on 0705579994 [WhatsApp line], 0779411734 & 041 4674611 or email us at mulengeranews@gmail.com).
