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Ugandan accountants have been issued a stark warning this week to embrace innovation as their profession is on the brink of obsolescence.
At the 30th ICPAU Annual Seminar at the Imperial Resort Beach Hotel in Entebbe, Dr. Peter Kimbowa, Founder and Board Chairperson of CEO Summit Uganda, delivered a blunt and urgent message, cautioning that rapid technological advancements pose an existential threat to their jobs.
Delivering a keynote address at the seminar, themed “Positioning Professionals for Sustainable Impact,” Kimbowa challenged the accountants to reflect on what their 30-year journey as a profession truly means in the "battle against ignorance and irrelevance."
The Peril of Professional Stagnation
"Growth and comfort do not coexist," he said. “You are 30 years old now, but I wonder what these 30 years mean to you in terms of battling ignorance and irrelevance.”
“In the professions that some of us come from, we do not ask a 30-year-old what degrees they hold. We ask them what they see that we don't see. The mission of today's generation is innovation and entrepreneurship”
In a direct and sobering warning, Dr. Kimbowa cited projections from the World Economic Forum, forecasting that about 90 million jobs will be wiped out by technology, with accountants being among the affected professions.
He also quoted estimations that between 60 to 70 per cent of an accountant's current functions are on the verge of being automated and rendered obsolete.
However, he also offered a glimmer of hope, noting that over 150 million new jobs will be created simultaneously, presenting a significant opportunity for those willing to adapt. The message was clear: the pain from losing traditional jobs would be accompanied by the opportunity to create new roles and add value in different ways.
“In the society we are in, we are seeing accelerating disruption driven by tech. A lot of things that needed receipts and invoicing are disappearing, and so your functions as accountants are getting wiped out,” he said.
“The accountant of the future, if you come into a boardroom, we expect more from you instead of talking about money. You will be sacked. We expect you to identify the challenges, the solutions and the impact.”
30th ICPAU Annual Seminar at the Imperial Resort Beach Hotel in Entebbe
Beyond the Numbers
Dr. Kimbowa criticised the historical approach to professional development, where degrees and certifications from decades past were still being championed.
"We are not looking for historians," he told the audience, recounting his experiences on interview panels where candidates proudly spoke of their BCom degrees from 2003.
Such credentials, he said, were no longer sufficient in a world driven by accelerating technological disruption.
The future, he argued, demands accountants who can "precisely decipher the challenges of an organisation, present strategies, solutions, and the impact they will create."
He concluded by noting that simply talking about money in a boardroom is a surefire way to get "sacked."
Kimbowa stressed the need for accountants to provide more value beyond traditional functions, which are rapidly being automated by data and algorithms.
He introduced the "1+2" concept, asserting that in addition to their degree, accountants must acquire two additional digital skills.
He cited examples from the Far East and even Nairobi, where robots are being appointed as board members, particularly in the health sector, as a testament to the new reality.
The Chief Guest, the Speaker of Parliament, Anita Among, represented by Hon Faith Nakut, echoed these sentiments, noting that sustainable impact requires a renewed understanding of sustainability—one that involves creating a legacy that lives on for generations.
She noted the rapid pace of change in ICT and AI necessitates an equally rapid evolution in how professionals learn.
The event brought together over 2,000 professionals from Uganda and across the East African region.