In a significant development for the accounting education landscape in Ghana, Central University has signed a Memorandum of Understanding (MoU) with the Institute of Chartered Accountants, Ghana (ICAG). This partnership, established under the Institute of Chartered Accountants, Ghana Act, 2020, Act 1058, is poised to elevate the education and training of accountants in the country.
The MoU, effective from 4th June 2024, covers both undergraduate and graduate accounting programs at Central University, granting students substantial exemptions in ICAG’s certification process. For undergraduate students pursuing a BSc in Accounting, the agreement provides exemptions for all Level One ICAG examination papers and some Level Two papers. This arrangement significantly reduces the number of exams required to progress through the ICAG certification process. Final year students (Level 400) can submit their academic transcripts to qualify for these exemptions.
Graduate students with MSc or MPhil degrees in Accounting from Central University also benefit from this partnership. They receive exemptions from all Level One subjects and five Level Two subjects of the ICAG Examinations. This means these graduates need only attempt five subjects to attain Chartered Accountant status.
Beyond academic exemptions, the MoU includes various collaborative efforts to enhance the accounting profession. ICAG will work with Central University in developing examinations and delivering strategies, ensuring that curricula remain current, relevant, and aligned with industry standards. Both institutions will exchange past examination questions and model answers to better prepare students for professional exams, providing valuable insights into exam formats and expectations. The partnership also includes initiatives to train examiners, enhancing the standardization and fairness of assessments and ensuring that examiners are well-equipped to evaluate students’ knowledge and skills effectively.
Additionally, Central University will grant exemptions for Levels 100 and 200 to ICAG students who have completed Level One and Level Two exams. This policy creates opportunities for ICAG students to pursue higher education at Central University.
Representatives from the two universities attended a brief ceremony to present and close the agreement, which was conducted at the ICAG premises. Prof. Stephen Abenney-Mickson, the Pro Vice-Chancellor of Central University, and Mr. Paul Akwasi Agyemang, the Chief Executive Officer of ICAG, officially signed the MoU. Present at the ceremony were Dr. Ernest Bruce-Twum, a Senior Lecturer at the Department of Accounting, in charge of accreditations at Central Business School (CBS), along with ICAG’s Mr. Patrick Mensah and Mrs. Joyce Opoku Duodu, Director of Student Services, and Director of Finance and Administration, respectively.
This strategic partnership marks a significant step forward in accounting education in Ghana, promising to enrich the professional and academic landscape that supports the development of highly skilled accountants.
