Stakeholders salute strides in synchronising accounting system.

The Minister of Finance, MINFI, Louis Paul Motaze represented the public sector at the event while William Ngwa, President of the National Order of Expert Accountants of Cameroon, ONECCA, represented the private sector.

Speaking at the event, Minister Motaze said ONECCA, had raised concerns over chaos in keeping accounting books at the level of decentralized collectivities.

Government, Minister Motaze said, had long outlined guidelines that now govern the keeping of basic accounting records at the level of councils.

At the level of the central administration and related agencies, the finance minister said actions are being taken to ensure the respect of international accounting guidelines.

He said it is thanks to the reforms government had introduced in the accounting system that the international community still holds Cameroon in high esteem.

The finance minister harped that standardization of public accounting systems is not supposed to be a mechanical or technical exercise. He said it is something that must be guided by practical and applicable realities.

He announced that the public finance reform committee has come up with a new guide on accounting standards. Motaze said the rules have been introduced moving the system from cash accounting to the accrual system. 

Grey areas persist

ONECCA President, William Ngwa told journalists that worries remain in terms of comparing accounts of one different government establishments and councils.

The ONECCA President said the public sector represents a significant and very important proportion of the nation´s Gross Domestic Product, GDP. 

With such a situation, he said if accounting is not transparent and standardized, it becomes difficult for accountants to know how public money is spent and what is left.

Ngwa faulted government for always calling on the ONECCA at short notice without giving it enough time to prepare and make key observations.

He stressed that the objective of normalizing accounting systems is to make it possible for experts to compare books from establishments with international guidelines.

The ONECCA boss noted that the accounts of public sector establishments including the central bank are supposed to have uniformity.

This article was first published in The Guardian Post Edition No:3451 of Wednesday May 21, 2025