Tuesday, 23 July

Accounting, Finance and Economics: Razak Kojo Opoku writes

Feature Article
Fianace and Accounting principles

Finance, Economics and Accounting are tripartite elements of the management of every economy and resource of the State.

1. Accountant tracks the flow of money and resources. 

2. Economist tracks the larger trends that drive the money and resources.

3. Finance is about raising and managing the capital or funds for any expenditure. 

Economics, Finance and Accounting are closely related since they are concerned with the same subject matter of goods, services, businesses and individuals.

Fiscal Policy and Monetary Policy can never be successful without the combined efforts of Economics, Finance and Accounting.

Therefore, a person with a Finance or Accounting background has the right expertise to comment on the management of the National Economy because the issues go beyond an Economics Degree.

Agriculture/Farming, Technology, Digitalization, Energy/Petroleum, Tourism, Marketing, Lands & Natural Resources, Entrepreneurship, Security, Education, Real Estate, Engineering, Medicine/Pharmacy, Media, Judiciary, Procurement/Supply Chain etc are all connected to the management and sustainability of an Economy.

Ideally, the Ministry of Finance, Bank of Ghana, Ghana Revenue Authority, Ghana Audit Service and Ghana Statistical Services will require the services of persons with Finance, Accounting, Economics, Statistics, Financial Mathematics and Technology etc. backgrounds working together to achieve the common goal of economic transformation.

Source: Razak Kojo Opoku