Associate of Chartered Association and Certified Accountants deputy president Barry Cooper talks to representatives from industry executives, financial services, regulators, audit companies and the media on the value of policymakers and accountancy in championing the value of disclosure and assurance. Some members of the ACCA global governing council had a three-day visit to Tanzania this week designed to gain further insights about the regional economies and share lessons to support financial deepening. (Photo: Guardian Correspondent)

Emerging capital markets are playing an increasingly vital role in the global economy as they open up international supply and lower costs of capital.

The view was shared yesterday in Dar es Salaam by Prof. Barry J Cooper the Deputy President the Association of Chartered Certified Accountants (ACCA). The professor was speaking during a meeting among the company’s executives, audit companies, regulators other representatives from the financial services sector.

ACCA firmly believes that capital markets promote economic development and growth by allowing firms to tap into large international saving pools and access necessary finances.

“We believe that capital markets allow the most promising firms both large and small to source funds more cheaply and reliably than would otherwise be possible. In order to achieve this goal these firms need access to reliable financial information, which will largely depend on the skills and abilities of professional accountants” he noted.

He would like for policymakers and accountants to champion the value of disclosure and assurance. Such a move will increase investor confidence and set ground for a broader disclosure landscape in the future.

Method Kashonda, senior partner at Globe Accountancy Services, Chartered Certified Public Accountants and Certified Auditors Financial Management and Tax Consultants, reminded the attendants of a long and strenuous history, starting from the 1970s, the rekindling, when critical mass of membership (100 members) was attained in 2001.

“However, due to bureaucratic huddles, the dream did not become true until the 30th of January in 2004 when the ACCA Branch in Tanzania was registered under the societies Ordinance of 1954...” lamented the all around influential figure and on a lighter note added “…we celebrated the event and launched the branch on May 7th 2004. It was also the ACCA centenary year and we celebrated the anniversary in good cheer.”

Meanwhile, Manager, Research and Market development of the Dar es Salaam Stock Exchange Mohamed Kailwa is of the impression that “…securities exchange should be the natural sources for capital at every stage of development…” and that “…it’s appropriate that they make provision for younger companies as well…”

The manager laid out their future plans, “…we are expecting to launch an alternative market segment to cater for Small and Medium Entrepreneurs (SMEs)…” The segment to be known as EGM,will supposedly neatly fill the financial gap and provide smaller companies with much needed capital and hence facilitate smoother growth.

Then he summed up the relevancy of SMEs saying they are “…significant players for economic growth, creating employment, fostering equity and even ensuring good governance.”