UG, ACCA sign MoU to enhance accounting education in Guyana

The University of Guyana (UG) and the Association of Chartered Certified Accountants (ACCA) on Monday signed a Memorandum of Understanding (MoU) aimed at advancing accounting education and professional development in Guyana.

UG has secured a major boost for its accounting students after its Bachelor of Accountancy programme received international accreditation, granting graduates exemptions from four ACCA examinations and creating a streamlined pathway toward earning one of the world’s most respected professional accounting qualifications.

The accreditation places the university among a select group of accredited institutions across the Caribbean and, under new arrangements expected to take effect by 2027, will allow graduates to complete only three remaining strategic-level ACCA papers before qualifying, while also becoming eligible to earn the ACCA Diploma in Accounting and Business alongside their bachelor’s degree.

Speaking at the ceremony, Education Minister, Sonia Parag addressed the significant role that accountancy graduates will play in supporting Guyana’s transformation and continued development.

“So you do get that difference, and I believe that is why it’s beneficial because it’s giving you that entire package. There is a huge difference for those who are doing accountancy, and they’ll tell you that it is now going to give you the entire picture because you’re going to have all of the papers that are necessary when you’re doing ACCA, now with the double award. So that’s fantastic, and it is something that is quite meaningful for the transformation because any country that is transforming at the pace that we are transforming also has to have the qualifications to match. You also have to have education, which is the core of any nation’s development, moving at a pace that matches your transformation.” Parag noted that the initiative would not only benefit students entering the programme but would also strengthen Guyana’s ability to manage its resources effectively and serve as an example to other oil-producing nations. She pointed out that many countries have faced challenges due to the mismanagement of oil wealth and stressed the importance of having qualified and properly trained professionals to support sustainable development.

“This isn’t just for the benefit of those who are going into the programme, but it will definitely help us to manage our country in a way where we will be an example for the rest of the oil-producing nations. Oftentimes, we hear about how oil wealth can be squandered or mismanaged, placing a country in a very difficult position despite having such a fantastic opportunity. Managing it and utilising the qualifications and training needed for that is very, very important. This is something that I would not have wanted to miss. It is something that I’m extremely happy to be a part of, and I thank all of those involved — the Association of Chartered Certified Accountants, the University of Guyana, and, of course, our own Ministry of Education — for collaborating and making this happen within a short space of time.”

Meanwhile, Vice-Chancellor (VC) Professor Paloma Mohamed-Martin revealed that the initiative aligns with the President’s goal of ensuring that individuals are not only capable of performing jobs competently but are also properly certified to do so. “We have young people in this country, and we want them to be able to operate in professional spaces as quickly as possible, but also as robustly as possible. We don’t want people trying to do things for which they are not qualified and not properly trained.”

Meanwhile, ACCA President Melanie Proffitt highlighted that the initiative is the first of its kind in Guyana and was designed to equip students with the skills and knowledge needed to succeed in an evolving professional environment. “It is an opportunity for national development. This signing reflects exactly that. Guyana is experiencing one of the most dynamic periods of growth anywhere, and with that growth comes increasing demand for skills, professional development, and expertise. This is where this partnership becomes important. ACCA’s role is to complement that work by bringing global standards and global pathways that help students connect to the wider world. Through this MoU, we are strengthening that bridge.”