Sejjaaka said the world is changing and this could be good or bad for socioeconomic and political situations depending on how each country responds, but that the unprecedented times would not be reversed by lamenting but by good policy.
Planning and strategising will
help move around the current global social, political and economic turbulence,
government and corporations are told.
"Yes, these are turbulent
times, but they’re also times of great opportunity," said CPA Ronald
Mutumba as he addressed the 3rd C-Suite Forum, featuring top level executives
in the accounting professions, on the theme: Driving Transformative Change in
Unprecedented Times.
The forum organised by the Institute
of Certified Public Accountants of Uganda was aimed at discussing the effects of,
and proposing possible solutions to the geopolitics, unilateralism and other
factors that threaten the stability of economies is left to escalate.
Mutumba, the Vice President of the ICPAU
Council the current situation calls for careful transformation, which has to be
intentional by the leaders.
There are fears that these global
changes could have effects on social services and even businesses unless they
are tackled carefully, and ICPAU says the professional accountant, especially Chief
Finance Officers have a role to play in protecting the corporate world.
Veteran accountant and economist, Prof.
Samuel Sejjaaka called said the only solution is being agile, which he said was
no longer optional but a core business survival skill.
“Whether you are a CEO or CFO, your
ability to shift gears, rethink strategy, and act with urgency will determine
your organisation's fate,” he said, adding that the leaders who thrive are
those who can combine foresight with rapid, effective execution.
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Sejjaaka said the world is changing
and this could be good or bad for socioeconomic and political situations, depending on how each country responds, but that the unprecedented times would
not be reversed by lamenting, but by good policy.
Immediately after Donald Trump assumed his
second presidency of the US in January this year, he started implementing his campaign
promises that touched on foreign aid, illegal immigrants and trade tariffs,
among others.
Some countries have met export tariffs
of more than 100 percent, with others threatening and executing retaliatory
measures, leading to a hike in commodities and a slowdown in trade in some cases.
However, there are other similar but
unrelated events in other countries and regions, including in Africa and East Africa
in particular.
Sejjaaka says countries like Uganda
must therefore put in place policy measures to counter the effects of such current
and similar future developments.
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Yet, according to him, corporations
are also facing changing consumer or customer behaviour. This means that they
dictate what a business will offer and how, which means that the businesses
have to be ready to evolve at any time.
“Today’s clients are informed,
opinionated, and impatient. They value fast solutions and expect ethical,
responsible business practices. If your leadership isn’t adapting to this
reality, you’re falling behind,” he said.
Quoting a recent interview by former
UK Prime Minister, John Major, Sejjaaka warned that the for the world to look
on as some countries claim territories of others, as well as the declining
democracies in some countries, a bad precedent is growing, and leaders must start
being as strategic as possible.
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While advising the business world on
how to survive hard times, Patrick Ayota, the Managing Director at the National
Social Security Fund, said being strategic in management was more important
than before.
Ayota warned against complacency in
innovation and planning, adding that a business’s perception is a result of the
strategies made three years back.
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One of the shortcomings of
businesses, according to Ayota, is the failure by them to listen to what is
coming from the market and respond to it.
He gave the example of the
government’s amendment of the NSSF Act that allowed people to access their
savings under the Mid-Term Access policy, which also came just as businesses
were trying to manoeuvre the effects of COVID-19.
Fortunately for the Fund, the outflow
of money was not as huge as expected.
He also hails the government
decision to leave the Fund out of the privatization process, which he said, would
have killed the retirement benefits sector.
Giving the example of how the
developments in Kenya over the last three years have affected markets, Ayota
said quick strategic thinking made the fund survive the turbulence there.
