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The financial profession is undergoing a seismic shift. The age-old notions of bookkeeping and audit trails have given way to a dynamic era where finance leaders are pivotal in shaping strategy, driving innovation, and leading organisations into the future. During a conversation hosted by CEO East Africa Magazine, Charlotte Kukunda, Country Manager of ACCA Uganda, and Joseph Ssekabira, Associate Director at Deloitte Uganda, shed light on the evolving landscape of finance leadership.
The Expanding Role of CFOs
Traditionally seen as guardians of numbers, Chief Financial Officers (CFOs) now serve as strategic advisors and organisational architects. Joseph Ssekabira emphasised that today’s CFOs must master more than financial reporting—they must offer actionable insights, navigate technological shifts, and maintain an acute awareness of global regulatory changes.
“The role of a CFO has expanded beyond mere bookkeeping. It’s now about providing strategic foresight, ensuring operational efficiency, and guiding the organisation through uncertainty,” Joseph noted.
This expanded role explains why CFOs often rise to CEO positions. Their intimate understanding of organisational operations and their ability to craft strategies make them natural successors to top leadership roles.
Gender Inclusion: Progress and Persistence
Finance has historically been male-dominated, but deliberate efforts are turning the tide. Charlotte highlighted that ACCA Uganda has seen female membership grow from 37% to 44% over the last decade. Despite this progress, challenges remain, including cultural and societal expectations that disproportionately impact women.
“Women are naturally multitaskers, which is a strength in roles requiring attention to detail and analytical thinking,” Joseph observed. He added that women often excel in compliance, internal controls, and other nuanced areas of finance.
ACCA Uganda and Deloitte Uganda have partnered for the past eight years to bring together the CFO Awards. The awards have been instrumental in encouraging gender parity. Female participation and recognition have steadily increased, demonstrating the power of diverse perspectives in finance leadership.
The Impact of Technology
Technology is revolutionising the finance profession. From AI-driven analytics to blockchain for secure transactions, finance professionals must adapt rapidly. Charlotte stressed the importance of agility in the face of these changes.
“Finance leaders must not only adopt new tools but also foresee challenges arising from them. The next generation must be prepared to innovate while upholding ethical and regulatory standards,” she remarked.
Joseph echoed this sentiment, adding that the rise of data-driven decision-making places greater emphasis on analytical skills. “The ability to interpret and apply data effectively separates exceptional CFOs from the rest,” he said.
Learning and Lifelong Development
Professional development is essential for staying relevant in a constantly evolving field. ACCA offers a structured qualification path that transitions candidates from foundational knowledge to strategic expertise. Charlotte pointed out that ACCA’s emphasis on continuous professional development ensures that its members are always prepared for the next challenge.
The CFO Awards also play a critical role in professional growth. They provide a platform for networking, mentoring, and sharing success stories. As Joseph aptly put it, the awards “reignite the fire within professionals and inspire the next generation.”
Challenges in Finance Leadership
While the profession offers exciting opportunities, it also presents challenges. Volatility in global markets, regulatory complexities, and the need for digital transformation demand resilience and adaptability from finance leaders.
Charlotte highlighted a significant hurdle: Uganda’s lack of equal recognition for internationally acquired qualifications. “ACCA is a global passport, equipping professionals with skills that transcend borders. It’s critical for local systems to recognize this value,” she argued.
Joseph added that equipping teams with the right skills and tools is another pressing issue. “Organizations must invest in their people and technology to navigate an unpredictable environment,” he stressed.
The CFO Awards: A Catalyst for Excellence
Since their inception, the CFO Awards have spotlighted finance leaders who excel in innovation, sustainability, and strategic impact. Charlotte noted that many winners have ascended to higher leadership roles shortly after receiving recognition. For example, a recent winner became a CEO within months of being honored.
Beyond recognition, the awards foster a sense of community. They bring together professionals to share insights, mentor emerging leaders, and influence the trajectory of the finance profession.
Inspiration for the Future
As finance professionals look ahead, the message from Charlotte and Joseph is clear: embrace change, seek knowledge, and lead with purpose. The finance profession holds immense potential for those willing to innovate and inspire.
“Leadership in finance is about more than numbers; it’s about creating value, fostering inclusion, and driving sustainable growth,” Charlotte concluded.
The future of finance leadership lies in the hands of those ready to break barriers—be it through gender inclusion, technological innovation, or strategic vision. For finance professionals, the time to step up and shape this future is now.