ZICA Expresses Concern Over Misuse of Public Funds in Education Sector

By Francis Maingaila

Lusaka, Zambia24 (25-04-2024) – The Zambia Institute of Chartered Accountants (ZICA) has expressed concern over the Auditor General’s Report for the financial year ended December 2022, which revealed a misuse of public funds totaling over K300 million at the Ministry of Education.

ZICA President, Yande S Mwenye, noted that 3,067 schools in six provinces operated without accounting officers, some dating back to 2018.

She emphasized that, according to the Accountants Act No. 13 of 2008, Section 18 (1), only registered Chartered Accountants are authorized to practice.

Mwenye commended the Basic Education Teachers Union of Zambia (BETUZ) for raising concerns about fund misappropriation due to the absence of qualified Chartered Accountants.

She stressed the need for the government to recruit qualified accountants in secondary schools, highlighting that managing substantial resources without them poses significant risks to financial oversight.

“This shortage may lead to fund mismanagement, threatening the integrity of educational institutions,” she noted.

“The involvement of qualified accountants can improve strategic planning and financial decision-making, vital for the long-term development of educational institutions, especially with the rollout of free education and the Constituency Development Fund (CDF) initiatives.”

Mwenye emphasized that integrating financial professionals into the education sector is not just beneficial but necessary for Zambia’s educational advancement.