Economic Crisis and Professions: Chartered Accountants in Zimbabwe

Abstract

This study examined the effects of a declining economy on the profession of chartered accountants (CAs) in Zimbabwe. The study adopted a qualitative approach using a pragmatic grounded theory design. Primary data were obtained through in-depth interviews with five purposively sampled CAs and two key informants drawn from the professional body and an institution that trains CAs. Furthermore, secondary data were drawn from the professional body’s archives and from newspapers. Data from interviews and documents were analyzed through thematic analysis and content analysis, respectively. The study has revealed that the profession of CAs has been changing in response to the declining economy and the changes include losing its status and autonomy, increased competition from other accounting fields and compromised professional standards. It also emerged that professionals themselves engage in both negative and positive activities that enable them to survive the effects of a declining economy. Recommendations are provided for the professionals and the professional body in dealing with the impact of a precarious economy.

Covid-19 and the virtual classroom conundrum in Zimbabwean universities

“…In their study in South Africa, Fataar & Norodien-Fataar (2021) observed that digital technology has been a ubiquitous, albeit uneven, feature of educational platforms for at least 40 years, growing exponentially over the last 20. However, in Zimbabwe, technical development has been stalled by the economic crisis (Maunganidze et al, 2021) and the digital divide between developed and developing nations has become more conspicuous in the wake of the Covid-19 pandemic given that most universities in African countries have struggled to provide comprehensive online education packages during this period. Although e-learning offers prospects for social inclusion, in the Zimbabwean case, it further intensified social exclusion.…”

“…Outputs: University graduates pedagogical processes. However, for Zimbabwe, the operating environment for universities was further exacerbated by the economic crises prevailing in the country (Maunganidze et al, 2021). According to the African Development Bank (2021), before the Covid-19 pandemic, Zimbabwe's economy was already in recession, contracting by 6.0% in 2019.…”

“…In South Africa, Fataar and Norodien-Fataar (2021, p. 158) observed that "digital technology has been a ubiquitous, albeit uneven, feature of educational platforms for at least forty years, growing exponentially over the last twenty." The Zimbabwean situation with regards to digital technology appears to be different because there are hardly any institutions (urban or rural) with a sound ICT infrastructure due to the prevailing economic crisis (Maunganidze et al, 2021). Further, a study carried out in Europe by Martin et al (2021, p. 2) revealed:…”

Participatory art for navigating political capabilities and aspirations among rural youth in Zimbabwe

“…This is despite Zimbabwe's latest unemployment rate soaring to 85% as of 2014 (Rusvingo 2015). The unemployment figures have remained more or less the same over the past six years (see Maunganidze, Bonnin, and Ruggunan 2021).…”

Trajectory of Us and China Rivalry in Developing Zimbabwe

“…In 1997, The government decided to pacify the situation by awarding the war veterans a once-off payment of $50 000 in local currency which was equivalent to US$4,205 (Chipaike and Mhandara, 2013:150). Maunganidze et al (2021) argue that this was one of the misinformed economic decisions that plunged the economy into a crisis. The pressure for land redistribution continued to mount and as such the government was forced to act.…”