It will absorb services presently provided by Institute of Government Accounts of Finance and Institute of Public Finance and Development Authority.
"The academy is being set up taking into consideration the inadequacy of training facilities in public finance, accountancy and taxation which are acutely felt needs," Rambukkwelle told a news conference.
"A massive development drive is being planned and accounting is an area that has to be geared to meet these requirements, sophistication has to be brought in."
The island is recovering from a 30-year ethnic war which ended in May 2009 and economic growth is picking and forecast to hit seven percent this year.
Rambukkwella said the civil administration has to be revamped and strengthened to meet the needs of the future.
"In the next four years we hope to have an accelerated development programme. The 30-year-old system we are used to is too slow. We need to have a stronger public service and accounting service."
The proposed academy will provide training facilities to officers in the Ministry of Finance and Planning, including those attached to accountancy service and planning service and officers of the Inland Revenue Department, Customs Department and Excise Department.