AfDB, Pan African Federation of Accountants launch $5.2 million initiative to professionalise African accountancy sector

The African Development Bank Group (www.AfDB.org) and the Pan African Federation of Accountants (PAFA) have launched a $5.2 million institutional support project to address a severe shortage of qualified public sector accountants and auditors across Africa.

The launch event was held on 26 November at The South African Institute of Professional Accountants (SAIPA) House in Johannesburg.

The Strengthening the Pan African Federation of Accountants and PFM Resilience in Africa project aims to harmonise professional accounting standards, tools, and practices across African countries, build the institutional and professional capacities of professional accountancy organisations, improve financial reporting quality in transition states, and professionalise public sector accountants and auditors. The $5.2 million in funding will come in the form of a grant provided by the Bank Group's Transition Support Facility.

"Strong, transparent public financial management is essential for resilient economies and improved services for citizens," said Kennedy Mbekeani, Director General of the Bank's Southern Africa Regional Development and Business Delivery Office, following the launch. "Through this partnership with PAFA, we are investing in the professionals and institutions that protect public resources."

The Bank Group chose PAFA as project implementing partner because of the umbrella group’s unrivalled pan-continental reach. It has 57 professional accountancy organisations as members across 47 countries. The partnership will also harness the African Professionalisation Initiative, a collaboration between PAFA, the African Organisation of Supreme Audit Institutions (AFROSAI) and the African Association of Accountants General.

Alta Prinsloo, PAFA’s CEO, said: "This partnership with the African Development Bank is a decisive step towards strengthening Africa's public financial management landscape. By investing in the professionalisation of accountants and auditors, we are building the skills, institutions, and standards that enable transparency, trust, and effective governance. PAFA is proud to lead this work with our partners across the continent."

Additionally, the project to address this pressing challenge will implement learning programmes, enhance the institutional capacity of Professional Accountancy Organisations, and boost women’s participation in the profession through targeted mentorship and training.

The initiative is also expected to advance strategic goals, including an African Continental Free Trade Area target of standardising professional qualifications and skills mobility, enhancing recognition of the credentials of Africa's financial professionals across borders.

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