The African Development Bank (AfDB) and the Pan African Federation of Accountants (PAFA) have launched a $5.2 million initiative to tackle Africa’s critical shortage of qualified public sector accountants and auditors, aiming to strengthen financial management and transparency across the continent.
The project, funded through AfDB’s Transition Support Facility, was unveiled at the South African Institute of Professional Accountants House in Johannesburg.
It seeks to harmonise accounting standards across African countries, build institutional capacity and professionalise public sector accountants and auditors.
“Strong, transparent public financial management is essential for resilient economies and improved services for citizens,” said Kennedy Mbekeani, AfDB’s Director General for Southern Africa.
“Through this partnership with PAFA, we are investing in the professionals and institutions that protect public resources.”
PAFA, which represents 57 professional accountancy organisations in 47 countries, will implement the programme.
The initiative will also draw on the African Professionalisation Initiative, a collaboration involving PAFA, the African Organisation of Supreme Audit Institutions and the African Association of Accountants General.
PAFA chief executive Alta Prinsloo described the partnership as “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,” he said.
The project will roll out learning programmes, strengthen professional accountancy organisations and promote women’s participation through mentorship and training.
It is also expected to advance African Continental Free Trade Area goals by standardising qualifications and enabling skills mobility across borders.
JN/APA