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Accountants Key to Enabling Africa’s Transformation Say IFAC and PAFA

New report outlines how the accountancy profession enables transformative economic development in Africa

Jun 27, 2024 | New York, New York | English

With 12 of the world’s 20 fastest-growing economies and an economic landscape characterized by rapid urbanization, a young demographic, and abundant natural resources, Africa’s development is vital in a regional and global context.

Achieving the continent's growth and sustainable development ambitions requires the active contribution of accountancy and finance professionals, as highlighted in The Accountancy Profession Enabling Africa’s Transformation, a new report from the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA).

Launched yesterday at PAFA’s General Meeting, the report outlines how influential accountants on company boards, and as CFOs and trusted business advisers are to drive sustainable economic growth in Africa and navigate its challenges including energy access, a lack of regional integration, rising public debt, as well as climate change adaptation and mitigation estimated to cost between USD 68 and 108 billion annually.

The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa moderated by the PAIB Advisory Group Chair Sanjay Rughani, and including the Brookings Institution, The African Development Bank (AfDB), The World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank, and Investec Bank. The panel also included Josephine Okui Ossiya who provided CFO lessons from the Bujagali hydroelectric power station.

“We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change,” said IFAC Chief Executive Officer Lee White. “We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities to enable sustainable growth and build capital market efficiency and transparency.”

“By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organizations in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions,” said PAFA Chief Executive Officer Alta Prinsloo. "This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”

Learn more about what accounting and finance professionals can do to enable Africa’s sustainable transition. The report is available in English and French.


About IFAC

IFAC is the global organization for the accountancy profession dedicated to serving the public interest by strengthening the profession and contributing to the development of strong international economies. IFAC is comprised of 180 members and associates in more than 135 jurisdictions, representing millions of professional accountants in public practice, education, government service, industry, and commerce.

About PAFA

PAFA is an IFAC Network Partner, representing the accountancy profession in Africa. PAFA has 56 member organisations in 45 countries in Africa and five international affiliates. PAFA’s vision is sustainable value creation for the citizens of Africa by strengthening the capacity and influence of the accountancy profession to enhance trade, the quality of services, and trust in institutions.