The African Development Bank (AfDB) and the Pan African Federation of Accountants (PAFA) have launched a $5.2 million initiative aimed at addressing the continent’s shortage of qualified public sector accountants and auditors.
The project, Strengthening the Pan African Federation of Accountants and PFM Resilience in Africa, was officially launched on November 26 at the South African Institute of Professional Accountants (SAIPA) House in Johannesburg.
Its goal is to harmonise professional accounting standards across African countries, enhance the capacities of professional accountancy organisations, improve financial reporting in transition states, and professionalise public sector accountants.
Kennedy Mbekeani, Director General of AfDB’s Southern Africa Regional Development and Business Delivery Office, said: “Strong, transparent public financial management is essential for resilient economies and improved services for citizens. Through this partnership with PAFA, we are investing in the professionals and institutions that protect public resources.”
PAFA, chosen for its pan-continental reach with 57 member organisations across 47 countries, will lead implementation. Alta Prinsloo, PAFA CEO, emphasised the initiative’s impact on transparency, governance, and institutional capacity, noting it will also boost women’s participation through mentorship and training programs.
The initiative aligns with broader continental goals, including the African Continental Free Trade Area (AfCFTA), by promoting standardised professional qualifications and enabling skills mobility, thereby enhancing recognition of Africa’s financial professionals across borders.
The $5.2 million in funding is provided as a grant through AfDB’s Transition Support Facility, reinforcing the Bank’s commitment to strengthening Africa’s public financial management landscape.
