New Report Highlights Role of Accountants in Transforming Africa’s Finances

The International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA) have joined forces to release a groundbreaking report on the crucial role of the accounting profession in transforming Africa’s finances.

The report, available in both English and French, highlights how influential accountants serving on company boards, as CFOs, and as trusted business advisors can drive sustainable economic growth in Africa. It addresses key challenges such as energy access, regional integration, rising public debt, and climate change adaptation and mitigation, which are estimated to cost billions of dollars annually.

IFAC CEO Lee White emphasized the importance of the accountancy profession in achieving transformation in Africa, stating, “We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities and enabling sustainable growth.”

The report was informed by a panel of experts at IFAC’s Professional Accountants in Business Advisory Group meeting in South Africa, which included representatives from prominent organizations such as the Brookings Institution, the African Development Bank, and the World Bank.

PAFA CEO Alta Prinsloo highlighted the significance of strengthening the capacity and influence of the accountancy profession in Africa, stating, “This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”

In addition to this report, IFAC also released a report on sustainability assurance earlier in the week, emphasizing the crucial role of professional accountants in responding to sustainability-related challenges. The organization is calling for sustainability assurance engagements to be conducted in accordance with global standards to ensure high-quality assurance.

Overall, the collaboration between IFAC and PAFA underscores the importance of the accounting profession in driving sustainable growth and prosperity in Africa, and highlights the critical role accountants play in shaping the continent’s financial future.