The African Development Bank (AfDB) and the Pan-African Federation of Accountants (PAFA) have launched a $5.2 million institutional support project to address the severe shortage of qualified accountants and auditors in the public sector across Africa.
According to a statement released by the bank, the launch event was held on 26 November at the South African Institute of Professional Accountants (SAIPA) headquarters in Johannesburg, South Africa.
The project, Strengthening the Pan-African Federation of Accountants and Public Financial Management Resilience in Africa, aims to harmonize accounting standards, tools, and professional practices across all African countries, develop the institutional and professional capacities of professional accounting organizations, improve the quality of financial reporting in transitioning states, and professionalize public sector accountants and auditors. The $5.2 million funding will be provided as a grant through the AfDB’s Transition Support Mechanism.
“Strong and transparent public financial management is essential for resilient economies and better services for citizens,” said Kennedy Mbekeani, Director-General of the AfDB’s Southern Africa Regional Development and Service Delivery Office, following the launch. He added, “Through this partnership with PAFA, we are investing in the professionals and institutions that safeguard public resources.”
The AfDB selected PAFA as the project implementation partner due to the group’s unparalleled pan-continental reach, with 57 professional accounting organizations as members in 47 countries. The partnership will also leverage the African Professionalization Initiative, a collaboration between PAFA, the African Organization of Supreme Audit Institutions (AFROSAI), and the African Association of General Accountants.
PAFA CEO Alta Prinsloo stated: “This partnership with the AfDB is a decisive step toward strengthening the public financial management landscape in Africa. By investing in the professionalization of accountants and auditors, we are developing 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 will implement learning programs, strengthen the institutional capacity of professional accounting organizations, and boost women’s participation in the profession through targeted mentoring and training.
The initiative is also expected to advance strategic objectives, including the African Continental Free Trade Area (AfCFTA) goal of standardizing professional qualifications and skills mobility, thereby increasing recognition of African financial professionals’ credentials across borders.
