AfDB and PAFA Invest $5.2m to Boost African Accountancy
The African Development Bank (AfDB) and the Pan African Federation of Accountants (PAFA) have launched a $5.2 million project aimed at addressing the shortage of qualified public-sector accountants and auditors across Africa.
The initiative was unveiled on 26 November at the South African Institute of Professional Accountants (SAIPA) House in Johannesburg.
The Strengthening PAFA and PFM Resilience in Africa project seeks to harmonise accounting standards, tools, and practices across the continent, strengthen professional accountancy organisations, improve financial reporting in transition states, and professionalise public-sector accountants and auditors. Funding will be provided as a grant through the AfDB’s Transition Support Facility.
Kennedy Mbekeani, Director General of AfDB’s Southern Africa Regional Development and Business Delivery Office, emphasised the importance of the initiative: “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 safeguard public resources.”
PAFA, chosen as the implementing partner due to its pan-African reach, counts 57 professional accountancy organisations across 47 countries as members. The partnership will also leverage the African Professionalisation Initiative, a collaboration between PAFA, the African Organisation of Supreme Audit Institutions (AFROSAI), and the African Association of Accountants General.
PAFA CEO Alta Prinsloo said: “This partnership with the African Development Bank is 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.”
The project will implement learning programmes, strengthen the capacity of professional accountancy organisations, and promote women’s participation in the profession through mentorship and training initiatives. It also supports broader strategic goals, including standardising professional qualifications and enhancing cross-border recognition of Africa’s financial professionals under the African Continental Free Trade Area (AfCFTA).
