AfDB Unveils $5.2m Initiative To Strengthen Africa’s Public Sector Accounting

The African Development Bank Group (AfDB) and the Pan African Federation of Accountants (PAFA) have unveiled a $5.2m support initiative aimed at tackling the severe shortage of qualified public sector accountants and auditors across Africa.

The project, launched on 26 November at the South African Institute of Professional Accountants (SAIPA) House in Johannesburg, seeks to professionalise the continent’s public financial management workforce and strengthen institutions responsible for safeguarding public resources.

Funded through the AfDB’s Transition Support Facility, the Strengthening the Pan African Federation of Accountants and PFM Resilience in Africa project will harmonise accounting standards and practices across African countries, enhance the capacity of national professional accountancy organisations, and improve the quality of financial reporting in transition states.

Director General of AfDB’s Southern Africa Regional Development and Business Delivery Office, Kennedy Mbekeani said the partnership reflects the Bank’s commitment to building resilient economies through stronger public financial management.

“Strong, transparent public financial management is essential for resilient economies and improved services for citizens,” he said.

“Through this partnership with PAFA, we are investing in the professionals and institutions that protect public resources.”

PAFA was selected as the implementing partner due to its extensive reach, representing 57 professional accountancy organisations across 47 countries.

The project will also leverage the African Professionalisation Initiative, a collaboration that includes PAFA, the African Organisation of Supreme Audit Institutions (AFROSAI), and the African Association of Accountants General.

PAFA CEO Alta Prinsloo described the initiative as a decisive step toward transforming public financial management systems across the continent.

“By investing in the professionalisation of accountants and auditors, we are building the skills, institutions and standards that enable transparency, trust and effective governance,” she said.

Beyond technical harmonisation, the project will introduce learning programmes, strengthen the capacity of professional accountancy organisations, and promote the participation of women in the profession through dedicated mentorship and training initiatives.

The programme is also expected to support the African Continental Free Trade Area (AfCFTA) objective of standardising professional qualifications and facilitating skills mobility, improving cross-border recognition of accounting and audit credentials and reinforcing Africa’s financial governance architecture.