With 12 of the world’s 20 fastest-growing economies and an economic landscape characterised by rapid urbanisation, a young demographic, and abundant natural resources, Africa’s development is vital in a regional and global context.

Achieving the continent’s growth and sustainable development ambitions requires the active contribution of accountancy and finance professionals, as highlighted in ‘The Accountancy Profession Enabling Africa’s Transformation‘, a new report from the International Federation of Accountants (IFAC) and the Pan African Federation of Accountants (PAFA).

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Launched at PAFA’s general meeting, the report outlines how influential accountants on company boards, and as CFOs and trusted business advisers are to drive sustainable economic growth in Africa and navigate its challenges including energy access, a lack of regional integration, rising public debt, as well as climate change adaptation and mitigation estimated to cost between USD 68 and 108 billion annually.

The report was informed by a panel of experts at IFAC’s professional accountants in business advisory group meeting in South Africa moderated by the PAIB Advisory Group chair Sanjay Rughani, and including the Brookings Institution, the African Development Bank (AfDB), the World Bank, TradeMark Africa, Amundi Asset Management, Standard Chartered Bank, Nedbank, and Investec Bank. The panel also included Josephine Okui Ossiya who provided CFO lessons from the Bujagali hydroelectric power station.

Commenting on this, IFAC chief executive officer, Lee White, said: “We believe the accountancy profession has a critical role in achieving transformation in Africa and empowering change.

“We value our partnership with PAFA to support regional efforts towards addressing Africa’s priorities to enable sustainable growth and build capital market efficiency and transparency.”

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PAFA chief executive officer, Alta Prinsloo, concluded: “By strengthening the capacity and influence of the accountancy profession in Africa, we enable our 56 member organisations in 45 countries to help drive sustainable growth and prosperity by enhancing trade and regional integration, investment, the quality of services and trust in institutions.

“This report highlights the key areas in which the accountancy profession can influence transformation to achieve a just and sustainable transition for Africa.”