The 8th Africa Congress of Accountants (ACOA) brought together African leaders to encourage bold steps to improve public accounting. This will help strengthen the profession’s role in attracting investment through sustainable practices.
The congress highlighted the importance of increasing training and skills development. Topics covered included leadership in financial reporting and assurance, building Africa’s financial talent to compete globally, and empowering workers through inclusive growth strategies.
Rwanda’s Minister of State for Public Investment, Mutesi Rusagara, said bold decisions are needed. She emphasized managing the shift from concessional (granted) capital to larger pools of semi-concessional or commercial capital to attract more investments.
State Minister, Mutesi Rusagara
Rusagara shared that Rwanda was the first in Africa to access the IMF’s Resilience and Sustainability Facility, which provided $319 million to support projects that protect against climate change.
As Africa’s global partnerships grow, Rusagara noted that the continent must develop its skills to attract the investments needed for future prosperity.
Focusing on Rwanda, Thapelo Tsheole from Rwanda’s Capital Market Authority said political commitment is essential. He used Rwanda’s cleanliness achievements as an example of how strong leadership can inspire progress—in this case, applying that to accountancy regulations and standards.
Dr. Ndidi Nnoli-Edozien, a member of the International Sustainability Standards Board, praised Rwanda’s decentralized decision-making at the village level. She believes communities of accountants can take big steps to address skills gaps and challenges.
Today, only about 123,000 accountants (0.012% of Africa’s 1.3 billion people) are qualified. Although very few, they have a big potential to change Africa’s economy.
However, Africa faces skills shortages, especially in technology, strategy, control processes, and climate reporting, according to the 2022 “State of the Accountancy Profession in Africa” report.
Taking Action:
Some of the exhibitors at the congress showcased some of the possible solutions in skills development and services that will be key in addressing the skills gaps.
The Chartered Institute of Public Finance and Accountancy (CIPFA) says that it is currently working with 15 African governments and institutions (including Rwanda) to increase capacity building in line with the Sustainable Development Goals (SDG).
Sara Breen
Sara Breen, the CIPFA Head of International Development said that, on invitation of government, they plan to expand the services to at least 35 countries in the next three years to cover the skills gaps.
Forvis Mazars, an international audit, tax and advisory firm says that they are committed to drive innovation, foster sustainable growth and empower businesses to succeed through tailor-made solutions to spur an entrepreneurial boom. With a strong presence in Africa (covering 28 countries) the firm says it has deep-rooted commitment to the continent’s sustainable growth agenda.
Forvis Mazars exhibition booth
DNR Partners International, an accredited audit firm by the National Bank of Rwanda says that they have signed an MoU with the U.S. University of Sciences and Technology to implement SDGs across Africa and also aim to empower their clients to thrive in the current dynamic market with world-class services.
DNR Partners International exhibition booth
Addressing the issue of technological know-how in skills gaps. Fezeka Mpofu, the Business Developer and Marketing Lead at Adopt IT, says that using update software and technology like “CaseWare” can improve the accountancy profession and currently they are currently operating in three regional blocs in Africa but plan on expanding the product uptake in Africa.
Adopt IT exhibit the CaseWave software that makes accounting and public finance management easy
Going International:
Brian Hook (2nd right), the Founder and CEO Hook International and Mansoor Ahamed Patharo explain the value of international certification to visiting delegates
Mansoor Ahamed Patharo, the Regional Director of Business at HOCK International- which offers a range of internationally recognized certification (individual/Organisations) says that there is need for accounting professionals to move from regional and aspire for global certifications so that they can work or operate anywhere in the world.
Bailey Consulting Group, Cornerstone and Luthien Advisory ltd,- both Pan- African and regional consulting firms which respectively operate in the region and have center for professional training and consultancy in Rwanda says that they have carefully selected a wide range of high quality professional and internationally recognised qualifications to offer.
Mallam Ibrahim Husaini Gidado
Mallam Ibrahim Husaini Gidado, the 2nd Vice President of Association of National Accountants of Nigeria (ANAN) said that in order to address the issue of competency at work and to see value for money, it is important to pursue the accountancy profession with high education degrees and continuously training oneself to update skills, thus a need for more high learning institutes across the continent.
EAMG TV reporter speaking to a delegate on Day 2 of the congress
