African governments need to strengthen their public financial management systems and move away from outdated traditions that have held back the continent’s progress, said Frederic Riaga, CEO of the African Association of Accountants (AAAG).
Delivering the keynote address at the third AAAG conference in Accra, Riaga told participants that Africa’s prosperity depends on planned reforms, stronger governance and transforming the continent’s wealth into lasting value for its people. Held under the theme ‘Africa Tomorrow: Positioning Public Financial Management (PFM) for Economic Prosperity’, the conference was attended by accountants-general, government officials from across Africa, and President John Dramani Mahama, who took office in January 2025 with 56 per cent of the vote in the December 2024 elections.
Mr Riaga said Ghana’s electoral decisions reflected the people’s confidence in the country’s new direction. He called on African leaders to be recognized for their current achievements and not just historical references. “Africa is rich and destined for greatness. If we are smart and think right, we can achieve that,” he said.
AAAG was established two and a half years ago to provide a unified voice on PFM issues across the continent. Mr. Riaga commended President Mahama for prioritizing his attendance at the meeting despite scheduling conflicts.
Mr. Riaga noted that several areas require urgent attention, particularly African countries, which need to translate their demographic strength into economic value. “It is no longer enough to describe Africa as a youthful continent. If we are not able to capitalize on the youth of our population to create value, we are missing an opportunity,” he said.
Mr. Riaga further emphasized that climate change threatens to exacerbate existing vulnerabilities and stressed the importance of forward-looking fiscal and policy measures that support current economic stability while protecting future generations.
Riaga called on African governments to stop blaming economic disparities on colonial history. “It’s an old story that we have to stop. Other colonized countries have moved on. It’s time for Africa to take charge of the future,” he said, citing Brazil and Singapore as examples of countries that have surpassed their former colonial powers with some economic measures.
The conference focuses on how African governments can leverage natural resources, strengthen governance, and utilize PFM systems to support long-term development challenges. Riaga called on participants to return to the capital with renewed determination. “We believe we end today’s dialogue with a call to drive change that will ensure tomorrow’s Africa starts shaping today,” he said.
The Accra conference is the third meeting of AAAG since its inception and aims to position the event as the continent’s premier platform for PFM excellence and collaboration. Previous conferences were held in Arusha, Tanzania in December 2024 and in Maseru, Lesotho earlier in the organization’s history.
