Johannesburg, South Africa, December 9, 2025: The African Development Bank Group (www.AfDB.org) and the Pan African Federation of Accountants (PAFA) have launched a $5.2 million institutional support project to address the critical shortage of qualified public sector accountants and auditors across Africa.
The launch event was held on 26 November at the South African Institute of Professional Accountants (SAIPA) House in Johannesburg.
The Pan African Federation of Accountants and Strengthening PFM Resilience in Africa project aims to harmonize professional accounting standards, tools and practices across African countries, build institutional and professional capacity of professional accounting organizations, improve the quality of financial reporting in transition states, and professionalize public sector accountants and auditors. The $5.2 million in funding will come in the form of a grant provided by the Group’s Transition Support Facility.
Speaking after the launch, Kennedy Mbekeani, director of the bank’s Southern Africa regional development and business promotion office, said: “Strong and transparent public financial management is essential to improving economic resilience and public services.” “Through our partnership with PAFA, we invest in experts and institutions that protect public resources.”
The World Bank Group selected PAFA as its project implementation partner because of the umbrella group’s unparalleled reach across the continent. Our membership includes 57 professional accounting bodies in 47 countries. The partnership will also leverage the Africa Professionalization Initiative, a collaboration between PAFA, the African Organization of Supreme Audit Institutions (AFROSAI) and the African Institute of Accountants.
Alta Prinsloo, CEO of PAFA, said: “This partnership with the African Development Bank is a decisive step towards strengthening Africa’s public financial management landscape. By investing in the professionalization of accountants and auditors, we are building the skills, structures and standards that enable transparency, trust and effective governance. PAFA is proud to be leading this effort with partners across the continent.”
Additionally, projects addressing this pressing challenge will implement learning programs, strengthen the organizational capacity of accounting professional bodies, and promote women’s participation in the accounting profession through targeted mentorship and training.
The initiative is also expected to advance strategic objectives, including the African Continental Free Trade Area’s goals of standardizing the mobility of professional qualifications and skills and increasing recognition of the qualifications of African financial professionals across borders.
About the African Development Bank Group:
The African Development Bank Group is Africa’s leading development finance institution. The organization is made up of three different entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigerian Trust Fund (NTF). The Bank has offices in Japan in 41 African countries and contributes to the economic development and social progress of its 54 regional member countries. For more information, please visit www.AfDB.org.
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