The African Development Bank (AfDB) and the Pan African Federation of Accountants (PAFA) formally launched a $5.2 million initiative on November 26, 2025, at the South African Institute of Professional Accountants (SAIPA) House in Johannesburg, South Africa, aimed at bolstering public financial management and professional accountancy across the continent.
The project, titled “Strengthening PAFA and PFM Resilience in Africa” (SPRA), will provide a grant of UA 4.0 million (approximately USD 5.4 million) over three years, funded through the AfDB’s Transition Support Facility. The initiative seeks to harmonize accounting standards, tools, and practices throughout Africa, while simultaneously strengthening professional accountancy organizations (PAOs) in 23 eligible African countries.
According to PAFA, the SPRA program represents a significant consolidation of its PAO Development Programme and aims to expand its continental impact. The overall goal is to enhance professional capacity in public financial management and standardize professional accounting practices. Specific objectives include strengthening the institutional, professional, and human capacities of PAOs to improve the quality of financial reports, particularly in transition states, and professionalizing accountants and auditors working in the public sector.
Kennedy Mbekeani, Director General of the AfDB’s Southern Africa Regional Development and Business Delivery Office, emphasized the importance of the project, stating that “Strong, transparent public financial management is essential for resilient economies and improved services for citizens.” He added that the partnership with PAFA is an investment in the professionals and institutions responsible for safeguarding public resources.
PAFA, which has 57 professional accountancy organizations across 47 countries as members, was selected as the implementing partner due to its pan-African reach. The partnership will also leverage the African Professionalisation Initiative, a collaborative effort involving PAFA, the African Organisation of Supreme Audit Institutions (AFROSAI), and the African Association of Accountants General.
Alta Prinsloo, CEO of PAFA, described the partnership with the AfDB as “a decisive step towards strengthening Africa’s public financial management landscape.” The project will focus on reinforcing PAFA’s governance, procurement, monitoring, and financial management systems, as well as supporting long-term PFM resilience in fragile situations and transition states.
Kalayu Gebre-Selassie, a Division Manager at the AfDB, welcomed the partnership and reaffirmed the Bank’s commitment to strengthening the capacities of Pan-African Institutions focused on transparency, accountability, and economic governance in Africa.
The SPRA program is expected to address the shortage of qualified public-sector accountants and auditors across Africa, improve financial reporting, and contribute to more effective public financial management systems.
