The Pan African Federation of Accountants held its first meeting in Dakar, Senegal, this week.
PAFA comprises 37 professional accountancy organizations from 35 countries, which have joined together to give voice to Africa’s economies and strategy on the global stage. The International Federation of Accountants hailed the launch of the organization, and called it a historical event for the accountancy profession and the African continent. IFAC is the global organization for the accountancy profession, and has members and associates in 125 countries, including the American Institute of CPAs.
The new president of PAFA, Major General Sebastian Owuama, of the Institute of Chartered Accountants of Nigeria, hopes the new organization will strengthen the accounting profession in Africa. “As the economies of African countries continue to grow, the contribution of the accountancy profession to sound corporate and public sector financial reporting and good governance is now more important than ever,” he said in a statement. “PAFA will accelerate the development of the profession and strengthen the voice of the profession within Africa and worldwide.”
The PAFA launch in Dakar, on May 5, was hosted by Ordre National des Experts Comptables et Comptables Agrées du Sénégal with the strong support of IFAC and the World Bank. Dr. Mussa J. Assad of the National Board of Accountants and Auditors in Tanzania was named vice president. The PAFA Secretariat will be hosted by the South African Institute of Chartered Accountants in Johannesburg.
“The formation of PAFA demonstrates the commitment of the African accountancy profession, acting in the public interest, to strengthen its means of collaboration and to further develop the profession to support the emerging economies on the continent,” said IFAC President Göran Tidström.
