A reflection on insights from the 3rd AAAG Conference
The 3rd African Association of Accountants-General (AAAG) Conference, held in Accra from 24–27 November, delivered a clear message: Africa’s economic future will be shaped by the way governments lead, innovate, and build trust in public finance at a time of rapid global change and rising expectations from citizens.
At the Conference, more than 1,500 leaders gathered to examine how stronger public financial management (PFM) systems can anchor Africa’s transformation. Across keynotes, technical sessions, and panel discussions, the call was the same: public finance leaders must take charge of the continent’s financial destiny.
The Conference theme – “Africa of Tomorrow: Positioning Public Financial Management for Economic Prosperity” – is not simply inspirational; it calls for immediate, practical action.
The intervention by the Chief Executive Officer of the African Association of Accountants-General Mr. Fredrick Riaga struck a chord. Africa, he argued, must stop referencing only the heroes of the past and begin acknowledging the leaders building the future. He called for specific urgent actions: create youth-engagement programs in public finance, prioritize climate-responsive budget policies, and develop self-determined development plans to harness Africa’s youthful population and drive change today.
He called for youth engagement in public finance, climate-responsive budgeting, and development strategies grounded in African priorities rather than external agendas.
“Despite many years of independence, we continue to blame colonization for under-development in Africa. Whilst this may be true, it must not be the cause of inertia. We need to think future if leadership would be attune with the aspirations of the generations today and into the future,” he noted.
Further, he advocated for the empowerment of the Offices of Accountants-General to deliver accelerated growth.
“If we are serious about rewriting Africa’s governance story, then public accountability must move from principle to practice, and Accountants General must be empowered to lead that transformation. Only then can Africa build the strong institutions capable of delivering prosperity, justice, and resilience for its people,” he argued.
“The Africa of tomorrow must begin to take shape today,” he urged. “Go back to your capitals and drive the change.”
If we are serious about rewriting Africa’s governance story, then public accountability must move from principle to practice, and Accountants General must be empowered to lead that transformation” – Fredrick Riaga, AAAG CEO
Intentional Leadership: Africa’s Most Valuable Currency
A consistent thread throughout the discussions was the need for bold, ethical, and forward-looking leadership. AAAG Acting Chairperson Dr. Shamseldeen B. Ogunjimi (PhD), who is also Nigeria’s Accountant General for the Federation, reminded delegates that today’s Accountant-General must do more than manage systems: They must act as strategists and guardians of national integrity. Accountability, he stressed, should be viewed as a driver of progress, not an administrative burden.
Tony O. Elumelu, C.F.R., Group Chair of United Bank for Africa Plc and Heirs Holdings, underscored the importance of policy stability. Frequent changes in direction, he warned, scare away investors and weaken long-term planning. Countries that offer continuity, predictability, and enforceable agreements can attract the investment needed for growth.
Ghana’s President, His Excellency John Dramani Mahama, called attention to procurement as a major source of public-sector leakages. He argued for stronger oversight and a shift from basic compliance to true leadership in PFM.
Prof. PLO Lumumba went further, urging Africa to confront its internal governance shortcomings. External pressures matter, he said, but Africans must stop relying on blame as an excuse for inaction. The choice before the continent is simple: chart its own path – even when it may look difficult at first – or remain dependent and constrained.
He said: “The choice is ours. We can choose the path of dependence and being dominated, or we can choose the path of doing what is good and right in the knowledge that in the early days we may suffer, but out of that suffering we will [ultimately] gain benefits [in the end].”
Digitalisation: The Engine of Africa’s PFM Transformation
If leadership provides direction, technological innovation and digitalisation provide power to steer Africa’s growth. Speakers at the 3rd AAAG Conference were clear: digitalisation is no longer optional for African governments.
From AI-powered treasury systems to automated risk detection, technology and digital tools provide unprecedented opportunities to improve forecasting, enhance audit trails, and close leakages.
Dr. Ogunjimi put it bluntly: “Artificial intelligence is not a distant dream; it is here, reshaping how we think, plan, and act. It empowers us to make evidence-based decisions, anticipate challenges before they arise, and craft solutions rooted in data rather than guesswork. AI allows governments to see clearly where every public cent goes, the impact it delivers, and how every policy can better serve our citizens.”
Delegates reviewed emerging tools such as IFMIS, EFT deployment, and the ongoing expansion of e-procurement systems across countries, such as Ghana, and noted with appreciation that these examples show how digitalisation can improve service delivery and rebuild public trust.
Innovation, however, is not just technological. As Dr. Mac-Effort Adadey noted, modern PFM must shift from tracking expenditures to measuring results. And,Ms. Progress Egbogu of UNODC captured it well: “strong PFM systems act as a government’s nervous system. When they work, corruption weakens, services improve, and communities thrive.”
Trust: The Invisible Currency Shaping Africa’s Future
Trust surfaced repeatedly as the defining factor in Africa’s development.
Trust between governments and citizens.
Trust between public institutions and private investors.
Trust between leaders and the continent’s young people.
Speakers emphasised that trust grows from transparency, fairness, and credible oversight. Strong PFM systems directly influence whether a hospital’s function, classrooms exist, and social services reach those who need them.
Whether in procurement, budgeting, disclosures, or audits, trust remains the foundation on which Africa’s economic ambitions rest.
Strong PFM systems directly influence whether a hospital’s function, classrooms exist, and social services reach those who need them.
IPSAS, Accrual Accounting, and the Push for Transparency
IPSAS expert Amon Dhliwayo offered a clear message: African countries must modernise how they track assets, liabilities, and public wealth.
His intervention outlined several priorities:
- Identify and register all public assets and liabilities.
- Prepare consolidated and independently audited balance sheets.
- Integrate climate-related financial risks.
- Use asset data to inform policy and investment decisions.
The expert – and several other speakers- pointed to countries like Rwanda, South Africa, Tanzania, and Ghana as examples of governments moving decisively towards adopting international standards. Others must follow with long-term planning and consistent implementation to support continental growth and harmonisation, he argued.
Risk Management: The Missing Link in Development Planning
African governments must embed risk registers, forecasting tools, strategic planning, and monitoring systems into every department
A powerful session on risk exposed a critical challenge: Africa pays a high price when governments underestimate or ignore risks.
Speakers noted one important element: Investors adjust their costs based on perceived risk, raising the price of development for most resource-strained countries.
Intervention from various experts and Accountants General emphasised that unidentified risks eventually overwhelm governments and citizens alike; and that unchecked revenue shortfalls inevitably lead to deficits and borrowing pressures.
The message was clear: African governments must embed risk registers, forecasting tools, strategic planning, and monitoring systems into every department. Without this discipline, development efforts will continue to falter.
Debt, Fiscal Discipline, and the Continent’s Financial Reality
Experts highlighted the importance of fiscal responsibility. They raised critical point:
- Growth must be matched by fiscal resilience.
- Investor confidence affects borrowing costs.
- Overreliance on either domestic or foreign borrowing is risky.
- Debt sustainability must guide every fiscal decision.
Africa’s Renewal Depends on Strong Public Finance
A clear vision emerged from the Conference Accra: Africa’s path to prosperity runs through strong, credible, and innovative public financial management.
As the Conference drew to the end, one message stood out: PFM is not a technical function. It is the backbone of national development and the anchor of economic sovereignty.
The choices made today by Accountants-General; ministers, policymakers, and technical experts will determine whether Africa becomes a global competitor or remains on the margins.
The work begins now. And it begins with stronger PFM systems that deliver value to citizens and accelerate growth across countries and the continent.
