The African Congress of Accountants (ACOA), held from 6th to 9th May 2025 at Kigali Convention Center was more than a gathering of professionals—it was a resounding call to action for the entire continent.
With a gathering of over 2000 delegates (Leaders, policymakers, financial experts, and development advocates) to discuss pressing issues affecting Africa’s economic and governance structures, the discussions echoed a central theme: Africa must unite, integrate, and rethink its approach to development.
With a population of 1.5 billion people, panelists agreed that the continent has potential to rival economic giants like China, among others. However, fragmentation has hindered sustainable growth.
According to Taiwo Oyedele, Presidential Fiscal Policy and Tax Reforms Committee, Federal State of Nigeria, lack of integration limits opportunities and stifles economic progress.
With a rhetoric question, Oyedele stressed that disunity and disintegration goes beyond political environments, calling on policy makers to harmonize professional qualifications.
“Why can’t I bring my qualification from Nigeria and practice in Kenya? Why is it complicated to practice in Uganda? PAFA, we need to establish a model of mutual recognition of professional qualifications starting with accountancy to ease mobility across Africa,” remarked Oyedele.
Besides, the continent suffers from a shortage of accountants, with fewer than 450,000 professionals available—less than one accountant per 10,000 people. The congress thus called for digitization of learning and the incorporation of real-world training opportunities. In addition to frequent curriculum updates—every year rather than every five years—to reflect changing industry demands.
“To date, I wonder why we spend 4 years in university, and additional years writing professional exams, when it has been established that one can learn all those ten skills within six months yet still be competent,” pondered Oyedele.
He further suggested that ‘accounting students should be tasked to prepare financial statements for small businesses as part of their coursework-providing free services to entrepreneurs while gaining hands-on experience’. Not to mention converting universities into Polytechnics.
“We have millions of small businesses with no hope or aspirations to acquire accounting services, losing out in the process. If we adapt practical education, we support such fraternities whilst building Africa.”
Beyond education, ACOA underscored the need to rethink democracy and governance. Leaders proposed a development-based economic plan that would transcend political transitions, ensuring continuity in national projects rather than fragmented, leader-specific agendas.
Furthermore, robust public finance legislations-ensuring that budgeting and spending align with national development priorities, ought to be enacted.
Legislation that enables independence to the accounting and auditing institutions at all levels was one of the mechanisms suggested by Hon. Medard Lubega Sseggona, MP, Chairman, African Organization of Public Accounts Committees.
Sseggona believes that through empowering those institutions with independence, finances and technical expertise, tracking of budgeting and spending cycles would be made easy.
He however acknowledged that, ‘corruption has shifted from cash to procurement’ as entities can no longer access cash, until they relate with procurement.
“Today, a company seeking to construct a road on a budget of say 800 billion can be granted a trillion, if they promise to return extra. As chairperson, I can never find out, unless one of the parties involved is tempted to say the truth,” he explained.
Sseggona thus called for creation of an open data transparent system in terms of publication of budgets, expenditure, and data relating to procurement. “Make such information accessible to the public, especially the civil society organizations to monitor the mechanisms of procurement.”
In addition, litigation systems-to protect and encourage whistle blowers to ‘blow the whistle’, were proposed. As was tax accountability across borders and fast-track prosecution mechanisms.
“In Africa, prosecution can drag on for years, allowing witnesses to disappear, evidence to be lost, and justice to be denied. If prosecution takes too long, it becomes an incentive to corruption,” remarked Sseggona. Adding that, “establishing specialized judicial officers for corruption cases would expedite trials and ensure swift justice. Not to mention cross-border cooperation among anti-corruption agencies through data mining, and real-time tracking mechanisms.
According to research, Africa loses approximately $80 billion each year to corruption—money that could fuel economic growth and development. Therefore, the fight against corruption must move beyond political slogans—it is a developmental necessity.
As ‘guardians of financial integrity’, accountants were thus urged by the Vice President ICPAR, John K. Bugunya to ensure transparency, strengthen accountability, and disrupt fraudulent practices that undermine Africa’s progress. Quoting H.E Paul Kagame, Bugunya said that “taking ownership of our development is not something we can ask others to do.”
He thus encouraged delegates to make a difference henceforth. “May the investments you’ve made to attend this congress in Kigali be in no vain. That many years from now when we meet, we will be able to look back with pride that ACOA 2025 impacted our lives.”
The 9th conference of ‘African Congress of Accountants’ is to be held in 2027 in Dakar, Senegal. ACOA was inaugurated in 2011 to promote collaboration, transparency and capacity-building amongst Africa’s accountancy profession.
