A joint survey by the Pan African Federation of Accountants (PAFA) and ACCA of more than 1,600 professionals across 22 professional accountancy organisations in Africa has revealed that accountancy and finance professionals are uniquely placed to optimise the Africa Continental Free Trade Area (AfCFTA) agreement through their super-connector abilities.
The survey also revealed a concerningly low level of awareness of, and participation in, the AfCFTA by accountancy and finance professionals.
The resulting report, ‘Journey to AU2063: Professional Accountants Empowering the AfCFTA’, takes a deep dive into the current state of trade in Africa and highlights the critical barriers to intra-continental trade in realising the potential impact of the AfCFTA.
The report makes a set of recommendations for harmonising and improving the efficiency of relevant ‘ecosystems’ – professional services, institutions, business, finance, and policy and political - with the accountancy profession playing a linking role across them. Through this role, accountancy and finance professionals can bring different groups together, enable transactions and build trust between key players in intra-continental trade.
Jamil Ampomah, Director – Africa at ACCA, said: “AU2063 provides an opportunity for accountancy and finance professionals in Africa to demonstrate their priorities for building a better world through trade integration in Africa. Our partnership with PAFA enables us to join forces to strengthen the profession’s influence and effectiveness as a driver of socio-economic development across national, continental and global ecosystems.”
Summary of next steps for the profession in empowering the AfCFTA:
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