The three-day Public Financial Management Conference, organised by the Pan African Federation of Accountants (PAFA) and the African Union, with support from the Institute of Certified Public Accountants of Uganda (ICPAU), has kicked off at the Golden Tulip Hotel, Kampala.
The invite-only gathering brings together public finance leaders from across Africa to discuss key issues under the theme: “Enhancing Public Finance in Africa: Progress & Prospects.” Delegates will explore strategies to strengthen financial governance, transparency, and economic resilience on the continent.
Speaking at the event, the Minister of State for Finance, Planning and Economic Development (General Duties), Henry Musasizi, highlighted Africa’s growing economic challenges, specifically the billions the continent loses annually to corruption and illicit financial flows.
While acknowledging the remarkable progress Africa has made in public finance systems, Musasizi stressed that persistent challenges such as corruption, leakage, weak expenditure management, and public debt sustainability continue to impede the continent’s growth.
“Africa’s economic future hinges on sound public finance management,” he emphasised, underscoring the need for transparency, efficient public spending, and strong legal and institutional frameworks.
The conference also featured discussions on key issues, including how to combat corruption, improve financial reporting, and strengthen public sector transparency.
“Africa loses billions annually due to corruption,” said Edith Akorfa Lumor, the African Union (AU) Director of Finance, who spoke on the role of the accountancy profession in improving financial systems.
Lumor highlighted that the continent loses up to $88.6 billion annually to illicit financial flows, with $50 billion attributed directly to corruption.
These leaks hinder the continent’s economic stability and development, and Lumor called for stronger collaboration between countries and sectors to tackle these issues.
“Public finance management is the foundation of sustainable growth in Africa,” she added, noting that the adoption of technologies like AI and data analytics could significantly reduce risks and improve resource allocation.
The two-day conference, which has attracted finance leaders from across Africa, also focused on reforms aimed at strengthening public financial management (PFM) systems. The event provided a platform for professionals in the field to discuss how Africa can reduce corruption and enhance accountability, ultimately ensuring that public resources are effectively utilized for the benefit of the people.
Josephine Okui Ossiya, the President of the Institute of Certified Public Accountants of Uganda (ICPAU), also addressed delegates, emphasising the importance of embracing ethical practices and transparency within the public sector.
“We must all work together to create value and drive sustainable financial progress,” she remarked.
The conference’s discussions underscored the importance of integrating the public finance sector into the broader African financial ecosystem, especially with the African Continental Free Trade Area (AfCFTA) facilitating economic integration.
“As Africa continues to strengthen its PFM systems, it is imperative that we move beyond discussions and take bold, collective action. This conference is not just about assessing progress but about forging the partnerships and strategies that will drive real change. PAFA remains committed to equipping the profession with the tools and knowledge needed to enhance governance, combat corruption, and ensure financial sustainability for future generations,” said Keto Kayemba, President of PAFA.
CPA Nkajja, Secretary/CEO of ICPAU, said the event is of great significance as it is a crucial platform for advancing important discussions regarding Public Financial Management (PFM) reforms in Africa.
“These reforms are essential in improving efficiency, transparency and accountability in financial systems across the continent,” he noted.
As the continent pushes towards self-sufficiency and resilience, stronger public finance systems are seen as vital for fostering growth and reducing dependency.