The 8th Africa Congress of Accountants (ACOA) officially opened in Kigali on Tuesday, May 7, bringing together over 2,000 professional accountants, financial experts, and policymakers from across Africa. The four-day summit, held under the theme “Creating Value for Africa,” is organized by the Institute of Certified Public Accountants of Rwanda (ICPAR) in partnership with the Pan African Federation of Accountants (PAFA).
The congress explores the evolving role of accountants in fostering trust, driving economic transformation, and ensuring sustainability across the continent. With a strong focus on value creation, the sessions aim to shift the profession from its traditional role in compliance and audits toward leadership in investment, public finance, and sustainable development.
“Your profession needs to be at the forefront of engineering capital stacks and risk management,” said Tesi Rusagara, Rwanda’s Minister of State for Public Investment and Resource Mobilization, in her keynote address. “To transform growth into lasting development, we need massive new investments in infrastructure, health, education, and above all, in the private sector to support investment and trade.”
She emphasized that in a global environment where “capital will usually flee, not flow, from emerging markets like Africa,” accountants must lead in ensuring transparency, compliance, and risk management to attract investors.
Rusagara also pointed to Rwanda’s recent approval of a green taxonomy as an example of aligning finance with sustainability. “Implementing the green taxonomy will require strong compliance to prevent greenwashing and preserve investor trust. We will look to you all to support this,” she said.
Minister of Finance and Economic Planning Yusuf Murangwa reinforced the need for ethical leadership and the role of accountants in navigating climate risks and economic shocks. “Africa’s development journey requires not just capital, but trust. Accountants are the custodians of that trust,” he stated.
ICPAR President Obadiah R. Biraro reflected on Rwanda’s progress in transparency and public finance management, noting that “Rwanda’s story shows that with the right mindset and accountability structures, African nations can lead by example.”
The event also featured prominent regional voices, including Keto Kayemba, former Auditor General of Uganda, who urged accountants to combat illicit financial flows and support regional integration. “Our profession must help plug the leaks that drain Africa’s resources. Without transparency, development will remain a dream,” she warned.
Jean Bouquot, President of the International Federation of Accountants (IFAC), highlighted the central role of SMEs. “Small and medium enterprises are the backbone of Africa’s economy. If we want inclusive growth, accountants must help them adapt, grow, and thrive,” he said.
Delegates also acknowledged the urgent need to increase the number of certified accountants across Africa. In response, various national bodies announced new initiatives to expand access to training, particularly for youth and women.
“As global frameworks evolve, so must your skills and talent pipeline,” Rusagara added. “We are building the Kigali International Financial Centre to be a hub for cross-border finance and sustainable capital innovation, but this will only be possible if we cultivate home-grown talent at scale.”
Since its founding in 2011, ACOA has become a flagship gathering for Africa’s accountancy profession, promoting collaboration, transparency, and capacity-building for sustainable economic growth.
Photos by: Manzi Titus
