The African Association of Accountants General (AAAG) and the Chartered Institute of Public Finance and Accountancy (CIPFA) signed a Memorandum of Understanding to collaborate on initiatives that contribute to advancing sound public financial management (PFM) through capacity building, professionalization, and compliance with the International Public Sector Accounting Standards (IPSAS).
The MoU was signed on May 07, 2025, in Kigali, Rwanda on the sidelines of the Africa Congress of Accountants (ACOA).
Under the agreement, AAAG and CIPFA will work together to enhance public finance accountability, transparency and sustainability through capacity building and accelerating IPSAS implementation in African countries. AAAG and CIPFA will also work together to identify and implement strategic capacity building initiatives, carry out assessment of PFM practices across member countries and undertake strategic interventions to address them in collaboration with member countries.
Further, both parties agreed to collaborate on the implementation of an Accountability Index to track and benchmark IPSAS adoption, financial reporting practices, PFM legal frameworks financial, institutional capacity, governance across member countries. Other collaboration areas include the development of sustainable public financial management frameworks, including climate-resilient budgeting, green public finance practices, and environmental reporting aligned with global standards and agenda, among others.
This MoU reflects the shared commitment of AAAG and CIPFA to foster professionalism, build institutional capacity, and contribute meaningfully to the sustainable development and financial governance of public institutions across Africa. The Parties also agreed to coordinate and collaborate on any other initiatives of mutual interest.
“This partnership is a testimony to our shared commitment to building stronger and more accountable public finance management systems, foster professionalism, build institutional capacity, strengthen financial governance, and contribute meaningfully to Africa’s sustainable development. With CIPFA, we have committed to work together to empower public sector accountants with the practical skills and provide them with the support they need to bring positive changes through effective, efficient and robust public management systems”, Fredrick Riaga, CEO of AAAG, said.