Speaking as a panellist at a high level seminar on Good Financial Governance in Africa, How to Graduate from Aid, the Chief Executive of the Chartered Institute of Public Finance and Accountancy (CIPFA), Steve Freer, emphasised the importance of governments striving to implement accrual accounting in accordance with modern international standards.
The seminar discussed a draft Declaration on Good Public Financial Governance for consideration by African Ministers of Finance. The high level seminar was chaired by Komla Dumor of BBC Network Africa. The Panel comprised:
Hon. Pravin Jamnadas Gordhan, Finance Minister, South Africa,
Maria Kiwanuka, Finance Minister, Uganda,
Donald Kaberuka, President of the African Development Bank,
Steve Freer, Chief Executive, CIPFA.
Mr Freer welcomed the proposed declaration but stressed the importance of individual governments developing and publishing detailed implementation plans so that there is transparency about the planned pathway to better public financial management, and a clear basis for measurement of progress.
Mr Freer said,
“The similarity between ‘accounting’ and ‘accountability’ is not a coincidence. If we are serious about delivering real improvements in accountability, it is critically important that governments adopt and implement accounting standards which inspire confidence and enable comparability.”