ARUSHA: TANZANIA has called on accounting professionals to strengthening public financial management (PFM) systems across Africa and build trust in these systems to support sustainable economic growth and development.
Opening the 2nd African Association of Accountants General (AAAG) Annual Conference in Arusha on Monday on behalf of President Samia Suluhu Hassan, Minister for Works Innocent Bashungwa said there was a need for robust PFM systems that can effectively address emerging global challenges such as climate change, technological advancements and economic shifts.
“This Association should help African countries improve their audit and management systems for public finances, said the Minister in his key remarks of the conference which runs through Thursday under the theme “Building Public Trust in Public Financial Management Systems for Sustainable Growth.
He tasked the association to help African countries provide sound financial guidelines that help governments run their operations effectively and prevent misuse of public funds.
Mr Bashungwa said the objectives of the establishment of the Association of Accountants General are to promote and strengthen good public financial management systems in African countries so that public funds are used with transparency, efficiency and accountability.
To achieve those goals, he said that Accountants General in Africa should carry out their duties in accordance with the rules and laws relating to public finances.
“Through this Association, government accountants general should be empowered through training and technical assistance, so that they can improve their efficiency in the implementation of their duties as well as improve their ability to conduct financial transactions and audit public finances,” said Mr Bashungwa.
Given the challenges brought about by technological development in the world, Mr Bashungwa urged them to build modern financial systems that can cope with the new emerging technological challenges including cybercrime.
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He also said their discussions should also reflect the vision of the African Agenda 2063 which aims to promote sustainable and inclusive development since efficiency in public finance management will help achieve the goals of that agenda in Africa.
Due to the challenges caused by climate change, he also urged the government accountants general to ensure sustainable development is achieved through collaboration between government, private sector and civil society by making environmentally friendly investments and having sustainable accounting to protect the economy and the environment.
The Minister for Finance Dr Mwigulu Nchemba said that Ministries of Finance in Africa have a responsibility to build public confidence in financial management systems as they are the foundation that enables taxpayers to pay taxes voluntarily.
He noted that when people have confidence in financial management, they develop the habit of paying taxes voluntarily because they see how their money is being spent.
As a result, he said that Tanzania is among the countries that are doing well in the area of good management of public funds which has enabled the construction of strategic projects including the standard gauge railway (SGR).
“Tanzania is building a modern railway (SGR) which will be among the five longest railways in the world, preceded by China with a 40,000Km railway, Spain with 3,000Km, Japan with 3,000Km, and Tanzania’s SGR will be 2,000Km and it will be the longest railway in Africa,” said Dr Mwigulu.
“This modern railway has already been built from Dar es Salaam to Dodoma and has started operating, some delegates travelled with it and commented that the standard of our railway is not even found in the United States, perhaps in European countries.”
Chairperson of the AAAG, who is also the Accountant General of the Kingdom of Lesotho, CPA Malehlonolo Mahase noted that the meeting attended by about 2,000 participants from African countries is an important step in building accountability, transparency, leadership and good governance in Africa.
