Kwesi Agyei, Ghana’s Controller and Accountant-General, has stated that Africa needs a coordinated reform in Public Financial Management (PFM) systems to be able to compete globally.

He said the continent could only accelerate sustainable development if governments blocked revenue leakages, improved expenditure control and adopted technology-driven financial systems.

Mr Agyei made the statement at the closing ceremony of the 3rd African Association of Accountants-General (AAAG) Conference in Accra.

The three-day gathering on the theme “Africa of Tomorrow: Positioning Public Financial Management for Economic Prosperity,” brought together more than 2,000 participants from across Africa, including Accountants-General, PFM experts, policymakers and development institutions.

Mr Agyei challenged the notion that Africa lacked resources, saying the continent’s challenge was rather ineffective financial governance.

He noted that many African countries faced fiscal risk because salaries alone consumed over 50 per cent of national revenue.

He stated that strengthening PFM systems, particularly revenue mobilisation and cash management, was essential for paying contractors on time, clearing arrears, and maintaining fiscal discipline.

Mr Agyei called on delegates to ensure that the resolutions adopted did not remain theoretical but were translated into impactful action.

Dr Evans Aggrey-Darko, the Head of the office of the Civil Service, said Africa must craft its own economic path rather than replicate models that do not reflect its realities.

He praised Ghana’s progress with the Ghana Integrated Financial Management Information System (GIFMIS) and said strengthening such systems remained key to accountability.

Some of the issues raised at the conference included illicit financial flows, public–private partnerships, domestic resource mobilisation, and financial sector innovation.

Eswatini was named as the host of the 4th African Association of Accountants-General Conference, to be held in 2026.