The African Union (AU) on Sunday said that progress made in the continuous improvement of public financial management in Africa is “very uneven” as countries in Africa still suffer from poor management of financial resources.
The 55-member pan African bloc, noting that many African governments and public sector organizations have made significant progress in the continuous improvement of public financial management, said that “the progress has been very uneven and a number of countries in Africa still suffer from poor management of financial resources.”
“The financial and sovereign debt crises emphasized the need to strengthen the quality of financial management in public sector organizations worldwide,” the AU said in a statement on Sunday.
“The continuing aftermath of these crises has reinforced these needs and has increased the pressure on Governments and public sector organizations to better manage public resources,” it added.
“In spite of promising results, major challenges still remain. Progress made has been very uneven and a number of countries in Africa still suffer from poor management of financial resources,” the AU said.
It also stressed that the lacks of cooperation, complete and accurate information about government finances have in many jurisdictions continued to be a major cause of concern as it impacts accountability and informed decision making by policymakers.
The AU’s call came few days ahead of a high-level continental Public Financial Management Forum, slated from October 14 to 18 at the AU headquarters in the Ethiopian capital Addis Ababa, under the theme “Strengthening public sector accounting in Africa.”
The forum, among other things, is expected to stimulate dialogue and enhance leadership and collaboration between AU members, professional and accounting bodies, with the view “to urgently accelerate progress towards sound public sector financial management, ” it was noted.