African governments must strengthen public financial management systems and move past outdated narratives that have hindered the continent’s progress, according to Frederick Riaga, Chief Executive Officer of the African Association of Accountants General (AAAG).
Delivering the keynote address at the third AAAG Conference in Accra, Riaga told delegates that Africa’s prosperity depends on deliberate reforms, stronger governance, and converting the continent’s wealth into lasting value for its citizens. The conference, held under the theme “Africa of Tomorrow: Positioning Public Financial Management (PFM) for Economic Prosperity,” drew accountants general from across the continent, senior government officials, and President John Dramani Mahama, who was inaugurated in January 2025 after winning 56 percent of votes in the December 2024 election.
Riaga described Ghana’s electoral choice as reflecting public confidence in the country’s new direction. He challenged African leaders to be recognized for present-day results rather than historical references alone. “Africa is rich and destined for greatness. If we put our heads together and think right, we will achieve it,” he said.
The AAAG was established two and a half years ago to provide a unified voice on PFM issues across the continent. Riaga commended President Mahama for prioritizing attendance at the conference despite competing demands on his schedule.
Several areas require urgent attention, Riaga noted, particularly the need for African countries to convert demographic strength into economic value. “It is no longer enough to describe Africa as a youthful continent. If we cannot tap into the youthfulness of our population to bring about value, then we are missing the opportunity,” he said.
Climate change threatens to deepen existing vulnerabilities, Riaga added, stressing the importance of forward-looking fiscal and policy measures that protect future generations while supporting current economic stability.
Riaga challenged African governments to stop attributing economic gaps to colonial history. “That is an old narrative we must stop. Others who were colonized have moved ahead. It is time for Africa to take charge of its future,” he said, citing Brazil and Singapore as examples of nations that have surpassed their former colonial powers in several economic measures.
The conference focuses on how African governments can harness natural resources, strengthen governance, and use PFM systems to support long-term development agendas. Riaga urged participants to return to their capitals with renewed commitment. “We trust that as we run through our conversations today, we will leave with the call to drive the change that ensures Africa of tomorrow begins taking shape today,” he said.
The Accra conference represents the third gathering since AAAG’s establishment, aiming to position the event as the continent’s premier platform for PFM excellence and collaboration. Previous conferences took place in Arusha, Tanzania in December 2024 and Maseru, Lesotho earlier in the organization’s history.
