Metalgalante S.p.A.
MSC Mediterranean Shipping Company
CAF Data Centre Industry Outlook
Car Mix

twitter Facebook Linkedin acp Contact Us

ICAEW and OCAM join forces to help African accountants embrace digital transformation

The 6th Africa Congress of Accountants event (ACOA2021), held from 24-26 November 2021. (Image source: Adobe Stock)

The Institute of Chartered Accountants in England and Wales (ICAEW) and the Order of Accountants and Auditors of Mozambique (OCAM), under the auspices of PAFA (Pan African Federation of Accountants), together have shed light on how accountancy and finance professionals in Africa can harness the fourth Industrial Revolution

As a part of the two entities’ ongoing efforts to accelerate the development of Africa’s financial sector, the 6th Africa Congress of Accountants event (ACOA2021), held from 24-26 November 2021, brought together international experts who shared their knowledge and experience on how accountants can provide more insight and stay competitive in the digital era.

Lately, the adoption of cryptocurrencies, artificial intelligence (AI) and blockchain has gained momentum globally. According to PwC, by 2030, AI is expected to add US$15.7tn to global GDP, with US$6.6tn projected to be from increased productivity and US$9.1tn from consumers.

Businesses are set to accelerate the digitalisation of work processes, learning, and the automation of tasks within organisations. According to the World Economic Forum's ‘The Future of Jobs report 2020’, workers will face two considerable disruptions by 2025: job losses due to increased automation and the economic impact of COVID-19 we are still experiencing. The report also states that humans' and machines' time spent on current tasks at work will be equal by 2025.

Michael Armstrong, ICAEW regional director, Middle East, Africa and South Asia, said: “The explosion in the accessibility of data has led to rapid advances in digital technologies that are transforming businesses, economies, and societies – and Africa has a great opportunity to leverage these to drive large-scale transformation across industries.”

The speakers acknowledged that the 4th Industrial Revolution is transforming working methods and business models, and with this will come a change in the traditional accountancy skills needed in the future.

The congress was held virtually and physically, at Joaquim Chissano International Convention Centre, Maputo, Mozambique, and attended by more than 1,000 accounting professionals from across the continent.

African Review

Most Read

The Bell team in Richards Bay consists of more than 800 machinists, welders, and assemblers. (Image source: Bell)

GFE Power Product’s extensive range covers generators from 10 kVA up to 3,000 kVA. (Image source: GFE Power Products)

The funding is the largest-ever equity raise in the minigrid industry according to Husk. (Image source: Adobe Stock)

The initiative will help African contractors participate in annual infrastructure investments. (Image source: Afreximbank)

ITS has evolved into a sophisticated systems approach, providing numerous opportunities to revolutionise road networks. (Image source: Adobe Stock)

Invest International’s Lara Muller; Ivory Coast Minister of Finance and Economy, Adam Coulibaly; and Ambassador Designate to Ivory Coast, Jeroen Kelderhuis. (Image source: Invest International)

Inside Condra’s Johannesburg factory: an overhead crane positions an electric motor during assembly of hoist and crab. (Image source: Condra)

The Yellow Metal Machine Rental team with some Wacker Neuson equipment. (Image source: Wacker Neuson)

The parties will also promote the mutual exchange of information and expertise in the field of export credit policies and practices. (Image source: TBD Group)

Although displaying resilience, the report warns that African banks remain exposed to physical climate risks due to both sovereign and industry lending. (Image source: Adobe Stock)

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

IVECO is renewing its entire product range, all at once. (Image source: IVECO)

Both the IMF and EIU expect SSA to rank as the world’s second fastest growing economy in 2024. (Image source: Adobe Stock)

The MoU was signed alongside the Africa Health Business Symposium. (Image source: Africa CDC)

There has been a focus on the sugar industry. (Image source: Adobe Stock)

Latest news

The HQ is expected to be completed and handed over by February 2025. (Image source: ECOWAS)

Africa’s share of global manufacturing only sits at around 2% today. (Image source: Adobe Stock)

There are numerous but not insurmountable challenges facing Africa's aviation sector, according to IATA. (Image source: Adobe Stock)

Africa Energy Forum 2024 was held in the Fira de Montjuïc in Barcelona. (Image source: ACP)

The quality design and manufacture of SEW-EURODRIVE South Africa’s panels and enclosures can be suited to any customer requirement wall mounts. (Image source: SEW-EURODRIVE)

African countries will require over US$45bn in the coming eight years to plug the gap in its transmission systems. (Image source: Synergy Consulting)

BII commits US$75mn to second Green Basket Bond with Symbiotics Investments to finance small-scale green projects in Africa, South, and South-East Asia. (Image source:

Transforming Africa's digital economy: Data Centres powering growth, innovation, and sustainability in the digital era. (Image source: Adobe Stock)

The Linnhoff TSD1500 Asphalt Mixing Plant is undertaking crucial work on two rural road projects in Kenya. (Image source: Lintec & Linnhoff)

AI-driven energy-sharing platform will be integrated with ABB energy management technology. (Image source: ABB)

ENGIE Energy Access starts mini-grid construction in Zambia. (Image source: ENGIE Energy Access)

ATIDI and Globeleq boost Kenya’s renewable energy with pioneering geothermal initiative, reinforcing regional sustainability goals.

This partnership aims to enhance sustainable development and advance climate action initiatives throughout the continent. (Image source: Adobe Stock)

Orange Energies has aimed to make energy more accessible, becoming a preferred partner for energy producers in regions where half the population lacks electricity. (Image source: Adobe Stock)

Global primary energy consumption overall was at a record absolute high in 2023. (Image source: Adobe Stock)

Genset BuyersGuide
Construction Buyers Guide