In the labyrinth of global hurdles ranging from a multi variant corona virus pandemic to climate change persistent effects, the world continues to bear the brunt of these top risks. Africa, the world’s fastest growing continent has been adversely impacted by the pandemic as it grapples with a snail paced vaccination administration currently at 2.0% while climate change effects are evident in prolonged droughts, erratic rainfall patterns and cyclones on its coastal areas. It is for this reason that the most prestigious accounting discipline on earth, the Association of Certified Chartered Accountants – ACCA has committed to playing a key part in helping the public and private sector to navigate this economic turbulence through its recently launched Africa Advocacy Program – AAP.
June 29 was a landmark date for Africa’s second largest copper hotspot, Zambia as it marked the launch date of the AAP program virtually, the second launch after Nigeria on the continent. The AAP is a region wide initiative set up for the integration of inputs and perspectives of leaders and experts across industry verticals on the continent, Zambia inclusive. This initiative targets close collaboration between ACCA and national stakeholders in solving and addressing real market issues.
This initiative demonstrates ACCAs responsiveness and elasticity to a chaotic global environment posed by the worlds top two risks namely COVID19 and climate change. The most spoken about crises in 2021 have been helping Africa recover from the pandemic while the G7, World Bank, Africa Development Bank and International Monetary Fund have relentless deliberated on responding to the continents needs through various initiatives ranging from debt repayment suspension to COVAX facility vaccine finance assistance. The challenges have however posed an opportunity for stakeholders in the private sector to help drive growth recovery in this constrained period.
ACCA Chief Executive – Helen Brand
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“As the region looks towards recovery from the profound human and economic costs of COVID19, there is an opportunity to rethink priorities and approaches. At the same time, the existential threats that existed before the pandemic have not gone away. Despite pauses in economic activity, climate change is still accelerating. The three largest economic losses on record from wildfires have all occurred in the last 4 years. Biodiversity is continuing to disappear at an increasing rate. And with less than a decade to delivering the UN Sustainable Development Goals – those commitments that 193 countries targeted to achieve by 2030 – urgent and positive progress is required. ACCA needs to show, more than ever, than we are leading on this agenda and that we – and everyone in our extended community – can be instrumental in helping the post-COVID global economy build back better, with sustainable solutions that benefit everyone and our planet.”
Helen Brand – ACCA Chief Executive
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This initiative coincides with and is aligned to, the 2025 ACCA strategic plan. The accounting body will seek to achieve a program architecture that will harness national content inclusion, an inventory of industry perspectives cross continent so as to assist ACCAs proprietary insights through the lens of the market towards achieving its purpose, to become a force for public good.
ACCA Regional Head for Policy, Africa – Jane Ohadike
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“An important benefit of this initiative to industry specialists, is the ability to drive joint – ACCA and key stakeholder-ownership of our insight and outputs to increase the authenticity and relevance of our policy recommendations at a national level. The industry specialists here today, will also individually have the advantage of leveraging the programme to reinforce their expertise and values brought to policy conversations.”
Jane Ohadike – ACCA Regional Head of Policy, Africa
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ACCA Country Head for Zambia – Janice Matwi
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“The AAP is a strategic initiative to support the delivery of ACCA’s global purpose in Africa by optimizing relevant expertise and proprietary resources across sectors such as human resources, education, technology, governance, SME and finance. As we work hand in hand with you, we are optimistic that this initiative will influence a direct positive change in our country’s economy while aligning to ACCA’s 2025 strategic agenda through its design to interface with professional insights and the global forums.”
Janice Matwi – ACCA Country Head Zambia
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Zambia is the second ACCA market to inaugurate the Africa Advocacy Program, following Nigeria closely. Other ACCA markets across the continent are scheduled to implement the programme over the course of the current 2021/22 financial years. The AAP comes at time when the copper producer is in the middle of a debt restructure, IMF negotiations for a bailout package, currency weakening, spiralling inflation to a two decade high as the third COVID wave continues to amplify fiscal vulnerabilities slowing growth. Close collaboration between stakeholders will remain key in attaining growth going forward especially now that there is realisation that the private sector does drive resilient growth. Despite the downside risks the Southern African nation faces, other exogenous factors such as rising copper prices and IMFs potential increase in Special Drawing Rights – SDRs still are in its favour.
The Kwacha Arbitrageur
