Tanzania has been recognized as a leader in Africa for adopting International Public Sector Accounting Standards (IPSAS), a move that has strengthened transparency and accountability in the management of public finances.
The recognition came in Accra, Ghana, from Mr. Amon Dhlimayo, a Zimbabwean consultant on international accounting standards, during the Third African Association of Accountants General (AAAG) Meeting. He praised Tanzania for being among the first African countries to implement IPSAS, noting that the country now produces financial statements that meet global standards.
Mr. Dhlimayo urged other African nations to follow Tanzania’s example, saying that adopting such accounting systems ensures that financial information reaches citizens and supports national development.
Tanzania’s Accountant General, CPA Leonard Mkude, said IPSAS has significantly improved public financial management. “The management and oversight of public funds have reached a higher standard. Financial reports are transparent and reviewed by various groups, including the Parliament, promoting better policy decisions and enhancing the use of accrual accounting for improved asset and debt management,” he said.
The AAAG meeting, held under the theme “Africa of Tomorrow: Strengthening Public Financial Management for Economic Prosperity”, brought together more than 2,000 participants from 55 African countries to discuss strategies for proper management and use of public funds.