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Johannesburg - The accounting profession is well positioned to contribute to sustained economic development in Africa," according to Karen Smal, acting head of the Association of Chartered Certified Accountants (Acca) in SA.
"This can be achieved by collaboration of international bodies to collectively promote gross economic success,” said Smal.
Acca hosted the first Chief Experience Officer (CXO) African Convention in Johannesburg.
Acca is the global body for professional accountants. It was founded in 1904 and has 162 000 members and 428 000 students in 173 countries.
The convention featured seven of the top ten African economies, bringing together leaders from across the continent to debate opportunities, challenges and pivotal issues that matter for Africa’s future.
According to Professor Oliver Saasa, managing consultant and CEO of Premier Consult, there’s a new wave of optimism sweeping the continent.
Africa’s overall Gross Domestic Product has indicated a steady increase from 5.5% between 2005 and 2008.
In 2009, the GDP increased by an additional 2.4%, continuing to a 4.7% upturn in 2010 and reaching 5.2% in 2014.
Close evaluation of the African continent reveals that this performance is boosted and sustained by rising investment in infrastructure and natural resources, and solid household spending.
Non-resource-rich countries also experienced steady growth in 2013.
Capital flows
In 2013 there was a continued rise of capital flows to numerous southern African countries, reaching an approximated 5.3% of regional GDP, soundly above the developing-country average of 3.9%.
South Africa was adversely affected by heavy strikes in the mining sector and the recession in the euro area.
With greater international demand and supportive macroeconomic policies a gradual recovery is expected for 2014.
Victor Sekese, CEO of SizweNtsabulaGobodo, was among the delegates at the convention.
SizweNtsabulaGobodo is presently the fifth largest accounting and advisory firm in Southern Africa.
Sekese remarked on Africa’s transition and how it has transcended from its label of “Africa: Hopeless Continent” to “Africa Rising”.
Risks
Africa’s overall GDP growth rate is expected to remain stronger, however, a number of important risks remain.
Risks such as political uncertainty, locally volatile food prices and commodity services still negatively affect the continent.
“There is a great absence of procedures and parameters in African markets,” said Nenad Pacek, president of Global Success Advisors.
“African countries need to change their policies in order to allow foreign investors to feel at home in Africa.”
Generally, South Africa is considered a secure investment option by many foreign investors due to its relative lower risk factors compared to many other African countries.
"This can be achieved by collaboration of international bodies to collectively promote gross economic success,” said Smal.
Acca hosted the first Chief Experience Officer (CXO) African Convention in Johannesburg.
Acca is the global body for professional accountants. It was founded in 1904 and has 162 000 members and 428 000 students in 173 countries.
The convention featured seven of the top ten African economies, bringing together leaders from across the continent to debate opportunities, challenges and pivotal issues that matter for Africa’s future.
According to Professor Oliver Saasa, managing consultant and CEO of Premier Consult, there’s a new wave of optimism sweeping the continent.
Africa’s overall Gross Domestic Product has indicated a steady increase from 5.5% between 2005 and 2008.
In 2009, the GDP increased by an additional 2.4%, continuing to a 4.7% upturn in 2010 and reaching 5.2% in 2014.
Close evaluation of the African continent reveals that this performance is boosted and sustained by rising investment in infrastructure and natural resources, and solid household spending.
Non-resource-rich countries also experienced steady growth in 2013.
Capital flows
In 2013 there was a continued rise of capital flows to numerous southern African countries, reaching an approximated 5.3% of regional GDP, soundly above the developing-country average of 3.9%.
South Africa was adversely affected by heavy strikes in the mining sector and the recession in the euro area.
With greater international demand and supportive macroeconomic policies a gradual recovery is expected for 2014.
Victor Sekese, CEO of SizweNtsabulaGobodo, was among the delegates at the convention.
SizweNtsabulaGobodo is presently the fifth largest accounting and advisory firm in Southern Africa.
Sekese remarked on Africa’s transition and how it has transcended from its label of “Africa: Hopeless Continent” to “Africa Rising”.
Risks
Africa’s overall GDP growth rate is expected to remain stronger, however, a number of important risks remain.
Risks such as political uncertainty, locally volatile food prices and commodity services still negatively affect the continent.
“There is a great absence of procedures and parameters in African markets,” said Nenad Pacek, president of Global Success Advisors.
“African countries need to change their policies in order to allow foreign investors to feel at home in Africa.”
Generally, South Africa is considered a secure investment option by many foreign investors due to its relative lower risk factors compared to many other African countries.
