Meeting the growing demand for finance and accounting professionals in Africa

By Stephen Flatman

Africa's economic outlook remains flexibleEven though geopolitical tensions and global trade uncertainty are creating headwinds. according to african development bankReal GDP growth is projected to reach 4.3% in 2026, 4.2% in 2025 and 3.1% in 2024, supported by macroeconomic stability and improving domestic demand in parts of the continent.

However, the outlook is increasingly exposed to downside risks, including higher energy prices, tighter financial conditions and trade disruptions associated with ongoing conflicts. In volatile times, business leaders and government departments turn to their finance and accounting professionals for reliable guidance.

This evolving economic environment is reshaping the demands placed on organizations. Governments, businesses and investors are operating amid increased uncertainty, ongoing regulatory reform, rapid digital transformation and rising expectations around corporate sustainability. In response, finance teams are being asked to move beyond traditional reporting roles to provide strategic insight, manage complex risks, and help make decisions that drive performance and long-term value creation.

Yet as expectations for the finance job increase, skills barriers are becoming more and more apparent. In countries such as Ghana, Kenya, Nigeria and South Africa, a shortage of qualified finance and accounting professionals continues to hinder capacity in both the public and private sectors.

The shortage of accounting skills in Africa is well recognised, particularly in areas such as financial analysis, risk management, auditing and public finance where demand far exceeds supply. In South Africa, there are many finance and accounting roles, including management accountant, tax professional, external auditor, financial accountant, forensic accountant and internal auditor. national list This pattern, of high-demand occupations, is reflected in many African economies.

Closing this gap requires rethinking how finance and accounting talent is developed. The profession must move beyond traditional technical training towards education that reflects how organizations work now – complex, data-driven, technology-enabled and expected to make commercially sound, flexible and sustainable decisions over time. Professional bodies have an important role to play in this change by modernizing learning models and expanding access to the profession.

CGMA Professional Qualification – Ready for the Future of Finance

The Chartered Global Management Accountant (CGMA) professional qualification by the Chartered Institute of Management Accountants (CIMA) has been created with this reality in mind. Rather than focusing solely on traditional finance and accounting competencies, it develops professionals who have an understanding of strategy, performance, governance and decision making.

To keep pace with the rapid change of business, we have moved beyond the traditional, linear model of learning. Instead, we have adopted a spiral curriculum – a dynamic framework that builds and reinforces interrelated skills at every stage of qualification. This means that students don't just accumulate knowledge level by level – they revisit and deepen their ability to solve increasingly complex business problems and add value as they progress.

From day one, learners begin to develop critical thinking, problem-solving and communication skills – they no longer have to wait until the final stages of their qualification. As a result, they are equipped to tackle real-world business challenges early in their journey and deliver meaningful value to their employers right from the start, including:

• Future-ready, strategic mindset – CGMA professionals are trained to support strategic decision making, value creation and long-term performance, skills that are in demand by employers across all sectors.
• Strong reliability and employability – The CGMA designation obtained upon completing the CGMA professional qualification and gaining the required experience is globally recognized, enhancing career mobility, and positioning professionals for leadership, finance partnership and strategy roles.
• Relevance in a technology-driven environment – The CGMA professional qualification develops digital and analytical capabilities, enabling professionals to work effectively as finance and accounting roles evolve in a world shaped by AI and data.
• Ability to drive sustainable and ethical results – CGMA professionals integrate sustainability, governance and risk in decision making, supporting resilient and responsible organizations.
• Business Confidence and Influence – Beyond technical expertise, the CGMA business qualification strengthens communication, decision-making and stakeholder influence, allowing CGMA professionals to become high-performing finance business partners and act as trusted advisors.

Developing future-ready professionals also means increasing access to the profession. That's why the CGMA professional qualification offers multiple entry points, enabling young people, graduates and career changers to enter the profession and progress based on ambition and potential, not just prior experience in finance and accounting. School leavers can start at certificate level, while graduates and degree holders are often able to enter directly at professional level.

The impact of these capabilities extends beyond individual careers to the organizations and economies they serve. Organizations that hire CGMA professionals also see clear benefits:

• Strong decision making and strategic insight, Powered by finance and accounting professionals who connect data to business strategy.
• Finance teams that work as true business partners, Aligned with leadership and operational teams.
• Better governance, risk management and organizational flexibility, Especially in complex and volatile environments.
• Greater readiness for digital and technological change, Which also includes responsible adoption of AI.
• More durable long-term performance, Balancing financial results with broader economic, environmental and social considerations.

Africa's growth potential is real but realizing it depends as much on people as it does on policy or capital. Without a strong pipeline of skilled, visionary finance and accounting professionals, organizations will struggle to build resilience and create long-term value. Investing in modern, accessible and globally relevant qualifications is not optional, it is essential to building future-ready organizations that can stand the test of time and support sustainable development across the continent.

Stephen is Vice President of Education and Professional Qualifications, Management Accounting at the Chartered Institute of Management Accountants

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