By: Julius Konton
Liberia has further consolidated its growing reputation as a regional hub for governance, financial reform, and professional cooperation with the successful hosting of the 108th Council Meeting of the Association of Accountancy Bodies in West Africa (ABWA) in Monrovia.
The high-level gathering brought together leaders of the accountancy profession from across West Africa’s 15 ECOWAS member states, representing institutes that collectively oversee hundreds of thousands of professional accountants responsible for public and private financial reporting across the subregion.
Opening the meeting, Liberia’s Minister of Finance and Development Planning, Augustine Kpehe Ngafuan, described the decision to host the ABWA Council as a strong vote of confidence in Liberia’s renewed institutional credibility and stability.
“Liberia is honored by the confidence reposed in us to host such an important gathering of the leadership of the accountancy profession in West Africa,” Minister Ngafuan stated.
“Your presence here reflects not only the fraternity of ABWA, but also recognition of Liberia’s growing role as a convening hub for regional and international institutions.”
From ‘Problem Child’ to Regional Convening Power
Liberia’s hosting of the ABWA Council builds on a recent record of international engagements that underscore the country’s transformation from a post-conflict state to a reliable regional partner.
Over the past year alone, Monrovia has hosted several major regional and continental events, including:
The 44th Technical Commission and Plenary Meetings of the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) in 2025
The Africa Role Maintenance Fund Association (AMFA) General Assembly in 2025
Upcoming statutory meetings of the West African Monetary Zone (WAMZ), scheduled to convene in Monrovia in the coming weeks
According to Minister Ngafuan, these events collectively reflect Liberia’s restored peace, improving infrastructure, and growing diplomatic and institutional trust.
“These gatherings demonstrate that Liberia has put behind it the days when it was considered the problem child of the subregion,” Ngafuan declared.
“Liberia is now a place people are not running away from but a place they are coming to.”
Public Financial Management Reform as a National Priority
At the core of Liberia’s engagement with ABWA, Minister Ngafuan emphasized, is a deep commitment to public financial management (PFM) reform, which he described as a strategic national priority rather than a narrow technical exercise.
Liberia’s reform agenda focuses on:
Restoring public trust in state institutions
Ensuring value for money in public spending
Strengthening domestic revenue mobilization
Managing public debt sustainably
Creating a credible environment for private investment and development partners
According to World Bank and IMF assessments, countries with strong public financial management systems are more likely to achieve macroeconomic stability, lower borrowing costs, and higher development outcomes, a reality Liberia is keen to leverage as it continues its post-war reconstruction and growth agenda.
“These objectives cannot be achieved without reliable financial reporting,
high-quality auditing, and strong professional ethics,” the minister stressed.
ABWA’s Regional Role in Standards, Ethics, and Capacity Building
Minister Ngafuan highlighted ABWA’s central role in promoting International Financial Reporting Standards (IFRS), International Standards on Auditing (ISA), and ethical codes that underpin transparency and accountability across West Africa.
ABWA, established in 1982, serves as the umbrella organization for professional accountancy bodies in the region, working to harmonize standards, strengthen capacity, and promote professional integrity in economies that together represent over 400 million people and a combined GDP exceeding US$800 billion.
“It is often said that the best accounts do not just balance books, they form the foundation upon which economies rest,” Ngafuan remarked.
He cautioned that poor-quality financial records lead to distorted economic decisions, weakened investor confidence, and fiscal mismanagement, while accurate and faithful reporting supports sound policymaking, growth, and stability.
“Accountants can make or break an economy,” he said.
“When records reflect the truth, good decisions follow, and economies grow.”
Tribute to LICPA and Liberia’s Financial Institutions
The Finance Minister paid special tribute to the Liberia Institute of Certified Public Accountants (LICPA), the country’s statutory professional accountancy organization established under the NICPA Act of 2010.
LICPA plays a critical role in:
Regulating and certifying accountants
Improving audit quality
Supporting the training of public-sector finance officers and auditors
He informed the body that the institute works closely with key oversight and revenue institutions, including:
The Ministry of Finance and Development Planning
The General Auditing Commission (GAC)
The Internal Audit Agency (IAA) and
The Liberia Revenue Authority (LRA)
Together, these institutions form the backbone of Liberia’s public financial architecture.
Commitment to Digitalization, Transparency, and Regional Cooperation
The Liberian government reaffirmed its commitment to deepening reforms in:
Budget preparation and execution
Fiscal reporting and transparency
Internal control and audit systems
Digital public financial management platforms
Minister Ngafuan emphasized that regional cooperation, peer learning, and professional solidarity, values embodied by ABWA are indispensable to sustaining reform momentum across West Africa.
“No country can do this alone,” he said.
“Strong regional institutions and professional networks are essential to building resilient financial systems capable of supporting inclusive growth and long-term stability”, he re-emphasized.
A Shared Vision for West Africa’s Economic Future
As Liberia hosts the 108th ABWA Council Meeting, the government framed the occasion as both a moment of national pride and a reaffirmation of the accountancy profession’s central role in governance and development.
“We host you with pride and with conviction that the accountancy profession is central to the governance and development agenda of our region while encouraging a fruitful deliberations and outcomes that will strengthen both the profession and public financial management across West Africa.”
