26/05/2023

7 Takeaways from the TGS team at the African Congress Of Accountants

Africa Business advisory

Fabrizio Aldrighetti, Pelumi Odutola, Marcela Vargas, Silvia Létang

TGS participation at the ACOA conference in Abidjan was met with enthusiasm. With a diverse and vibrant team, TGS stood out among other networks. The presence of all-female representatives further emphasized our commitment to gender equality.

Africa’s perception of us as an exemplary organization was evident, and participants expressed their positive views on our presence at the event. This feedback reinforces the importance of working internationally and developing business relationships in Africa and beyond.

The ACOA conference shed light on crucial discussions revolving around the transformation of African economies, striving for equity, wealth redistribution, and sustainable development.

The event highlighted the need to address power imbalances, financial transparency, and the importance of tax contributions. Africa’s potential for growth and the necessary steps to maximize it were also key areas of focus.

The conference also explored the challenges of digitization and the significance of sustainability in achieving the United Nations Sustainable Development Goals (SDGs). The active participation of TGS and its commitment to empowering Africa were warmly received.

Listen to TGS VP Silvia’s key takeaways from the ACOA event

Follow the TGS Talks podcast on Spotify.

Here are the TGS team’s 7 key takeaways from the event.

1. Promoting Equity and Wealth Redistribution

The conference theme, “How to transform African Economies to be more equitable?” emphasized the urgency of redistributing wealth and promoting fairness in African economic systems.

We believe in the power of collaboration and inclusivity to achieve these goals. By engaging with African economies and providing resources, TGS can help drive the necessary changes and create a more level playing field for more firms to achieve sustainable development.

2. Global Sustainability and Power Dynamics

Discussions on global sustainability questioned whether power dynamics were hindering progress. TGS recognizes the importance of addressing power imbalances and advocating for equal representation. By supporting initiatives that empower marginalized groups and fostering diversity within our own organization, we strive to lead by example and contribute to a more inclusive future.

Membership of  an international network can be a key driver for success of audit and accounting firms but often the initial investment can be a barrier to entry and can prevent diversity in the profile of firms that join. 

To celebrate their first 10 years of existence and to increase diversity in the profile of member firms in their network TGS has launched a program TGS 10 for 10 for 2023. The program offers heavily subsidized memberships. Reach out to Andrew if you would like more information or to find out if your firm qualifies for this program.

3. Increasing Transparency in Financial Systems

The conference attendees highlighted the issue of financial transparency, questioning where money flows and what happens with tax contributions.

TGS acknowledges the importance of transparent financial systems and the role they play in fostering trust and driving economic growth. By working with African governments and businesses, we aim to promote accountability and responsible financial practices.
The TGS ESG diagnostic and advisory toolkit, TGS Lab Process offers reporting that will help businesses be more accountable, not only in financial processes but also in societal and environmental impacts.

4. Unlocking Africa’s Potential

Africa is a continent brimming with untapped opportunities. ACOA 2023 emphasized the need to recognize and nurture Africa’s potential to become a major player in the global economy. TGS firmly believes in the continent’s capacity for growth and aims to support African businesses in reaching their full potential.

By providing access to training and resources, TGS empower African entrepreneurs and professionals to excel on the global stage. TGS are painting Africa orange.

5. Empowering Women in Business

Gender diversity and empowering women in African economies is a big issue. TGS acknowledge the need to address these barriers and actively promote opportunities for women. 

Both the “TGS 10 for 10 for 2023” initiative and the TGS Lab Process diagnostic and advisory toolkit, although challenging to implement, aim to provide support and mentorship for aspiring female entrepreneurs. 

TGS is committed to pushing this initiative forward and ensuring equal opportunities for all.

6. Digitization Challenges and Opportunities

Digitization emerged as a crucial topic of discussion during the conference. While Africa has embraced digital technologies, there is still a lot to be done. We recognize the importance of digitalization and stand ready to support African businesses in overcoming obstacles, leveraging technology, and harnessing its potential for growth.

TGS has many training programs and forums to share ‘better practices’ with other members. Whether it’s in the TGS Future of Accounting interest group or in more specific soft skills training such as our ‘Build your Tech Stack for Accounting’ course, TGS members identify obstacles to their progress and create plans, challenge and overcome them.

What’s more, each TGS member firm participates in a Quality Review Cycle each year to identify, implement and track progress initiatives.

7. Sustainability and the United Nations SDGs

The United Nations Sustainable Development Goals (SDGs) are essential for driving Africa’s development. TGS are aligned with these goals and actively promote sustainability in all aspects of our operations.

By acting as a signatory of the UNGC (United Nations Global Compact) since 2016, we consistently demonstrate our commitment to social and environmental responsibility. TGS also offers training programs and collaborates with member firms to develop strategies that tackle corruption and promote sustainable practices.

 

Pelumi Odutola

Could your firm be part of TGS?

TGS currently has member firms in South Africa, Nigeria, Ghana, Uganda, Kenya and Morocco.

If you are an audit or accounting firm in Botswana, Tanzania or Ethiopia, there is an opportunity for you to take a leadership role in a growing and international force for change in accounting, audit and business development.

Get in touch and find out how a TGS membership, training, network referrals, international brand strength and quality process will amplify the sustainable development of your firm.

 

Would you like to participate in our regional events?

Message us for more information

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