On 13 September 2024, the African Regional Partnership Workshop on Sustainability Reporting (ARP) – an initiative launched and supported by UNCTAD - was successfully held in Yaoundé, Cameroon, bringing together key stakeholders of the sustainability reporting ecosystem to accelerate the adoption and implementation of international standards and promote sustainability disclosure across Africa. The event was organized in cooperation with IFAC, ISSB and PAFA.
The Workshop agenda focused on the following areas:
• Adoption and implementation support: In-depth sessions on adoption and implementation on IFRS S1 and IFRS S2 were led by experts from UNCTAD, IFAC, PAFA, and the ISSB. They aimed at building regional expertise.
• ISSB Standards Adoption Progress: Early adopters, including Nigeria, Kenya and Ghana shared insights on integrating ISSB Standards into African regulation.
• Harmonizing Global Ecosystem in the Regional Context: Panel discussions explored the African perspectives on aligning with global sustainability disclosure standards for both private (ISSB) and public sectors (IPSASB). The critical role of ethics and independence was also addressed with support of the experts from IESBA. The meeting also pointed to the importance of bringing trust and confidence to sustainability disclosures through high-quality assurance, using a new standard (ISSA 5000) prepared by the IAASB.
• Green Finance in Africa: Key discussions highlighted strategies for promoting green finance and sharing best practices across the region.
The key panelists represented organizations such as the ISSB, IFAC, PAFA, IESBA, IAASB and IPSASB. In addition, the local experts contributed to the workshop by sharing practical examples on the implementation of sustainability disclosure best practices and adopting international standards across the region.
The meeting led to the following key outcomes:
• Progress towards the adoption of ISSB Standards: An increased number of countries from the Continent expressed their interest towards facilitating the adoption and implementation of the ISSB standards, leveraging the continent's early engagement with sustainability reporting practices.
• Regional Voice: Establishment of a common position for the region as regards adapting sustainability standards to the specific needs of its countries, taking into account their differing levels of readiness and resource availability.
• Partnership growth: The African Regional Partnership (ARP) proudly welcomed 7 new members, with 3 new countries—Gabon, Ghana and Côte d'Ivoire—joining the partnership.
• Collaboration: The meeting allowed for the strengthening of multistakeholder critical partnerships towards the achievement of the sustainability goals between international organizations, regional bodies, and national governments.
Almost all countries having joined the ARP (20) participated in the event, represented by government officials, regulators, academia, professional accountancy organizations (PAOs), and private sector entities.
UNCTAD supports the ARP by providing forums to discuss regional challenges and monitor progress in sustainability reporting, while also organizing global forums for sharing experiences across the region. It facilitates invitations of the ARP members to capacity-building workshops and helps to identify technical assistance needs to ensure effective support in advancing sustainability reporting practices. For more information on the work of the ARP, visit the website African Regional Partnership for Sustainability and SDG Reporting (ARP).
