Kenya’s finance and accounting sector is grappling with deep-seated challenges, including skills shortages, slow technology adoption and weak governance structures, issues that experts say threatens the country’s ability to achieve sustainable economic growth and the African Union’s Agenda 2063.
Despite having over 38,000 registered accountants, with about 26,400 active practitioners, according to the Institute of Certified Public Accountants of Kenya (ICPAK), the profession still struggles to keep pace with modern demands.
A World Bank analysis estimates that Kenya has about 5,200 qualified accounting professionals and 20,000 accounting technicians. But a shortage of advanced expertise continues to hinder the sector’s progress.
Follow The Standard
channel
on WhatsApp
Many accountants lack up-to-date knowledge in complex accounting standards such as International Financial Reporting Standards (IFRS), sustainability reporting, data analytics and artificial intelligence.
This skills gap limits both private firms and public institutions from implementing modern finance functions efficiently. In addition, traditional manual systems remain prevalent across organisations, slowing reporting, increasing the risk of errors, and reducing the ability to generate data-driven insights.
Technology adoption has been further constrained by high implementation costs, limited digital infrastructure and a shortage of tech-savvy finance professionals.
Regulatory and compliance pressures have also intensified as accountants struggle to keep pace with frequent changes in tax laws, financial reforms, and global reporting standards.
Weak governance and poor financial disclosure practices in some institutions continue to erode confidence in the sector.
Salary disparities and limited career progression opportunities have worsened retention challenges, especially among young professionals. While senior roles command decent pay, many entry-level accountants earn modestly, discouraging new talent from joining the profession.
The perception of accounting as a compliance-focused career rather than a strategic, tech-driven field has also made it less appealing to younger generations.
At the same time, small and medium enterprises (SMEs) and public institutions face resource constraints that undermine financial accountability.
Limited budgets for training and outdated financial systems contribute to delayed audits, weak reporting and rising pending bills estimated at Sh181.98 billion by mid-2024 according to the National Treasury.
Its due to these noose tight challenges that the Association of Chartered Certified Accountants (ACCA) will be spearheading a conversation aimed at urgent reforms to strengthen the role of finance professionals in shaping Africa’s economic transformation at the upcoming 5th ACCA Africa Members Convention (AMC2025) set for December in Mombasa.
Speaking ahead of the conference, Jamil Ampomah, ACCA’s Director for Africa, urged finance experts to lead in promoting sustainability, ethical leadership, and innovation.
“Africa’s Agenda 2063 aspires to a prosperous Africa based on inclusive growth and sustainable development,” said Ampomah. “We, as finance professionals, must be at the forefront of this transformation driving sustainability, promoting social value, reshaping businesses, and enabling innovative technologies.”
Themed “Leading an Evolved Profession for a Changed World,” the biennial convention will bring together over 1,000 delegates from across Africa to explore how finance and accounting can adapt technological, economic and ethical shifts to foster sustainable growth.
Among the top issues to be discussed are AI adoption, net-zero transitions, risk in public procurement, ethics and governance, diversity and inclusion and mental health management.
According to ACCA, its ongoing redesign of the globally recognised ACCA Qualification seeks to redefine the accountant’s role, combining profitability with ethics, sustainability and agility in an evolving digital economy.
George Njari, ACCA’s Head of East Africa Cluster, emphasised the need for innovation in public finance.
“New technologies can revolutionise how we manage public finances,” said Njari. “However, professionals must assess emerging risks and establish governance frameworks to help governments and institutions navigate these changes.”
As Africa moves toward realising Agenda 2063, experts agree that strong financial governance, continuous skills development, and technology-driven accounting practices will be key to achieving inclusive and sustainable development.
Follow The Standard
channel
on WhatsApp
Kenya’s finance and accounting sector is grappling with deep-seated challenges, including skills shortages, slow technology adoption and weak governance structures, issues that experts say threatens the country’s ability to achieve sustainable economic growth and the African Union’s Agenda 2063.
Despite having over 38,000 registered accountants, with about 26,400 active practitioners, according to the Institute of Certified Public Accountants of Kenya (ICPAK), the profession still struggles to keep pace with modern demands.
A World Bank analysis estimates that Kenya has about 5,200 qualified accounting professionals and 20,000 accounting technicians. But a shortage of advanced expertise continues to hinder the sector’s progress.
Follow The Standard
channel
on WhatsApp
Many accountants lack up-to-date knowledge in complex accounting standards such as International Financial Reporting Standards (IFRS), sustainability reporting, data analytics and artificial intelligence.
This skills gap limits both private firms and public institutions from implementing modern finance functions efficiently. In addition, traditional manual systems remain prevalent across organisations, slowing reporting, increasing the risk of errors, and reducing the ability to generate data-driven insights.
Technology adoption has been further constrained by high implementation costs, limited digital infrastructure and a shortage of tech-savvy finance professionals.
Regulatory and compliance pressures have also intensified as accountants struggle to keep pace with frequent changes in tax laws, financial reforms, and global reporting standards.
Weak governance and poor financial disclosure practices in some institutions continue to erode confidence in the sector.
Salary disparities and limited career progression opportunities have worsened retention challenges, especially among young professionals. While senior roles command decent pay, many entry-level accountants earn modestly, discouraging new talent from joining the profession.
The perception of accounting as a compliance-focused career rather than a strategic, tech-driven field has also made it less appealing to younger generations.
At the same time, small and medium enterprises (SMEs) and public institutions face resource constraints that undermine financial accountability.
Limited budgets for training and outdated financial systems contribute to delayed audits, weak reporting and rising pending bills estimated at Sh181.98 billion by mid-2024 according to the National Treasury.
Its due to these noose tight challenges that the Association of Chartered Certified Accountants (ACCA) will be spearheading a conversation aimed at urgent reforms to strengthen the role of finance professionals in shaping Africa’s economic transformation at the upcoming 5th ACCA Africa Members Convention (AMC2025) set for December in Mombasa.
Speaking ahead of the conference, Jamil Ampomah, ACCA’s Director for Africa, urged finance experts to lead in promoting sustainability, ethical leadership, and innovation.
Stay informed. Subscribe to our newsletter
“Africa’s Agenda 2063 aspires to a prosperous Africa based on inclusive growth and sustainable development,” said Ampomah. “We, as finance professionals, must be at the forefront of this transformation driving sustainability, promoting social value, reshaping businesses, and enabling innovative technologies.”
Themed “Leading an Evolved Profession for a Changed World,” the biennial convention will bring together over 1,000 delegates from across Africa to explore how finance and accounting can adapt technological, economic and ethical shifts to foster sustainable growth.
Among the top issues to be discussed are AI adoption, net-zero transitions, risk in public procurement, ethics and governance, diversity and inclusion and mental health management.
According to ACCA, its ongoing redesign of the globally recognised ACCA Qualification seeks to redefine the accountant’s role, combining profitability with ethics, sustainability and agility in an evolving digital economy.
George Njari, ACCA’s Head of East Africa Cluster, emphasised the need for innovation in public finance.
“New technologies can revolutionise how we manage public finances,” said Njari. “However, professionals must assess emerging risks and establish governance frameworks to help governments and institutions navigate these changes.”
As Africa moves toward realising Agenda 2063, experts agree that strong financial governance, continuous skills development, and technology-driven accounting practices will be key to achieving inclusive and sustainable development.
Follow The Standard
channel
on WhatsApp
By Sofia Ali