Under a memorandum of understanding signed on Thursday, they will work together on improving economic governance, accountability, transparency and good public financial management by developing the accountancy profession.

Assietou Diouf, the African Union’s director of programming, budgeting, finance and accounting, and Vickson Ncube, PAFA’s chief executive officer, met in Addis Ababa, Ethiopia, to formalise the deal.

They also agreed to share information and data on resources and matters of interest to business.

The two bodies will also work to harmonise public and private sector accounting practices in order to create “the necessary economic climate for poverty reduction and economic growth”, the African Union said.