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Co-authored with Cédrick Nzokouo Mouafo (University of Maroua), Vincent Tawiah (Dublin City University)
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Abstract:
This study critically analyses the dynamics underpinning the recent adoption of IFRS accounting standards in OHADA (Organisation pour l'Harmonisation en Afrique du Droit des Affaires)1 countries and the implications thereof. We draw on a review of documents pertaining to the adoption of IFRS in Sub-Saharan Francophone Africa and interviews with twenty-one (21) local actors. We rely on a theoretical framework combining Nkrumah’s (1965) thoughts on neocolonialism and the notion of regulatory capture to uncover how OHADA’s agenda and work continues to primarily benefit international and national elite private interests. Although OHADA and its predecessor institutions were established to spearhead African-led accounting practice and development, our analysis of the evidence shows that its recent decision to adopt IFRS continue to reflect the pursuit of accounting reforms that exclusively favor international and local elite interests. Embedded into overlapping networks, and while ostensibly promoting notions of governance, accountability, development and transparency, these actors effectively captured the OHADA’s agenda to pursue their own material interests. France’s legacy of Francafrique contemporarily serves external economic interests at the expense of most businesses, stakeholders and communities in the region. The study uncovers the role of African institutions technically responsible for the development and/or regulation of accounting and auditing on the continent. Mostly through the voices of local actors, we reveal the dynamics of neocolonial regulatory capture (primarily by non-regulatees) and the absence of ‘empirical sovereignty’. Our findings underline the need to develop a genuine African-led accounting principles project aimed at adopting practices and techniques appropriate to the needs of the local stakeholders, while cautioning against similar neocolonial processes in other African accounting institutions.
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