Nairobi, Kenya, 27 January 2016 – Thirty two senior finance officers from 11 African countries are meeting in Nairobi, Kenya, for a two day workshop to develop a pan African standard for Good Financial Grant Practice (GFGP). The workshop is taking place at the Africa Academy of Sciences’ offices on 27 and 28 January 2016.
The GFGP initiative is developing a new international standard which details best practice in the management of funds in Not for Profit Organisations. The standard, which is being developed in partnership with African Organisation for Standardisation (ARSO) and with the support of the Wellcome Trust and the UK’s Medical Research Council, will simplify the financial governance of funds distributed to recipients by standardising the financial processes involved in the expenditure of funds.
The GFGP standard will be published initially as a pan African standard but will be equally applicable to all Low to Middle Income Countries around the world.
Future plans of the GFGP Programmes involve developing a web based tool for recipients to assess their financial capability against the new standard. These assessments will be accessible to funders which will in turn avoid replication of funder pre award assessments of recipients. The ultimate goal is for recipients to seek certification of compliance to GFGP and hence shift the paradigm from an audit to an assurance based environment.