TheCable

The African Development Bank (AfDB) has launched a strategy for economic governance in Africa (SEGA), aimed at “eliminating revenue leakages” and ensure efficient and transparent use of scarce resources. 

The bank said in a statement on Friday after the launch of the strategic document. 

AfDB said the strategy proposes bold reforms in the management of public finances to foster transparent and accountable governments in the continent.

It added that the strategy came amid the ongoing COVID-19 pandemic — which has exposed African countries’ weak public financial management and service delivery.

Swazi Tshabalala, the bank’s acting senior vice president, said SEGA proposes tougher anti-corruption measures in the public and private sectors. 

She said the measures include the establishment of systems to monitor and hold governments accountable for the delivery of public service and the elimination of corrupt practices.

“The African Development Bank is itself uniquely positioned to implement this new strategy, building on its unparalleled knowledge and understanding of the African context, and also on the Bank’s credentials in the area of good governance,” Tshabalala said.

Tshabalala hopes that governments will embrace the reforms recommended in SEGA “at this critical time, the African economy is gearing itself to build back better and greener.”

“The quality of life of our citizens depends on it. The future of our continent depends on it,” she added. 

Vera Esperança dos Santos Daves, Angola’s minister of finance, represented by Ottoniel Santo, secretary of state for treasure and finance, noted that the event came at a crucial time as African countries look to recover from the crisis caused by the Covid-19 pandemic. 

The minister acknowledged that it is difficult for Africa to take off without transparent and accountable governments and strong institutions capable of driving a prompt, sustainable and inclusive recovery and ensuring economic resilience.

“We are very delighted that it will contribute to promoting public sector effectiveness at a national and subnational level, thus stimulating structural transformation in our throughout the continent, and ensuring that our people participate in public sector governance,” she said.

Abdoulaye Coulibaly, director of governance and public financial management at AfDB, said the strategy document refocuses on the bank’s fundamental priorities on the most effective areas for improving African economic governance.

SEGA was developed through consultation with governments and non-state actors across Africa, it is meant to cover the 2021-2025 period. It was launched to replaces the bank’s governance strategic framework and action plan (GAP-II), which covered the 2014-2020 period. 

According to the document, SEGA will be financed through a combination of the ADB and ADF windows, the Nigeria Trust Fund, and other existing special funds at the Bank.

AfDB said it had approved 80 governance projects totalling $7.85 billion in the last three years.