The African Development Bank (AfDB) has launched a five-year Strategy for Economic Governance in Africa (SEGA) to promote sustainable economic performance in African countries.
SEGA was aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development.
SEGA also proposed tougher anti-corruption measures in the public and private sectors.
These include the establishment of systems to monitor and hold governments accountable for the delivery of public service and the elimination of corrupt practices.
The AfDB Acting Senior Vice President, Swazi Tshabalala, said the strategy would serve as a blueprint for the bank’s future engagements in debt management and transparency.
Tshabalala added that the strategy would also address broader public financial management, anti-corruption, curb illicit financial flows and general accountability in the public sector.
“Over the next five years, our country managers and programme officers in the regional member countries will sit across the table from government officials, politicians and technocrats and will engage with them leveraging this new strategy in the form of an enhanced policy dialogue.
“This is aimed at reforms to enable a sustainable fiscus, adoption of e-government tools, building a vibrant private sector, a thriving space for civil society organisations, and inclusion and transparency in the conduct of public service.
“It is our fervent hope and expectation that governments will embrace these measures 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,” Tshabalala said.
Also, Vera Esperança dos Santos Daves, Angola’s Minister of Finance, described the strategy as a milestone.
Esperança dos Santos Daves, who is also the Governor of AfDB, was represented by Ottoniel Santos, Secretary of State for Treasure and Finance.
The minister stressed that Africa’s recovery was dependent on 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 national and subnational
level, thus stimulating structural transformation throughout the continent, and ensuring that our people participate in public sector governance,” she added.
Abdoulaye Coulibaly, Director, Governance and Public Financial Management, AfDB said the SEGA refocused the bank’s fundamental priorities on the most effective areas for improving economic governance in Africa.
“With SEGA, we are consolidating on our past successes and leveraging the lessons learnt from our experience working on governance,” Coulibaly said.
SEGA is expected to ensure the sound management of public resources at national and sub-national levels to maintain macroeconomic stability and the delivery of the High Fives.
The strategy is also expected to foster structural transformation by enabling a competitive private sector and level playing field for all enterprises.
It is further expected to increase transparency, accountability and inclusion in policy-making and service delivery, and combat corruption in public and private sectors.
The strategy stands on three pillars namely: public sector effectiveness at national and sub-national levels, governance for structural transformation as well as inclusive governance and accountability.