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Brake on development: IMF authorities and the African Union Commission in a meeting

The IMF African Training Institute and the Economic Development, Trade, Tourism, Industry and Minerals Department of the African Union Commission organized on June 13-14, 2022, a high-level conference in Gaborone on the promotion of good governance and the fight against corruption in the context of the COVID-19 pandemic and multiple crises. A meeting which made it possible to discuss the consensus on good governance but more to evaluate the reforms implemented which make it possible to move forward in the fight.

Promoting good governance and fighting corruption in the context of the COVID-19 pandemic and multiple crises was the focus of the high-level conference organized by the IMF’s Africa Training Institute and the Department of Economic Development, Trade, Tourism, Industry and Minerals of the African Union Commission held on June 13 and 14, 2022 in Gaborone, Botswana. The conference helped to build consensus about good governance as a key factor for macroeconomic stability in Africa.

I believe good governance at the minimum should entail clear definition of objective and deliverables in appropriate leadership operational and oversize structure for the purpose accountability frameworks for performance in remedial measures where objectives are not made.

Olesitse H Masimega, Secretary for Development and Budget

According to the United Nations Economic Commission for Africa’s 2016 Africa Governance Report, corruption is indeed one of the main obstacles to structural transformation in Africa. A practice that hinders the continent’s development as it leads to the depletion of resources, the creation of imbalances in the development process, low economic growth and the failure of development efforts.

Weak governance and corruption not only constrain service delivery and therefore economic activity but generally raises costs. This affects government  budgets given the continual allocation tools, government projects and utility providers that will not generate any return. Corruption delays transition from to neutralization of inequality.

Olesitse H Masimega, Secretary for Development and Budget

While the dynamic nature of corruption makes it difficult to pinpoint, this should in no way lead to an underestimation of the gravity of the socio-economic destruction that this scourge causes. According to the IMF, the meeting was an opportunity to examine the reforms implemented that have made it possible to make progress in the fight against corruption and to improve the management of public funds.

We set out a few parameters in that connection. First country receiving IMF emergency financing  must commit to transparency and accountability safeguards. This included publishing covid19 related procurement contracts including beneficial ownership of companies, conducting and publishing audits and detailed reporting on covid19 spending. In cases of severe governance cases, we worked with authority to ensure remedies would be taken.

Antoinette Monsio Sayeh, IMF Deputy Managing Director

Corruption, the cancer of economies, is a growing concern on the continent. The 30th African Union Summit held from January 22 to 29, 2018 already focused on the theme « Overcoming corruption: a sustainable option for Africa’s transformation.