Post Covid-19: AfDB launches strategy for public finance reforms

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The African Development Bank (AfDB) has launched a new strategy on public reforms aimed at fostering transparent and accountable governments and institutions to secure inclusive and sustainable development.

The regional bank weekend, launched its Strategy for Economic Governance in Africa (SEGA) amid concerns over the effect of the Covid-19 pandemic on most African countries.

Emeka Anuforo, Communication and External Relations Department, AfDB, explained in a statement that the strategy proposes bold reforms in the management of public finances to eliminate revenue leakages and ensure an efficient, productive and transparent use of scarce resources.

The reforms, he explained, came about amid the ongoing Covid-19 pandemic which has exposed African countries’ weak public financial management and service delivery, as well as vulnerability to exogenous shocks.

“This event comes at a crucial time as African countries look to recover from the crisis caused by the Covid-19 pandemic. 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,” said Vera Esperança dos Santos Daves, Angola’s Minister of Finance at the virtual launch of the strategy attended by government ministers and representatives of the private sector, academia and international institutions.

In a speech read on her behalf by Secretary of State for Treasure and Finance Ottoniel Santos, the minister described the Strategy as ‘a milestone’.

“We are very delighted that it will contribute to promoting public sector effectiveness at the 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.

SEGA also proposes tougher anti-corruption measures in the public and private sectors. This includes the establishment of systems to monitor and hold governments accountable for the delivery of public service and the elimination of corrupt practices.

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