The African Development Bank (ADB) on Friday, July 2, 2021, launched its Strategy for Economic Governance in Africa (SEGA).
The strategy is aimed at fostering transparent and accountable governments and institutions to secure inclusive, sustainable development.
ADB in a statement stressed 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.
This comes 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.
The strategy document also outlines interventions to strengthen African governments’ domestic mobilization of resources, even as pandemic responses have increased debt levels and harmed economic productivity.
The event was attended by government ministers, and representatives of the private sector, academia and international institutions.
SEGA was developed through consultation with governments and non-state actors across Africa.
It replaces the Bank’s Governance Strategic Framework and Action Plan (GAP-II), which covered the 2014-2020 period.
Approximately a fifth of the Bank’s loan portfolio covers governance projects, including macroeconomic and public financial management, sector governance, and enhancing the business climate.
In the last three years, the Bank has approved 80 governance projects totaling $7.85 billion.
Read the full statement below: