The first group of government officials to graduate from the Public Finance
Management Academy at the African Development Institute of the African
Development Bank (AfDB) will do so in Abuja on December 14.
With today’s graduation ceremony, the last stage of the executive training course on
“Enhancing Accountability, Transparency, and Curbing Corruption and Illegal Financial
Flows in Africa” will come to a conclusion.
For mid-to senior-level officials from ministries of finance and planning, central banks, and
other public financial management institutions from all African countries, this course is the
sixth and final module of an 18-month structured training program on public finance
management.
Important anti-corruption organizations, statistical offices, and other organizations provide
participants.
The course is taught by the Public Finance Management Academy in partnership with
specialists from the World Bank, the International Monetary Fund (IMF), and other relevant
organizations.
African finance ministers, central bankers, and debt managers will get together in December
15 to talk about creating an African Debt Management Initiative Network as part of the
week’s activities.
African public debt managers will also have the chance to influence the network’s agenda in
order to guarantee ownership and dedication to its execution.
Additionally, the Benchmark Macroeconomic Models for Effective Policy Management in
Africa paper from the African Development Bank will be released.
The AfDB claims that corruption, illicit financial flows (IFFs), and a lack of accountability and
transparency combine to produce a vicious cycle of budgetary sinkholes in Africa’s public
resources. According to the regional bank, corruption and IFFs cause governments to lose
revenue, which forces them to borrow.
According to the AfDB, the main causes of these issues are fundamentally flawed public
governance, structural flaws in African economies, a lack of necessary skills, insufficient
tools, and a lackluster international collaboration to combat corruption and illicit financial
flows.
The African Development Bank has created several policy and strategic tools to
address the problems of illicit financial flows (IFFs), money laundering, and terrorist
financing. These tools include the Bank’ Policy on the Prevention of IFFs (2017) and the
Action Plan for the Prevention of Illicit Financial Flows in Africa (2017–2021, extended to
2023), which places a high priority on enhancing the ability of African nations and regional
economic communities (RECs) to effectively combat IFFs.
Additionally, the bank created the Strategy for Economic Governance in Africa (SEGA),
emphasizing the value of aiding nations in their efforts to thwart money laundering and illicit
financial flows (IFFs).
