African Peer Review Mechanism (APRM)’s Post

#Uganda #IMF #creditfacility 'An International Monetary Fund program for Uganda expired, denying the East African nation a final disbursement after it failed to meet key program objectives. The $1 billion, three-year extended credit facility, which was secured in 2021, lapsed before a review that had been scheduled for June. Uganda had tapped $870 million from the program by the time the lender’s most recent appraisal was concluded in March. Under the financing package, Uganda agreed to lower its debt and budget deficit by cutting non-priority spending and increasing government revenue. Other targets included greater transparency in public accounts, instituting stronger anti-corruption measures and cultivating a resilient financial sector. Karpowicz didn’t elaborate on what targets Uganda had missed. Karpowicz said the IMF has yet to receive a request for a new program, negating assertions made by Secretary to the Treasury Ramathan Ggoobi in July that the two parties were already in talks about a package. Uganda has secured 12 rounds of financing since joining the IMF six decades ago.'

After the IMF, the biggest source of funds for Ghana right now is the World Bank. There is a global push for the World Bank to pump even more money into countries like Ghana. More money is usually good. But equally important is whether the money does good for the people. I have been looking into this closely through an extensive evaluation of the World Bank's ~$4bn Ghana portfolio for a paper released during the World Bank - IMF Spring meeting by Paris-based Finance for Development Lab. The full paper is here: https://lnkd.in/d7e96J5C A shorter summary is on my blog: https://lnkd.in/dWdCY3Tg Africa Report has kindly published an even briefer intro: https://lnkd.in/dnzUBnVN In summary, I find that what the World Bank says about many of its Ghana-based projects differ substantially from what is on the ground. About 70% of the time. And sometimes shockingly so. The way forward is for domestic civil society activists to play a bigger role in program design, rating & monitoring. ******************************************* https://lnkd.in/dnzUBnVN

Exciting opportunities for Zimbabwean enterpreneurs and ecosystem builders. l had to share urgently coz the deadlines are a bit urgent. 1. Fifty-sixth session of the Economic Commission for Africa Conference of African Ministers of Finance, Planning and Economic Development to be helf in Vic Falls. The Conference brings together African Ministers of Finance, Planning and Economic Development, governors of central banks, and entities of the United Nations system. In addition, it will include the participation of pan-African financial institutions, youth representatives, African academic and research institutions, development partners, intergovernmental organizations and other key stakeholders. The Zimbabwean Ministry of Finance and Investment won the bid. Register below https://lnkd.in/dYBrfmsH 2. ZIMRA is conducting an AfCFTA conference to discuss the facilatory role of Zimbabwe Revenue Authority (ZIMRA) Official It's exciting to see that AfCFTA issues are being discussed more and more. The poster is below

+++++ DBA connects with Mo Ibrahim Foundation +++++ The DBA researcher Richard Adu-Gyamfi, PhD was featured in the Mo Ibrahim Foundation’s annual forum report. The report’s theme was “Financing Africa: Where is the money?” Richard is quoted on how African financial institutions can support businesses in Africa to increase value addition in Africa:   “I strongly believe that Africa’s success is tied to unity. The existing continental financial giants such as the @African Development Bank, the @African Export and Import Bank (AFREXIM), and others could create an African Consolidated Investor Fund to finance African multinationals and small and medium-sized enterprises for value-adding projects. When this works, as was the case of Japan, African countries will receive a boost in investor confidence, despite increasing debt to GDP ratios.” Page 91. Download the report at https://lnkd.in/eaK3d74G Do you think businesses in Africa could be directly supported to build value-addition to the raw materials in Africa? Please share your thoughts #finance #Africanmultinationals #investment #money #DBA #ESB #AfroChampions #AfCFTA

President William Ruto announced an investment of $100 million (approximately Ksh 13.1 billion) into three major African financial institutions to boost the continent's economic independence and strengthen confidence in its banking sector. Speaking at the African Development Bank Group’s Annual Meetings 2024, President Ruto revealed Kenya's plans to inject funds into the African Development Bank, African Export-Import Bank (Afreximbank), and the Trade and Development Bank Group - TDB Group over the next three years. This investment aims to increase Kenya's shares in these banks and encourage African nations to take ownership of their financial institutions. "It is urgent that African integration be deepened to spur increased intra-continental trade. This intervention will accelerate economic growth and generate more productive jobs for millions of our young people." said President Ruto. Additionally, Kenya plans to allocate Ksh 2.6 billion to the Africa Development Fund (ADF), the concessional wing of the AfDB, which assists countries in various stages of economic development. President Ruto highlighted the need for fairer international lending terms for African nations, pointing out the disparity in interest rates compared to other regions. He called for reforms to promote equitable lending practices, emphasizing that the current unjust financial architecture burdens African countries with high debt servicing costs, hindering their development efforts. #AfricanIntegration #Kenya #AfDB #Afreximbank #Africa #EconomicGrowth

This week Kenya hosts the IDA heads of state summit. last week African Forum and Network on Debt and Development (AFRODAD) the ONE campaign and African Center for Economic Transformation held a press briefing to discuss what IDA replenishment means for Africa in the midst of a multiple crisis. below are the key messages: The need to reform the global financial architecture as it is not working for African countries. Need to push for economic transformation with IDA funds. Need to push for transparency and accountability in IDA use; every dollar should be used adequately; multistakeholder frameworks to accompany the loan be proactive about policy commitments as governments. IDA is a negotiation; Indicators that Africa needs to uphold are numerous than they are deep. we are asking to be held to fewer indicators with more depth. Need to boost domestic resource mobilization in countries and curb Illicit Financial Flows.

Dear Ghanaians, according to the Ministry of Finance, as at August 2023, our provisional debt stock stood at GH₵578.44 bn (67.67%)! These numbers reiterate the fact that, we must examine some of the International Monetary Fund's long-term ramifications and realities of such a debt-burdened economy, and possible lessons that can be gleaned for better debt management. #IMFDebtUpdates #GetInformed International Monetary Fund Ministry of Finance BudgIT Youth Club - UG Chapter BudgIT Nigeria Oxfam Afrobarometer Natural Resource Governance Institute International Budget Partnership Open Government Partnership Transparency International Ghana Anti-Corruption Coalition (GACC) Emerging Public Leaders of Ghana (EPL Ghana)

🔹 South Africa’s Government of National Unity (GNU): A Beacon for Stability and Growth? 🔹 As a financial advisor, I’ve been keeping a close eye on the formation of South Africa’s Government of National Unity (GNU) and the potential positive impacts on our economic landscape. This shift towards a centrist approach could be a game-changer for both investors and everyday South Africans. The GNU has prioritized fiscal consolidation, which is reassuring for those concerned about long-term stability and the potential for sound economic policies. The avoidance of a far-left shift, coupled with a focus on responsible governance, is a positive signal that could ease concerns about South Africa's credit risks and investor confidence. The new government has also brought optimism by addressing key issues such as load shedding and infrastructural constraints in transport and energy. These steps, if continued, may support economic growth and create a more conducive environment for investments and business expansion. As we navigate these changes, the role of informed financial advice becomes more important than ever. By aligning our strategies with this evolving landscape, we can help clients make informed decisions that align with their long-term goals. #SouthAfrica #Economy #FinancialAdvisory #Investment #EconomicStability #GovernmentOfNationalUnity #LoadShedding #FiscalResponsibility #EconomicGrowth

The high costs associated with cross-border money transfers are severely impeding the implementation of the Common Market Protocol. Despite concerted efforts to foster seamless trade and financial exchanges across the East African Community (EAC), recent World Bank data indicates that the region is grappling with some of the world's steepest remittance fees. This situation presents a formidable obstacle to the EAC's ambition for a unified market, with Tanzania emerging as the most costly country for money transfers, where fees can soar to 65% of the transaction value. This fiscal barrier strains individual wallets and places a stranglehold on the broader economic landscape, challenging the foundational objectives of the EAC's integration efforts. The implications of these exorbitant transfer costs extend beyond the immediate financial burden, posing questions about the region's competitive edge on the global stage and the viability of achieving a truly integrated East African economy. The call for innovative solutions and regulatory reforms has never been more urgent as the EAC continues to navigate these choppy financial waters. The quest for affordable, efficient, and accessible remittance channels remains at the forefront of the agenda, potentially unlocking economic prosperity and deepening regional cohesion in East Africa. #EastAfrica #CommonMarket #RemittanceFees #EconomicIntegration #WorldBank #FinancialInclusion

#AboutTheAuditBench3   🌍 TRANSPARENT GOVERNANCE AND ACCOUNTABILITY: FOUNDATIONS OF SUSTAINABLE ECONOMIC PROGRESS 🌍   In the intricate web of poverty alleviation and economic development, the Audit Bench of the Supreme Court of Cameroon stands out as a game-changer. Acting as a financial watchdog, it ensures the transparent and judicious utilization of public funds. Think of it as the ultimate Auditor with the public's best interest at heart, but with far greater gravitas and legal power.   The World Bank Group—a stalwart institution aimed at promoting global prosperity, economic stability, and poverty alleviation—bankrolls vital infrastructure, educational, and healthcare initiatives in Cameroon. It supports policy reforms and governance, ensuring efficient resource allocation and management. But how does the financial watchdog step in?   The Audit Bench of the Supreme Court, by exemplifying a robust system of checks and balances, acts like a vigilant yet fair coach. It ensures that World Bank-funded projects in Cameroon are executed flawlessly, funds are managed diligently, and accountability remains paramount. This oversight reinforces the efficacy of World Bank initiatives in Cameroon. Additionally, reporting on the evaluation of the efficiency of policies and public administrations as mandated by Section 86(3) of the 2018 Fiscal Regime, the Bench lays the groundwork for the World Bank Group's support of policy reforms and governance.   Ultimately, the collaboration between the Audit Bench and the World Bank does more than promote national development in Cameroon; it echoes globally. It reinforces the principle that TRANSPARENT GOVERNANCE AND ACCOUNTABILITY ARE FOUNDATIONS OF SUSTAINABLE ECONOMIC PROGRESS.   #EconomicDevelopment #PovertyAlleviation #AuditBench #SupremeCourt #Cameroon #WorldBank #Governance #Transparency #GlobalImpact #PublicFinance #CapacityBuilding