Africa’s leaders step up toward effective use of public resources – IMF

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IMF
IMF

Africa’s leaders are stepping up to meet the aspirations of the new generation in a bid to earn the demographic divided in Africa, an official with the International Monetary Fund (IMF) said Monday.

Deliberating a keynote address during ongoing two-day High-Level Conference on the Promotion of Good Governance and Fight Against Corruption in Gaborone, Botswana’s capital city, Antoinette Sayeh, the IMF Deputy Managing Director, said the big economic opportunity before Africa is the continent’s demographic dividend.

“Africa’s leaders are stepping to this challenge (of ensuring that public resources are used effectively) with some ranking even higher than many developed economies in the area of governance,” said Sayeh.

According to Sayeh, a critical element toward meeting the aspirations of the new generation is ensuring that public resources are used effectively and contribute to the shared and lasting prosperity of the people.

Sayeh said IMF saw the development of a good policy framework and enacting of anti-money laundering frameworks in Botswana, Zimbabwe, Mauritius and Ghana to prudently manage the wealth from mining resources.

“Rwanda has adopted more advanced institutions to rebuild from a devastating conflict while Seychelles and Botswana undertook comprehensive economic and institutional reforms to decisively tackle their respective debt crisis. These countries lead the region in sound governance,” she said.

Peggy Serame, Botswana’s Minister of Finance, said the southern African country continues to pride itself on the maintenance of a strong, stable and predictable institutional framework that provides support for enduring macroeconomic stability.

Serame said Botswana’s pride is attested by the rating agencies, Moody’s and Standard & Poor’s in regular ratings review as well as successive IMF Article IV Surveillance Missions.

Standard & Poor’s credit rating for Botswana stands at BBB+ with a stable outlook while Moody’s credit rating for Botswana was last set at A3 also with a stable outlook.

In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Botswana thus having a big impact on the country’s borrowing costs. Enditem

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