Germany submits plan for better Africa governance

POTSDAM – Germany has put forward an action plan for the Group of Eight (G8) leading industrial nations for targeting better financial governance in Africa in order to raise those countries’ long-term sustainability.

Germany, which holds the rotating presidency of the G8, will discuss the “good governance” proposals with finance ministers from a number of African countries at a meeting of their G8 counterparts on Friday in the eastern city of Potsdam. According to a German finance ministry working paper obtained by Reuters, the measures aim to improve accountability, uphold the rule of law and increase focus on development in financial governance among African states.”African states in particular exhibit deficits here,” the ministry paper said, adding that an improvement was vital to promote growth and development as well as combat poverty.German Finance Minister Peer Steinbrueck told a news conference on Friday he hoped the action plan would be passed by the G8 during their two-day meeting in Potsdam.The German plan targets raising transparency in African countries to enable greater investment from abroad.To do this the plan foresees improving financial governance in bilateral and multilateral developmental co-operation.It added that African tax systems and the transparency of African budgetary operations should be strengthened.The ministry paper noted the proposals coincided with greater inflows of money to Africa due to demand for raw materials, increased development aid and debt relief.African development will be at the centre of a World Bank forum hosted by Germany in Berlin today and tomorrow.Cameroon, Ghana, Mozambique, Nigeria and South Africa are the five nations participating in the outreach section of the G8 talks in Potsdam.Donald Kaberuka, President of the African Development Bank, is also due to attend the meeting.Nampa-ReutersAccording to a German finance ministry working paper obtained by Reuters, the measures aim to improve accountability, uphold the rule of law and increase focus on development in financial governance among African states.”African states in particular exhibit deficits here,” the ministry paper said, adding that an improvement was vital to promote growth and development as well as combat poverty.German Finance Minister Peer Steinbrueck told a news conference on Friday he hoped the action plan would be passed by the G8 during their two-day meeting in Potsdam.The German plan targets raising transparency in African countries to enable greater investment from abroad.To do this the plan foresees improving financial governance in bilateral and multilateral developmental co-operation.It added that African tax systems and the transparency of African budgetary operations should be strengthened.The ministry paper noted the proposals coincided with greater inflows of money to Africa due to demand for raw materials, increased development aid and debt relief.African development will be at the centre of a World Bank forum hosted by Germany in Berlin today and tomorrow.Cameroon, Ghana, Mozambique, Nigeria and South Africa are the five nations participating in the outreach section of the G8 talks in Potsdam.Donald Kaberuka, President of the African Development Bank, is also due to attend the meeting.Nampa-Reuters