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Corporate Governance Directorate Concept paper:
o Large sums of funds have been flowing into Africa in the form of aid but there
have been problems of accounting properly for the money and the poorest of
the poor rarely get a piece of the cake.
o Either leaders or company directors abuse large sums of public funds.
o There have been some corporate governance scandals in the US, EU and
some lessons from these countries should be used to create unique corporate
governance solutions to address the African Corporate Governance problems
and at the same time comply with the international standards on corporate
governance.
o In order to address some of these problems, Southern Africa needs to put in
place good corporate governance frameworks to ensure that there is
transparency, accountability and responsibility in the public and private
sectors.
o It is common cause that if there is no adherence to good corporate
governance in the public sectors, the public will not get the best value for their
money and service delivery will be poor.
o Similarly, corporate governance practices are needed in the private sector to
protect the shareholders/stakeholders from abuse of power by company
directors.
o If Southern Africa does not adhere to good corporate governance practices,
investments will flow elsewhere.
o CGICE will be responsible for conducting research and promoting best
practices on corporate governance and assist the public and private sector to
comply with these standards in letter and spirit and not just engage in ‘box
ticking’. CGICE will assist the firms with relevant information needed to
access the global market.
o Tariffs have been reduced to near deminimis levels but a plethora of non-tariff
barriers have arisen affecting mainly developing countries in Africa.
o Innovative solutions must be found to address these new barriers to trade and
assist Africa to develop competitiveness in order to compete globally.
o The key challenge is on how Africa can address a series of supply-side
constraints that it is facing in order to produce value added goods consistently
and meet the global safety and quality requirements.
o The institution will be working with donors and other international institutions
to mobilize resources to address these issues and conduct diagnostic studies,
which will be used to shape national, regional and global rules on trade and
investment to ensure that Southern Africa claims its rightful share in the global
trading system.
o A lot of assistance will be required in monitoring and enforcement of the
regional Trade Agreements such as SACU, SADC, COMESA and the
Economic Partnership Agreements to ensure that they promote regional
integration and development. This will be necessary especially if Africa is to
realize its dream of creating an African Union. Trade, Investment and
Corporate Governance will play a vital role in this process.
The Centre Of Excellency carries out its work by means of policy- linked
research, training, technical cooperation, capacity building, publications,
conference activities advocacy and advisory.
Funding;
Capacity:
Prepared by;