By Sotunde Busayo
To continue to build a strong economic growth in Africa, World leaders will discuss ways to tackle the international component of corruption in the continent among other things at the 6th meeting of the G20 summit in Cannes, France.
The meeting which is scheduled for the 3rd and 4th of November becomes necessary as Africa loose hundreds of billions of dollars yearly to corruption inspite of its potential to contribute immensely to global growth and development.
This year summit will involve discussions about financial market and the world economy with focus on discussing, planning and monitoring International Corporation.
In attendance are members of the G20- Argentina, Australia, Brazil, Canada, France, Germany, India, Indonesia, Italy, Japan, Mexico, Russia, Saudi Arabia, South Africa, South Korea, Turkey, United Kingdom, United States and the European Union; while Africa will be represented by the Africa Progress Panel chaired by former U.N secretary, Kofi Anan.
Other invited states include Ethiopia, Singapore, Spain, Arab Engrave and Equatorial Guinea as well as representatives from international organization.
The G20 represents 85% of global GDP and nearly 2/3 of the world population. The plan by the G20 to help fight the bane of corruption in Africa includes:
- The ratification and subsequent implementation of the U.N convention against corruption and making it a Crime for all G20 nation to bribe foreign public officials.
- Making it more difficult to abuse the global financial system to laundered stolen money.
- Address the modalities of tracking down and recovering stolen assets such as those kept by former Tunisian president, Ben Ali in European bank account.
- Placing sanction and travel bans on anyone suspected of illicit financial activities.
- Protect and encourage “whistle blowers” and recognise the importance of integrity, transparency and accountability in public finance management.
The proper implementation of these plans will go a long way to curb the tentacles of fighting poverty, building democracy and accelerating economic growth in Africa.
However, it is opined that to foster the game plan to move Africa forward economically, the coming G20 summit should not only focus on corruption, rather it should look further into other ways to improve Africa by focusing on:
- Ensuring transparency in deals with states by adopting legally binding measures that will be in favor of African citizens than it was in the past.
- Improving trade and infrastructure in Africa, which can unleash business led-growth in Africa.
- Legally enforce regulatory framework with African countries to reduce risk for foreign and domestic investors to improve G20 SME challenge initiative into an SME investment fund.
- Support sustainable and equitable growth in Africa.
- Focus on regional integration in Africa and the distractions reality that only 100% of average African countries trade with other African countries.
- Introduce a trade package support and investment in Africa.
- Unlock investment flows by promoting capital flow to Africa through better informing portfolio which will encourage FDI investors about opportunities.
- Offering guarantees to leverage additional flow and supporting an invest in Africa initiative.
With all these in place, Africa will be a major consumer market and a destination for investment and global economic growth, which will not only benefit the G20 but the whole world