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Declaration on Democracy, Political, Economic and Corporate Governance

3. Economic and Corporate Governance

  1. Good economic and corporate governance including transparency in financial management are essential pre-requisites for promoting economic growth and reducing poverty. Mindful of this, we have approved eight prioritized codes and standards for achieving good economic and corporate governance.


  2. These prioritized codes and standards represent those “fundamental” internationally, regionally, and domestically accepted codes and standards that all African countries should strive to observe within their capacity capabilities. In other words, they are the codes and standards that need to be complied with as a minimum requirement, given a country’s capacity to do so.


  3. We believe the eight prioritized and approved codes and standards set out below have the potential to promote market efficiency, to control wasteful spending, to consolidate democracy, and to encourage private financial flows - all of which are critical aspects of the quest to reduce poverty and enhance sustainable development. These codes and standards have been developed by a number of international organizations through consultative processes that involved the active participation of and endorsement by African countries. Thus, the codes and standards are genuinely global as they were agreed by experts from a vast spectrum of economies with different structural characteristics. They are the following:

    1. Code of Good Practices on Transparency in Monetary and Financial Policies;


    2. Code of Good Practices on Fiscal Transparency;


    3. Best Practices for Budget Transparency;


    4. d. Guidelines for Public Debt Management;


    5. Principles of Corporate Governance;


    6. International Accounting Standards;


    7. International Standards on Auditing; and the


    8. Core Principles for Effective Banking Supervision.


  4. We have also approved other key codes and standards in transparency and financial Management. These include

    1. Principles for Payment Systems;
    2. Recommendations on Anti-money laundering and;
    3. Core principles for securities and insurance supervision and regulation

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