In order to promote economic growth and sustainable development an effective state should be able to mobilise revenue, borrow prudently, plan and manage the spending of public money in an effective and efficient way and to account for the use of funds and the results achieved. Sound public finance management (PFM) contributes to these outcomes through its elements of transparency, participation, responsiveness, oversight, accountability and predictability. These are elements of good public financial governance (GPFG) - a prerequisite for a state’s economic and social development and a focal area of CABRI’s work.
In this regard, CABRI, the African Organization of Supreme Audit Institutions (AFROSAI) and the African Tax Administration Forum (ATAF), have jointly produced a research study on GPFG with the support from the African Development Bank (AfDB) and the Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ GmbH), German Technical Cooperation.
The Status Report on GFG, which covers several important areas relating to GPFG such as tax governance, budget preparation and execution, debt management, external audit and legislative oversight of public finances was presented and discussed in a stakeholder conference in Tunis in November 2010. The status report underwent an extensive reviewing process and is available for download from the CABRI website (see below).
This Status Report underpins a Declaration on Good Public Financial Governance which was presented at a High Level Side-event during the 47th Annual Meetings of the African Development Bank in Arusha, Tanzania for consideration and adoption by African Ministers of Finance. A report on the proceedings of the High Level side event can be viewed here.