2011 Partnership Forum: A Vital Effort to Improve African Finance Sectors
Far from contradicting previous major events related the development of Africa’s financial sectors, the 2011 Making Finance Work for Africa Partnership (MFW4A) Forum held from September 15-16, 2011, in Addis Ababa, Ethiopia is hope-inspiring because it is the venue for initiation of initiatives.
representatives of various banks, officials of small and medium enterprises (SME) as well as representatives of private sector microfinance institutions
and prominent researchers. Thus, discussions during the event focused on important issues ranging from delays by the continent’s financial sector to the need to improve the situation in order to better help development efforts as well as causes and challenges.
A measure that has led to the creation of an appropriate governance structure, a secretariat hosted in his institution and a consultative forum of financial sector actors. These efforts have begun yielding fruits. The country’s bad debts are currently estimated at 10% as against 30% prior to the reforms which also concerned a number of legal measures including that relating to money laundering. After Sierra Leone’s Central Bank Governor, it was the turn of the Zambian Central Bank Governor, Austin Mwape, to share his experience on reforms in his country’s financial sector. The changes included, among others, carrying out a two-phase reinforcement of financial services provision and human resources development, improving coordination as well as monitoring and evaluation.
Thus, the monitoring-evaluation committee meets the first Tuesday of every month under the chairmanship of the Zambian finance minister.