As leaders plan for Africa’s post-COVID19 recovery, what kinds of policies should they be considering for the financing and impact sector?
Amujae Leader and Director of Research and Delivery at the Ministry of Finance in Sierra Leone Dr. Yakama Manty Jones recently spoke about this key issue on the Brenthurst Foundation’s podcast, outlining the need to rethink financing models in Africa to aid in future development. Whilst in conversation with Presenter and Brenthurst Foundation Researcher, Marie-Noelle O. Nwokolo, Dr. Manty-Jones emphasized that:
“For Africa, what I think should be at the core of our development goals, is making sure our development is inclusive and sustainable. It addresses inequalities, especially for women and girls, supporting society’s most vulnerable, and then more generally, lifting people out of poverty.”
Dr. Manty Jones highlighted that the economic sector must be viewed holistically, as a human capital development hub, a tool for investment in health, education, and social protection. Crucially, Dr. Manty-Jones noted, the financial management of government resources must also be supported by the private sector in order to create strong and lasting relationships that enhance the quality of resources available to spend on goods and services.
Dr. Manty Jones, summarised this sentiment by suggesting that the efficiency of policy approaches is reliant on “how everything fits together as part of a system, that works seamlessly to work to achieve the goals we have.”
Dedicated and defined development plans—that incorporate working-relationships with the private sector and have an emphasis on anti-corruption and innovation—are vital for supporting the regeneration of Africa’s investment infrastructure. Dr. Manty Jones also emphasised the need for ownership in strategic public-private schemes:
“So you are all aligned on the vision, what the roles and responsibilities are… what the linkage is from player to player… with a performance management element, so that you’re not just speaking for the sake of speaking… When the leadership is aligned on this type of workstyle, this approach, then you can see how timely problem solving and escalation can happen.”
She further explained that the success of Public Private Partnerships (PPP) lies in the unique design of every collaboration, “no two PPPs are the same.” The strength of the institutions and political aspects means that investments often don’t follow the traditional economic routes. However, Dr. Manty-Jones advised that the contracting government must be clear at setting incentives, and transparent in sharing a percentage of the risk so that PPPs are sustainable and inclusive for all. Dr. Manty-Jones also highlighted the need for gender inclusion in investment and leadership when creating political infrastructure to ensure that voices from across the nation are heard. In order to drive change in the economic recovery from COVID19, Dr. Manty Jones noted that women must be included in the investment conversation.
Highlighting the EJS Center’s work to develop and engage women in leadership roles across sectors, she said:
“We need more women in leadership spaces… if we are to drive change across the world, we need more people on the journey.”
Listen to the full podcast here: https://bit.ly/3DUEMuT