Good Financial Practics and Development of Stronger and credible institutions for financial Management and elimination of Corruption

Goal 16 of the SDGs calls on all African member states to build effective, accountable and inclusive institutions at all levels with a focus to promote rule of law; reduce illicit flows, corruption and bribery.  The UN Secretary-General, António Gutierrez, highlights that corruption could be one of the greatest impediments to the achievement of the 2030 Agenda Sustainable Goals in Africa, and advising for strong institutions that bring together departments across sectors to analyse emerging governance and corruption challenges in Africa (UNDP 2017). José Ugaz, Chair of Transparency International (2014), has also emphasised that corruption represents a major obstacle to reaching all the SDG goals as it hampers economic growth and increases poverty, depriving the most marginalised groups of equitable access to vital services such as healthcare, education and water and sanitation.  The ARSO’s ARS 1651 (E) – Good Financial Grant practice Requirements, developed under the ARSO Technical Harmonization Committee Number 12-2 on Financial Services with Experts from across African countries and from Finance background, and  launched on 12th December, 2018, in Pretoria South Africa, is meant to facilitate Excellence in Grant Financial Management in Africa and advocating for strong and credible Financial institutions and practices to curb the war on corruption. It provides details of the requirements, specifications and criteria to be applied, to implement good financial grant practice, hence reducing the risk of corruption, bribery and fraud.