Afreximbank Cancels 2020 Annual Meeting Side Events
Afreximbank’s next Annual General Meetings will take place in 2021. The Bank will communicate about the arrangements in due course.
Due to COVID-19
Due to the COVID-19 Pandemic, the African Export-Import Bank (Afreximbank) has decided to cancel the series of events that were set around its 27th Annual General Meeting and to hold the Shareholders’ meeting by correspondence.
Prof. Benedict Oramah, Afreximbank President, decided to hold the Shareholders’ meeting by correspondence was made after careful consideration of all available options to ensure the Bank complies with its governance requirements.
The seminars component of the 27th Annual Meetings expected June 10-13, 2020 in Sharm El Sheikh, Egypt, canceled due in part to global mobility restrictions. And the need to ensure social distancing imposed by the COVID-19 pandemic situation.
The priority to guarantee the well-being and comfort of our shareholders, and partners which require we comply with health and safety protocols put in place by our host country, he said.
Prof. Oramah explained these decisions were necessary. And in line with the Bank’s proactive efforts to combat the pandemic. As a leading Pan African institution, Afreximbank’s response strategy has been to lead by example in taking proactive and timely measures.
We remain fully dedicated to supporting efforts to mitigate the adverse impact of the COVID-19 pandemic on African economies and its people. We will continue to be at the frontline with bold initiatives, forging global partnerships towards mitigating the health and economic consequences of the COVID-19 pandemic on Africa,” concluded Afreximbank’s President.
Afreximbank Annual Meetings are among the Bank’s most prominent events. They are sought-after keenly by banking industry professionals, trade and trade finance practitioners, and other parties involved in economic development from across Africa and beyond. Attended by business and political leaders and have been ranked among the most important gatherings of economic decision-makers in Africa.
Afreximbank’s next Annual General Meetings will take place in 2021. The Bank will communicate about the arrangements in due course.
First Egyptian President To Visit Sierra Leone
Following a special invitation, His Excellency President Abdel Fattah El-Sisi is expected to become the first Egyptian President to visit the West Africa country, Sierra Leone.
President El-Sisi on Monday 21th September 2019 accepted an invitation from President Dr. Julius Maada Bio with gratitude and agreed to visit the West Africa country. It will be a memorable and historic one because President El-Sisi will be the first Egyptian President to visit the country.
Following a special invitation
Following a special invitation, His Excellency President Abdel Fattah El-Sisi is expected to become the first Egyptian President to visit the West Africa country, Sierra Leone.
President El-Sisi on Monday 21th September 2019 accepted an invitation from President Dr. Julius Maada Bio with gratitude and agreed to visit the West Africa country. It will be a memorable and historic one because President El-Sisi will be the first Egyptian President to visit the country.
Before the commencement of the 74th Session of the United Nations General Assembly, and the General debate on Tuesday 24th September 2019, the two African Presidents met in New York where they discussed bilateral cooperation and progress made in Africa and the African Union.
Addressing the Egyptian President, President Bio said that the two countries had enjoyed a long relationship, which started before Sierra Leone’s Independence on 27 April 1961. He thanked the people of Egypt as a true friend of the people of Sierra Leone. Sisi exemplary leadership as Chair of the African Union and for the strides that he had taken to reposition Africa on the world stage. In particular, Africa’s recent expansion of a global reach.
President El-Sisi in response affirmed his country’s continued support to Sierra Leone, adding that he was particularly very confident in President Bio’s strong commitment to coordinating Africa’s position on reforms at the United Nations Security Council, UNSC as President Bio has been the Chairman of the Committee of Ten Heads of State and Government, C-10, on the reform of the UNSC since June 2018.
According to the Office of the Press Secretary and Presidential Spokesman, His Excellency, President Dr. Julius Maada Bio depart Sierra Leone on Friday 20th September 2019, to attend the seventy-fourth session of the United Nations General Assembly (UNGA) in New York City scheduled for the 17 – 30 September 2019.
Dr. Julius Maada Bio is expected to participate in several high-level events such as the Universal Health Coverage Meeting, Secretary General’s Climate Action Summit, Sustainable Development Summit, and Financing for Development Dialogue.
On the 24th September, President Dr. Julius Maada Bio was hosted at Yale University and delivered a lecture on Human Capital Development, and Innovation: Pillars for Sierra Leone’s Transformation. He will address the United Nations General Assembly on Thursday, 26th September 2019. He will also engage Sierra Leoneans on the progress made so far by his New Direction Administration in consolidating peace and national cohesion, the fight against corruption, investment in human capital development, efforts in diversifying the economy and transforming the investment climate.
Egypt Host 1st African Anti-Corruption Forum
Egypt Host 1st African Anti-Corruption Forum as Africa loses over US$50 Billion.
According to the Mo Ibrahim Foundation, corruption costs Africa over US$148 billion per annum – ‘equivalent to 50% of tax revenue and 25% of African GDP.’ Mostly through Illicit transactions by multinational corporations through corrupt practices, continue to deprive countries much needed financial resources.
As Africa Loses Over US$50 Billion
“Corruption is pervasive across Africa and is having a disproportionate effect on the poor, with long-term consequences for development.”
The 1st African Anti-Corruption Forum took place in Sharm El-Sheikh Egypt on June 12-13, 2019. The topic, the role of Anti-Corruption efforts & activities in Africa’s Development.
Anti-Corruption Chairman, Ben Kaifala & Rtd. Brigadier Julius Maada Bio, President, The Republic of Sierra Leone
The head of the Sierra Leone Anti-Corruption Commission ACC Mr. Ben Kaifala was in attendance. Commissioner Francis Ben Kaifala message on corruption can undermine the efforts of governments to bring prosperity to their countries and promote violent conflicts, poverty, and underdevelopment, in many countries, and for too many decades. Mr. Kaifala noted that corruption, mostly defined as the abuse of public office for private gain, has long been a concern for many countries around the world; more so in Africa.
In many situations, and including Sierra Leone, this led to a breakdown in law and order. It also lowers the GDP of the country. Sierra Leone; a country epitomizes decades on corrupt practices.
Dreher and Herzfeld (2005) estimate that an increase in corruption by about one point reduces GDP growth by 0.13 percentage points and GDP per capita by US$425. Corruption damage the state economy, its political system, and institutions.
The socio-economic and political cost of corruption in Africa is enormous. The Control Risk Group estimated in 2011 that developing countries lost close to US$1 trillion to fraud, corruption, and shady business transactions.
According to the Mo Ibrahim Foundation, corruption costs Africa over US$148 billion per annum – ‘equivalent to 50% of tax revenue and 25% of African GDP.’ Mostly through Illicit transactions by multinational corporations through corrupt practices, continue to deprive countries much needed financial resources.
President Bio campaigned against corruption is determined to fight corruption all its forms under his leadership. Anti-Corruption measures are critical elements to the operation of the Rule of Law. The lack of same always breeds bad international governance ratings and undermines opportunities for economic cooperation with international financial institutions, development agencies, and donor states, no matter the scores for other indicators.
According to the World Bank, corruption is pervasive across Africa and is having a disproportionate effect on the poor, with long-term consequences for development.
In the late ’90s, Western stakeholders became active in Africa’s fight against corruption. Former World Bank president, James Wolfensohn, and IMF, Managing Director, Michel Camdessus, announced donor leverage would be used to eliminate corruption. This anti-corruption campaigns western-like identity, which partly explains the failures of the anti-graft institutions.
Africa to grow, nurture own ideas, processes, and mechanisms to deal with corruption, it is a critical participatory evaluation of commissions and agencies, as well as the inclusive decision-making process. Africa remains one of the most corrupt continents and correspondingly, the poorest and most underdeveloped in many corruption perception surveys. Addressing the problem of corruption is a strategic and comprehensive way of paramount importance as a development priority for Africa.
Successful national anti-graft campaign amounts to the remarkable transformation of countries like Singapore and Malaysia from little more than fishing villages in the 1960s to an industrial metropolis and economic gateways to the Asia-Pacific sub-region today. We can say the same for Botswana, Seychelles, Rwanda, etc.
The fight against corruption will enable ordinary Africans to reach their full economic and human potentials.
Desmond Babatunde Edwards (center), Chief Justice, The Republic of Sierra Leone & ACC Chairman, Ben Kaifala (right) and others
Cross-section of delegates attending the Forum
THE PROBLEM: Almost everywhere in Africa, corruption continues to be the biggest inhibitor of development and growth
In Sierra Leone, Nigeria, Guinea, and Liberia corruption continue to impede efforts aimed at promoting democratic governance. In South Africa, Zimbabwe, Zambia, Uganda, and Malawi, corruption continues to undermine socio-economic transformation. Nigeria, Somalia, Central African Republic, Cameroon, Tunisia, Egypt, Libya, Chad, Mali, and the DRC, corruption continues to undermine peace and security of the people.
From Gabon, west to Kenya, east, corruption continues. Uganda to Senegal in the west, corruption breeds conflict, disunity, and discord.
The complexities, seriousness is captured in the Africa Progress "Mbeki" Report. The High-powered Panel on Illicit Financial Flows from Africa revealed that Africa loses over US$50bn annually through illicit financial flows and tax evasion. Far more what Africa receives in either international aid or foreign investment. The report also estimates Illicit Financial Flow from Africa, 1970 – 2008 at nearly $900 billion. Money simply disappearing – mostly going into the pockets of individuals and groups, thereby depriving parents of food for their families, medicines for children, classrooms, and potable water for communities, etc.
While personal fortunes are consolidated by a corrupt few, the vast majority of Africa’s present and future generations are being deprived of the benefits of common resources that might otherwise deliver incomes, livelihoods, and better nutrition. If these problems are not addressed, we are sowing the seeds of a bitter harvest ~ The Late, Kofi Annan, Former UN Secretary General.
Today, as part of that ‘bitter harvest,’ Africa imports $34bn worth of food.Today, as part of that ‘bitter harvest,’ Africa imports $34bn worth of food. Our roads, railways, and other public projects are non-existence.
The Progress Report estimate Africa loss US$17bn annually from illegal logging while fishing fleets flout international conventions costing West Africa alone $1.3bn. The cost, driven by corruption in most parts.
THE AFRICAN ANTI-CORRUPTION FORUM, EL-SHEIKH, EGYPT
As more African countries realize that their country development will be in jeopardy if they fail to root out corruption, many states have instituted accountability measures and created Anti-Corruption Agencies to ensure that resources trickle down to their people. Cape Verde, Mauritius, Rwanda, Botswana are amongst countries that occupy respectable positions in the Control of Corruption indexes. The African Union Convention on Preventing and Combating Corruption provided a continental backbone to the efforts of member states in the fight against corruption. A united front against corruption is getting more formidable.
THE POTENTIAL: Solving The Problem: Education, backed by a commitment by all to reject corruption at all levels and in all jurisdictions of the continent.
Anti-corruption policy-making should improve youth capacity in implementing anti-graft policies. Africa is home to over 1.2 billion people; over 60% of its population falls under the age of 35. Relevant sectors of society should be targeted to fully commit to fundamental ethical principles for public and professional life. The AU Advisory Board on Corruption should take leadership in defining the broad educational policy framework and setting the blueprint. Lack of accountability, transparency, and perpetual bad governance addressed as this, a recipe for corruption.
We're in a position to build our schools, equip our hospitals with the best brains, types of equipment, and with available medicines without the help of China or the West. We can transform Africa into a paradise. Now is the time to make that positive difference. All of us to push let us make it happen. Where else can victory be harvested; if not from us? We have to make it happen -positive difference Africa yearning realized through us.