‘Introduce social accounting metrics for accountability’

Accra, Mr Kwaku Bedu-Addo, the Chief Executive Officer of South and Southern Africa Region, Standard Chartered Bank, has called for the introduction of social accounting metrics to hold governments accountable to the public.

He said the accounting metrics must be strictly transparent and independently monitored to ensure that governments across the region took decisions to the benefits of the citizenry and create value for the next generation.

The metrics must be able to measure the quality of education, health and other infrastructure development to ensure there was value for money, he said.

Mr Bedu-Addo made the call in Accra at the Sixth Anglogold Ashanti Lecture Series on Business in Africa, in collaboration with the Institute of African Studies, University of Ghana.

The Lecture was on the topic: Africa Rising: Wheel of Fortune or Genuine Social Transformation.

He said public officials should be personally liable for breaches in conduct and must exhibit high standards of professionalism.

He noted that a well-functioning economy relied on domestic investment and there was the need to invest in quality education, health and transportation, which constituted key facilitators to the quality of life.

Mr Bedu-Addo said every country wanted to see good and transparent governance that built confidence in investors and consumers as well promote growth, job creation and wealth creation, economic empowerment and equitable distribution.

Unfortunately we have undermined the very framework required to deliver on this outcome. The weakest link in this chain of development is wealth creation. We don’t know how to create wealth, we rather destroy wealth, he said.

He said Africa’s agriculture was still subsistence largely and underpinned by inefficient market arrangement affecting food security and nutrition, saying agriculture must be productivity-driven to spur national development.

We use back breaking techniques to farm, we don’t apply science and make good use of extension officers to produce more and export. We talk more than we do, we need to walk the talk and applied what we have learnt to benefit all and sundry, he added.

He said the country do not have a balance sheet committed to agriculture, health, housing because the value chain was disjointed and everything in a mess.

Mr Bedu-Addo called for stakeholder consultation on the need to invest in these sectors and address these value chains for national development.

Mr Eric Asubonteng, the General Manager of Anglogold Ashanti, said the lecture was to stimulate and raise national consciousness about the need to carry out the country’s affair in ways that addresses peculiar needs.

He noted that it was incumbent on all to play an active role in the determination of the country’s natural resources to benefit the citizenry.

He said African countries had a rich blend of human and natural resources to take ownership of their own destinies as well as deliver the transformation required on the Continent.

At Anglogold, any discussion around Africa rising would not be complete without touching on the contribution of mining to national development.

It is for this reason that sustainable development remains integral to our operations to make the communities in which we operate better, he added.

Source: Ghana News Agency


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