Guinea’s Struggles with Anti-Corruption Efforts in Finance
As Guinea-Bissau continues to face challenges in developing its institutional capacity, political instability has hindered progress. The country has experienced six changes of government between 2014 and 2019 parliamentary elections due to tensions between the President and the largest political party’s leadership.
Limited Progress with Anti-Corruption Initiatives
Despite efforts by international organizations such as the International Monetary Fund (IMF), World Bank, and European Union to address structural governance weaknesses through corrective measures, anti-corruption initiatives have yielded limited results. A recent report highlights the urgent need for Guinea-Bissau to strengthen its anti-money laundering and combating the financing of terrorism (AML/CFT) framework.
Challenges in Budget Planning and Preparation
The country’s budget planning and preparation processes are also in dire need of improvement. Public financial management (PFM) and revenue administration practices often compromise transparency, making it difficult to track government transactions and expenditures.
Corruption Remains a Significant Challenge
Corruption remains a significant challenge in Guinea-Bissau, with public financial management (PFM) and revenue administration practices often compromised. A robust framework is crucial to addressing corruption and promoting economic stability and development.
Recommendations for Moving Forward
The report calls for regular monitoring and evaluation to ensure that anti-corruption efforts bear fruit. Guinea-Bissau can still learn from its peers and adopt best practices in areas such as:
- Expenditure management
- Transparency in government transactions
It is crucial that anti-corruption initiatives receive adequate attention and resources. Without a robust framework, Guinea-Bissau risks perpetuating corruption and undermining efforts to promote economic stability and development.
Conclusion
Guinea-Bissau’s struggles with anti-corruption efforts highlight the need for a comprehensive approach to addressing corruption and promoting institutional capacity building. With international support and the adoption of best practices, the country can move forward in promoting economic stability and development.