Tanzania Adopts Good Financial Grant Practice Standard
July 9, 2020
By Wallace Mawire
Tanzani has adopted the Good Financial Grant Practice (GFGP) standard through their national bureau of standards, according to the African Academy of Sciences (AAS).
According to the AAS, over the last few decades, many government departments across sub-Saharan Africa have faced significant trust and accountability issues in managing foreign aid.
It is reported that corruption has been cited to be one of the biggest reasons why donors stop giving aid to the development world.
It is added that the recent World Bank’s study, ‘Elite Capture of Foreign Aid’- Evidence from Offshore Bank Accounts sheds light on how aid disbursements to highly aid-dependent countries coincide with sharp increases in bank deposits in offshore financial centers known for bank secrecy and private wealth management.
It is reported that donors have lost trust in governments that don’t demonstrate transparency and accountability in managing foreign funds.
It is added that they spend a lot of time and money on systems to monitor and investigate the unscrupulous/corrupt governments that misuse funds. In some extreme cases, they give less foreign aid or cut it off completely thereby weakening progressive growth and affective the delivery of public services to communities who need it most.
It has been added that in order to crack down on corruption, robust systems need to be established. Through Certification to the international Standard known as the Good Financial Grant Practice (ARS 1651:2018), government departments can address the issues of trust and accountability.
The Good Financial Grant Practice (GFGP) standard is a new global quality standard that sets out in detail the procedures, processes, and policies that small to philanthropic donors expect organizations to have implemented.
Currently, the standard is being implemented by more than 300 organizations in 45 countries in Africa, America, Europe and Asia and has been adopted in Rwanda, Uganda as their national standard.
“We are proud to have Tanzania adopt the standard in June through their national bureau of standards,” AAS said.
The certification to the GFGP standard will enable governments to ensure that relevant capability is available for managing foreign aid in a manner that create an impact in the society, enhance and maintain trust and accountability over budget planning, strengthen operational efficiency and ensure the public get value for money.
Nkemnji Global Tech
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