By Amin Kef Sesay
In true democracies, “transparency” and “accountability” are important pillars of proper administrative and financial management of the State and its resources and funds; without which corruption, mismanagement and wastage drain away vital resources for national development that benefits the majority of the people.
Given the above, transparency and accountability are critical for the efficient functioning of a modern economy and for fostering social well-being.
Many powers are delegated to public authorities. Some assurance must then be provided to the delegators—that is, society at large—that this transfer of power is not only effective, but also not abused. Hence, the Parliamentary Accounts Committee, Audit Service, ACC, etc.
Transparency ensures that information is available that can be used to measure the authorities’ performance and to guard against any possible misuse of powers. In that sense, transparency serves to achieve accountability, which means that authorities can be held responsible for their actions.
Without transparency and accountability, trust will be lacking between a Government and those whom it governs. The result would be social instability and an environment that is less than conducive to economic growth.
Resources create major opportunities, especially in developing countries. The Government—including Parliamentarians—plays an important role in managing these opportunities.
At what pace should the resources be extracted? How should the proceeds be used? Which investments will best address the country’s development needs?
The decisions made on such issues can have a long-lasting impact, and can affect the well-being of today’s as well as future generations in a society.
Adequate transparency and accountability are therefore critical for ensuring that resource wealth is managed for the benefit of the whole population.
Transparency in all sector operations allows democratic debate on how wealth should be handled. In that regard, while the economic implications of poor resource management are clear, we must never overlook the likely social consequences of such failure.
In recognition of the importance of these issues, there have been many recent initiatives at the international level which are aimed at promoting transparency in natural resource management.
Given the increasing role of Parliaments in economic policymaking, engaging Parliamentarians on this issue is especially important. It helps to promote awareness of the importance of good governance and enhances country ownership of reform efforts.
