Nepad Essay

675 words - 3 pages

Apart from strong commitment to maintaining peace in the continent, NEPAD set up a peer review mechanism where African countries are assessed based on their commitment to NEPAD’s prioritites particularly in areas of good political, economic and corporate governance. The meachanism was initially referred to as NEPAD peer review mechanism(NPRM) but was renamed Africa’s peer review mechanism(APRM) after few African leaders who were not initially part of the NEPAD process expressed huge enthusiasim about the initiative. The mechanism is a mutually agreed instrument voluntarily acceded to by African countries as a self-monitoring mechanism. It aims to put in motion a strategic re-orientation towards the validation of universal as well as African values and accelerate the process of intra-African cooperation and integration. Its mandate is to ensure that the policies and practices of participating countries conform to the agreed values in the following four focus areas: democracy and political governance; economic governance; corporate governance; and socio-economic development (APRM, 2003).
The APRM process entails periodic reviews of the policies and practices of participating countries to ascertain progress being made towards achieving the mutually agreed goals and compliance in the four focus areas already identified. National ownership and leadership by the participating countries are essential factors underpinning the effectiveness of the review program. The process is designed to be open and participatory and is guided by the principles of transparency, accountability, technical competence, credibility and is also free from manipulation. The review process is not meant to exclude or punish countries and there is no conditionality attached to the Mechanism but the reports are published and potential investors usually make reference to them in business and project feasibility studies. This review instills a sense of competition among participating countries to improve their economic and corporate governance practices to make their economies beautiful bride for investors.
Furthermore, the APRM maintains a small secretariat which provides support to its outfield activities under the framework of NEPAD....

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