• Central banks contribute to a large extent to democratization and socio-economic development.
• The independence of the central bank also means that the central bank does not interfere with the Executive on the enactment of PFM laws and regulations.
• Still, we believe that central banks may have a role in domestication of the SADC Model Law on PFM

Southern Africa Development Community Parliamentarian Forum (SADC-PF) says it firmly believes in the fundamental role played by central banks not only across SADC but around the world.

SADC-PF Secretary General Boemo Sekgoma explained the central bank of every country represents a noble icon of monetary and financial stability which shines by its independence and fairness in handling financial and economic issues that pertain to banking business as they notes they represent the coffers of the State and are full partakers in the Public Financial Management (PFM) framework.

Ms. Sekgoma noted, central banks contribute to a large extent to democratization and socio-economic development which accords fully with the objectives of the Forum and that of other organizations such as the African Union and the African Development Bank.

She had since appealed to representatives of central banks to continue considering the Forum as a working partner in view of achieving mutually beneficial objectives which relate to the economic prosperity of the SADC region.

“Together, we can hope for a better Africa that responds to the Sustainable Development Goals (SDGs) and to Africa Agenda 2063,” she said.

The SADC PF secretary general further noted that the independence of the central bank also means that the central bank does not interfere with the Executive on the enactment of PFM laws and regulations.

According to her, “Still, we believe that central banks may have a role in domestication of the SADC Model Law on PFM when consultations are undertaken thereon by the Ministry of Finance and relevant departments.”

“Representatives of central banks may thus voice out best banking practices at regional and international level, as espoused by the Model Law, and advocate for their domestication through progressive legislation to be enacted in Parliament,” she stated.

Ms. Sekgoma was speaking during a stakeholder consultations with the committee of central bank governors of SADC member states.