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Sovereign wealth funds good tool for Africa: economist

Posted on 06 May 2011

SA does not need a sovereign wealth fund, but many other African countries could use the financial instrument well as a means to bring greater transparency to their public finances, according to Mthuli Ncube, chief economist at the African Development Bank.

Addressing a press briefing on Thursday during the World Economic Forum on Africa, Ncube said: “What happens to the revenues received from oil and gas? That is where government should (manage the wealth generated) and that is where an instrument like this would allow greater transparency and accountability in revenues.”………………………………………Full Article: Source


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