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Submitted by Njang Jolly Etengeneng, ACCA on
Africans are the only problem they can ever have and they are the only solution to their problems, not multi national companies, United Nation institutions, US, Canadian, European governments etc. African governments are convassing for multi national companies to extract resources in their country in order to create employment and increase on national income, and at the same time these institutions defraud these revenues via their executives, knowing well that they don't in place rigid internal control system. Instead of the World Bank to impose on African governments to implement IFRS as they have done to listed European companies, they are rather encouraging multi national companies to extract natural resources in Africa, knowing very well that the revenues generated from these extractions shall be defrauded by this same multi national companies in collaboration with Africans executives. God did not create Africans as thieves and then white peoples as angels, but it is the situation that Africans are passing through that has push them to defraud their economy. The worst financial scandals in the world have happened in the US and Europe. The Sarbanes Oxley Act was created after the Enron scandal.The Accounting system used by most African countries except South Africa was inherited from their colonial masters which is porous and static and it is not in line with the US, Canadian and European Accounting systems that create these policies for Africans.They have not lived in Africa and it shall be difficult for them to create policies that will suit with Africans.The world bank should invite intellectual Africans from divers field of studies e.g.(Chartered Accountants, Actuarists, IT engineers, civil and mechanical engineers, legal experts, police investigators, economists, etc) to debate on African issues. It shall be difficult for non Africans to achieve ever lasting solutions to improve on the economy of Africa.The greatest problem the World is facing is the fact that some countries are very very poor and some are very very rich.The crimes committed around the world are organised by poor individuals for survival. The advancement in technology that has made the US to top the World economy was not only invented by US citizens. God did not create only US citizens to be inteclectuals or have technological insight but equal to all human beings. It is only the situation that Africans are passing through that makes them backward in technology. Conclusion: Africans should export natural resources like US, Canadian, European countries etc are doing but prior to the exploitation and exportation there should ensure that controls are in place to guard these revenues. Njang Jolly Etengeneng