Giving Compass' Take:

• Michael Kilpatrick explains that funds need to travel quickly and transparently to Africa to combat COVID-19 in countries that need the most support. 

• Are you ready to support organizations and individuals in Africa during and after the pandemic? 

• If you aren't sure where to start, consider supporting a fund. 

The COVID-19 outbreak has already exacted a toll on Africa’s economy, with low and middle-income countries experiencing negative impacts in several sectors, including tourism, agriculture, and health.

The World Bank's Africa’s Pulse report warns that the first recession in sub-Saharan Africa in twenty-five years is about to descend on the region, noting that "growth in sub-Saharan Africa has been significantly impacted by the ongoing coronavirus outbreak and is forecast to fall sharply from 2.4 percent in 2019 to -2.1 to -5.1 percent in 2020."

In other words, we need to mobilize financial resources as quickly as possible to support the countries that need help the most.

As was the case pre-COVID, however, funders are likely to want answers to a key question before they commit to a grant: "How do we know the funds we disburse will be used for the purpose stated?"

It's a valid question. When the post-pandemic dust finally settles, no funder will want to be the subject of a journalistic expose of the misuse or misappropriation of funds.

Transparency and speed are paramount. What's a funder to do, however, when the problem is urgent and setting aside months to complete and circulate paperwork is an unaffordable luxury? One solution is obvious: we need to standardize our due-diligence processes to promote efficiency in grant funding. The Global Grant Community, a financial governance platform of the African Academy of Sciences (AAS) that provides funders and grantees with a one-stop self-assessment/due diligence tool, attempts to do that. Funders who opt to use the online platform are able to:

  • Invite organizations they are interested in funding to assess their financial management capacity against the requirements of the international standard for Good Financial Grant Practice (GFGP) and a Non-GFGP Assurance Framework.
  • Review due diligence assessments completed by organizations "ready to be funded" and provide funding to those that meet their criteria in support of the speedy implementation of COVID-related activities.
  • Search a directory to identify and connect with organizations that have demonstrated robust internal procedures, policies, and processes, thereby reducing the risk of mismanagement and corruption.

Read the full article about funding needed to combat COVID-19 by Michael Kilpatrick at Philanthropy News Digest by Candid.