13 7. 8. Organising regular, free and fair elections; and Entrenching and respecting the principle of the rule of law. Article 33 State Parties shall institutionalize good economic and corporate governance through, inter alia: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. Effective and efficient public sector management; Promoting transparency in public finance management; Preventing and combating corruption and related offences; Efficient management of public debt; Prudent and sustainable utilization of public resources; Equitable allocation of the nation’s wealth and natural resources; Poverty alleviation; Enabling legislative and regulatory framework for private sector development; Providing a conducive environment for foreign capital inflows; Developing tax policies that encourage investment; Preventing and combating crime; Elaborating and implementing economic development strategies including private-public sector partnerships; An efficient and effective tax system premised upon transparency and accountability. Article 34 State Parties shall decentralize power to democratically elected local authorities as provided in national laws. Article 35 Given the enduring and vital role of traditional authorities, particularly in rural communities, the State Parties shall strive to find appropriate ways and means to increase their integration and effectiveness within the larger democratic system. Article 36 State Parties shall promote and deepen democratic governance by implementing the principles and core values of the NEPAD Declaration on Democracy, Political, Economic and Corporate Governance and, where applicable, the African Peer Review Mechanism (APRM).