"Africa loses $148 billion to corruption every year" - AfDB president

folarin okunola

December 14, 2015 12:10 PM

Adesina noted that Africa needs about $55 billion a year for power, an amount which the AfDB president noted was available given the continent’s $82 billion in undiscovered resources.

President of the African Development Bank, Akinwunmi Adesina

The president of the African Development Bank (AfDB), Akinwumi Adesina, has said that Africa loses $148 billion to corruption every year.

Speaking at the Bank’s headquarters in Abidjan, Cote D’ivoire at the commemoration of the International Anti-Corruption Day with the theme “Break the corruption chain”, the AfDB president said, “The cost of corruption is massive; it turns the whole continent into darkness. Because of corruption, Africa is known more for its darkness than light. It is important to understand the negative impact of corruption on the continent.”

Adesina noted that Africa needs about $55 billion a year for power, an amount which the AfDB president noted was available given the continent’s $82 billion in undiscovered resources.

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He added that the continent has however been able to attain steady power supply due to corruption and other related acts.

Adesina then called for the strengthening of institutions to address corruption, warning that stern measures must be taken if the menace is to be quelled.

“If there is no consequence for bad behaviour, bad behaviour will continue on and on,” Adesina said.

The Organisation for Economic Cooperation and Development has said that the protection of whistleblowers from retaliation for reporting suspected corruption activities is crucial to the efforts to fight corruption, enhance accountability, and promote a clean business environment.

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