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Time to redeem Africa from corruption

Corruption is a major contributor to Africa’s stunted development. By corroding and weakening governance institutions and the democratic values of human rights, gender equality, justice, and the rule of law, it has hindered the continent’s progress toward peace and prosperity. A 2002 AU study estimated that Africa loses about $150 billion annually to corruption. Illicit financial outflows, particularly in the extractive industry, cost the continent about $50 billion per annum – far exceeding the official development assistance that African countries receive from Organization for Economic Cooperation and Development countries ($27.5 billion in 2016). This makes illicit financial outflows an important aspect for African leaders to focus on.

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