Corruption Is Not an African Issue, Says AfDB President, Adesina

• Dr. Akinwuni Adesina, President of the African Development Bank, states that corruption is not exclusive to Africa and emphasizes accountability and transparency
• He commends Eritrea’s zero percent corruption record and addresses illicit capital flows linked to multinational companies in Africa

Dr. Akinwuni Adesina, the President of the African Development Bank, has asserted that corruption is not a uniquely African problem. Adesina made this statement in Abuja and emphasized the importance of continually enhancing accountability, transparency, and responsible use of public funds.

He underlined that the global financial crisis 2008, which had far-reaching implications worldwide, was not initiated in Africa. The root causes of this crisis were greed, corruption, and fraud within the financial industry, predominantly in Europe.

Adesina clarified that while Africa is not exempt from corruption, improving transparency, accountability, and the responsible management of public resources is crucial.

During a visit to Eritrea, Adesina noted that the country had an impressive record of zero percent corruption. He commended Eritrea’s commitment to good governance and zero tolerance for corruption.

Adesina also highlighted that the African Development Bank prioritizes good governance, emphasizing the need for governments to be accountable to their citizens.

Addressing illicit capital flows in Africa, Adesina pointed out that a significant portion of such flows, estimated to be between $80 billion and $100 billion annually, is linked to multinational companies. He stressed the importance of scrutinizing and addressing these flows.

In summary, Adesina urged for a balanced perspective on corruption, emphasizing that it is a global issue, and efforts should be directed towards promoting accountability and transparency to ensure responsible governance.