African Development Bank President Highlights Global Corruption Crisis

frican Development Bank President Addresses Global Corruption

Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has emphasized that corruption is not confined to Africa but is a worldwide issue that affects countries on a global scale, including Europe.

In an interview with the UK Guardian, Dr. Adesina pointed out the prevalence of corruption in the financial and economic sectors of Europe while highlighting examples of African countries, such as Eritrea, that have successfully achieved a corruption-free environment.

Importance of Accountability in Africa

Dr. Adesina stressed the significance of continually improving accountability in the use of public resources on the African continent.

He referred to the global financial crisis of 2008 and noted that it did not originate in Africa but was driven by greed, corruption, and fraud, primarily within the financial industry in Europe.

He clarified that corruption is not exclusively an African issue, but the key is to enhance transparency and accountability in the management of public resources.

Eritrea’s Corruption-Free Model

Dr. Adesina mentioned Eritrea as an example of a country with zero percent corruption. He highlighted the need to recognize and discuss such successes.

He underscored the African Development Bank’s commitment to good governance and called on governments to be accountable for the acquisition and utilization of public resources, emphasizing that these resources should not end up in the wrong hands.

Supporting Accountability and Combating Illegal Capital Flows

The African Development Bank, under Dr. Adesina’s leadership, ensures that nations receiving financial assistance also receive support for accountability in resource management.

He attributed the issue of illegal capital flows in Africa to multinational corporations and urged the importance of investigating this matter.

Africa’s Role in the Global Value Chain

Dr. Adesina discussed Africa’s role in the global value chain and stressed that the most effective way to combat poverty is through the exportation of raw materials.

He emphasized that Africa must focus on its raw materials, including oil and gas, minerals, metals, and food, in order to progress in the value chain.

He emphasized the need for the right investments, governance, and incentives to propel Africa to a prominent position in the global arena.

This interview with Dr. Akinwumi Adesina sheds light on the broader issue of corruption, its global impact, and the measures necessary to promote accountability and transparency in resource management.