The cost of corruption in Africa – 88.6 billion USD

This article, from the Nigeria Communications Week, reminds us that we can cost out corruption, and use this information to make positive needed changes. This week the Economic Community of West African States (ECOWAS) shared that “Africa’s staggering loss of $88.6 billion each year due to corruption and illicit financial flows (IFFs),” is one of the most pressing threats to the continent’s development. ECOWAS noted that it was 3.7% of Africa’s GDP.  Obviously, this is a shocking number and one which is more so this year as so many donor development budgets have shrunk

These types of statistics makes everyone aware of the governmental costs in a region where the money could be used more effectively. As development is being cut, African governments must continue moving forward to put roadblocks in the way of corrupt activities.

What can be done? Thankfully, conversations and work on corruption is being taken more seriously throughout many African countries, and as noted, this is a wake-up call to governments as donor development budgets are shrinking. As always, support to anti-corruption agencies and governmental actions, as well as civil society oversight are key factors in the fight against corruption.

Link:

https://www.nigeriacommunicationsweek.com.ng/africa-loses-88-6bn-yearly-to-corruption-ecowas/