Corruption drains an estimated $10 billion annually from African economies, diverting crucial resources from healthcare, education, and infrastructure development. The scale of these illicit financial flows undermines economic growth and erodes public trust in institutions across the continent.
To address this critical challenge, the African Development Bank gathered leading anti-corruption experts on September 24 for a high-level seminar titled "Profit from Integrity: Capitalising on Anti-Corruption Measures in Africa."
"The fight against corruption is not just a question of good governance, but is, most importantly, a means of driving economic growth across the continent," Abdoulaye Coulibaly, Director of the Governance and Economic Reforms Department (ECGF) said. He highlighted its role in achieving the Bank's strategic objectives, the High 5, and the United Nations' Sustainable Development Goals. He added that corruption diverts valuable resources for funding vital sectors such as health and education while eroding investor confidence. He strongly reiterated that the battle against corruption must be at the core of development strategies for Africa.
Eric Ogunleye, Director of the African Development Institute, speaking on behalf of the Bank's Vice-President and Chief Economist, Kevin Urama, emphasised, "corruption is a cancer that stifles economic growth and undermines the rule of law, at a time when development financing needs are vast."
Mariame Krauer-Diaby, an anti-corruption governance expert at the ECGF, said the seminar aimed to highlight "the moral importance of the fight against corruption and discuss its tangible economic benefits for African countries."
International Cooperation Essential for Recovering Africa's Stolen Assets
The seminar delved into the persistent challenges of recovering stolen assets, revealing that current mechanisms still need to be revised despite established international frameworks such as the United Nations Convention against Corruption and the African Union Convention.
Two expert panels examined different dimensions of the challenge. The first, moderated by Paula Santos-Da Costa, Director of the Office of Integrity and Anti-Corruption, brought together specialists, including former Malawi Anti-Corruption Bureau Director Martha Chizuma, former Nigerian Presidential Adviser Juliet Ibekaku-Nwagwu, and Simon Marsh from the Basel Institute to discuss asset recovery experiences. Chizuma shared Malawi's success in recovering $10 million while highlighting the bureaucratic hurdles that impede progress.
The second panel, led by African Legal Support Facility Director Olivier Pognon, explored ways to strengthen African countries' positions in corruption cases involving multinational corporations.
Participants in the African Development Bank's "Profit from Integrity: Capitalising on Anti-Corruption Measures in Africa" webinar.
The scale of the problem is significant, with experts noting that $10 billion leaves the continent annually. The Stolen Asset Recovery Initiative has documented 564 recovery cases across 141 jurisdictions, yet progress must be made faster. According to Simon Marsh, a key obstacle is that while "it's easy to transfer money, getting it back involves months or sometimes years of proceedings."
Kodjo Attisso, Regional Adviser at the United Nations Office on Drugs and Crime, emphasised that success requires stronger country-level commitment and enhanced prevention measures despite various United Nations initiatives. Glencore's case, in which it was found guilty of corruption in several African countries, illustrated the current lack of coordination between nations in tackling these challenges. In response, experts called for greater political will and investment in new asset-tracking technologies to strengthen Africa's anti-corruption efforts.
