Dr. Akinwumi Adesina, the President of the African Development Bank (AfDB), emphasized that corruption is not an issue confined solely to Africa. In an interview with the UK Guardian, Adesina pointed out that corruption is prevalent in the financial and economic sectors in Europe, while certain places like Eritrea in East Africa boast a remarkable absence of corruption.
Adesina acknowledged that the global financial crisis of 2008, which had far-reaching consequences, did not originate in Africa, as it was driven by factors like greed, corruption, and fraud. He stressed that individuals manipulating financial records in the European financial industry, not Africa, played a role in that crisis. Thus, Adesina contended that corruption is not exclusive to Africa but is a global concern.
However, he highlighted the need for African nations to continually enhance transparency and accountability in the utilization of public resources. He cited Eritrea as an example, where corruption is reportedly at zero percent, underscoring the importance of acknowledging and learning from such success stories.
Adesina also raised concerns about multinational companies supporting illegal capital flows in Africa, and he emphasized the need to investigate this matter further. He stated that the AfDB takes measures to ensure that countries that receive funding are held accountable for their resource utilization. Furthermore, Adesina emphasized that for Africa to progress along the value chain, it must place greater value on its raw materials, including oil, gas, minerals, metals, and food.
