A powerful tool for fighting bribery in Africa
Corruption is detrimental to economic, political and social development. It distorts market competition, undermines productivity and ultimately impedes sustainable economic growth. This can be measured in Africa. Indeed, while sub-Saharan Africa has become a commercially significant market, bribery and corruption risks are deterring higher rates of investment and the ability of companies to conduct business fairly on a level playing field. The African Development Bank estimates that USD 148 billion is lost to corruption in Africa every year. The bribery risks confronting both African and foreign companies in Africa, including small and medium-sized enterprises, can be attributed to multiple factors. These include the prevalence of business sectors prone to corruption; n predominantly cash-based economies; n the requirement to use local agents to carry out projects; n systemic public sector corruption; and n weak law enforcement capacity often topped with lack of political will.
Business has a key role to play in improving corporate integrity and accountability while promoting growth through an environment conducive to attracting foreign investment.
See guideline below.