Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), has stated that corruption is not unique to Africa.
During an interview with the UK Guardian, Adesina stated that corruption is prevalent in Europe’s banking and economic sectors, whereas Eritrea in East Africa has 0% corruption.
He did, however, emphasize the need for the African continent to continue to increase accountability in the use of public resources.
Adesina stated:
“The global financial crisis that brought the world to its knees in 2008 did not occur in Africa.” We don’t have Wall Street. Greed, corruption, and fraud all contributed to the collapse.
“You have people in the financial industry in Europe, not in Africa, who are cooking the books.” Corruption is not a problem exclusive to Africa.
“The problem is, that doesn’t mean there aren’t any. What you must do is maintain transparency and accountability in the use of public resources.
“During my first visit to Eritrea, I spoke with staff from the United Nations Development Programme.” What did they say to me? Corruption is non-existent in Eritrea.
“Why don’t we talk about it?” That is exactly what we intend to do. We take good governance extremely seriously as a development bank.”
Adesina also accused international corporations of facilitating illegal financial transfers in Africa, saying that a searchlight should be directed in that direction. He also stated that the AfDB assures that when countries withdraw monies from them, they assist those countries in accounting for the resources.
He also stated that in order for Africa to progress up the value chain, it must value its basic materials, which include oil and gas, minerals, metals, and food.
