Africa Loses $50billion Annually To Corruption –  CISLAC

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Abeokuta – As the continent marks the 2019 Africa Anti-corruption Day, the Civil
Society Legislative Advocacy Centre, CISLAC has revealed that the continent loses an estimated $50 billion annually through increase illicit financial flow from African countries.

In a release made available to journalists, Thursday, the Centre maintained that the development poses a great challenge as the recovery of stolen and illicit assets is a developmental issue impacting on Sustainable Development Goals and Agenda 2063.

Despite the adoption of the African Union Convention on Preventing and Combating Corruption in 2003 and ratification by 40 member states, CISLAC is of the opinion that corruption has remained pervasive in almost all the African countries.

The Centre identified public procurement as one of the areas vulnerable to corruption in most African Nations saying apart from the the volume of transactions and financial interest, corruption risks are exacerbated by the complexity of the process.

It, however, called on the governments across Africa to adopt clear procurement governance frameworks that inculcate prudence and enhanced operational efficiency through accountability and transparency.

Details later…

Source: independent.ng