Former President John Dramani Mahama is urging African leaders and private business owners to unite to fight corruption on the continent.
According to him, the canker will threaten the continent’s development if not dealt with.
Mr Mahama also described corruption as an “economic malady,” saying it thrives on deliberate irresponsibility by institutions and state actors.
He was speaking as the special guest at the 53rd Annual Conference of the Nigeria Institution of Surveyors and Valuers (NIESV) under the theme, “Asset Valuation as a Global Anti-Corruption Tool: The Nigeria Experience”.
“Because corruption is a global challenge, its scope and seriousness have led to calls for a worldwide response and cooperation in the fight against it. Corruption is an economic malady. Mr Chairman, corruption hinders economic development, diverts investments from infrastructure, institutions, and social services, and undermines efforts to achieve other country-specific development goals and targets,” he said.
He continued: “Graft thrives due to the layered irresponsibility of institutions and state actors that must fight it. Whichever way you visualize it, corruption must be fought whether it occurs in the public or private sector”.
Mr Mahama further listed elements that fuel corruption.
“There are at least three elements required for corruption to occur. First, someone must have discretionary power, which includes the ability to influence the formulation of regulations and administer them.”
“Second, economic rent must be associated with discretionary power, primarily when higher rents are related to the misuse of discretionary power. Third, when the governance or legal system offers a sufficiently low probability of detection or sanction for wrongdoing,” he added.
He said corruption scares investors away from Africa and must be tackled immediately.
“Corruption also retards growth because bribes paid by investors to secure investment licenses, including building permits, increase the cost of doing business and, consequently, reduces the incentive to invest in a country. Corruption also has adverse effects on productivity.”
“If the permits and licenses needed by innovators or new producers are obtained by paying bribes, that could impede the entry of new goods or technology onto the markets of many economies,” he stressed.
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