The President of the African Development Bank (AfDB), Dr. Akinwuni Adesina, emphasized that corruption is not a challenge confined solely to the African continent. He made this statement in Abuja on a Saturday.
According to Adesina, the crucial focus should be on enhancing transparency, accountability, and the responsible utilization of public resources worldwide. He cited the global financial crisis of 2008, originating from greed, corruption, and fraud in sectors such as Europe’s financial industry, rather than in Africa.
Adesina stressed that while corruption is not exclusive to Africa, it does exist, making it vital to continually improve transparency, accountability, and resource management.
During his visit to Eritrea, he was informed that the country maintains a remarkable zero percent corruption record, emphasizing the importance of recognizing such positive examples.
Adesina emphasized the AfDB’s commitment to good governance, asserting that public resources should be held accountable by governments and not fall into the wrong hands.
Adesina underlined the importance of transparency in resource acquisition and usage, noting that the AfDB supports good governance through its programs. He acknowledged the issue of illicit capital flows from Africa, primarily driven by multinational corporations, and advocated for increased scrutiny in this area.
Regarding Africa’s position in the global value chain, Adesina lamented the continent’s persistent location at the bottom.
He highlighted the need to add value to Africa’s resources, from oil and gas to minerals, metals, and food, as the path to wealth. He emphasized the importance of proper investment, a conducive governance environment, and appropriate incentives for achieving this transformation.
In support of food security in Africa, Adesina stressed the necessity of self-sufficiency in food production as a foundation for development with pride.
He mentioned the significant capital increase the AfDB received in 2019, enabling the bank to provide emergency support for COVID-19 response and a food production facility to mitigate food crises in Africa.
Adesina addressed the need to restructure the international financial system, particularly focusing on the allocation of Special Drawing Rights (SDRs). He expressed concern that the allocation disproportionately benefited certain countries and called for a more inclusive approach, potentially reallocating unused or surplus SDRs to support development revitalization.
