The African Development Bank (AfDB), says an estimated 2.6 trillion dollars is stolen annually through high level corrupt practises in Africa.
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This is contained in a statement released by the AfDB's President, Dr Donald Kaberuka on Monday as part of activities to mark the International Anti- Corruption Day.
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He said that the figure amounted to more than five per cent equivalence of the global GDP, The statement, made available to the News Agency of Nigeria (NAN) in Addis Ababa, added that another one trillion dollars were being paid in bribes across the world every year.
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Kaberuka said that corruption had become a global threat, causing a serious roadblock to economic development and prosperity.
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"In our globalised and highly interconnected world, corruption represents one of our greatest challenges; every year $1 trillion are paid in bribes in the world, while an estimated 2.6 trillion dollars are stolen annually through corruption, a sum equivalent to more than 5 per cent of the global GDP.
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" Corruption erodes democratic institutions and undermines the rule of law and there is no country or territory untouched by this threat."
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According to him, the pervasive corruption is leading to weak governance, which in turn fuels organised criminal networks.
That is how bad it is now? God help us
This is always the case in a place like Africa. All the halaj
These are the things that has to just stop cos it wont work with development in any way.
These are the things that has to just stop cos it wont work with development in any way.