A former Nigerian Minister of Finance has diagnosed Africa’s problems putting it down to two major factors – bad governance and corruption.
Ngozi Okonjo-Iweala was contributing to discussions at the ongoing Africa Development Bank (AfDB’s) Korea-Africa Economic Cooperation forum in Busan, South Korea.
Ngozi said: “Africa is being held back by bad governance. Billions are disappearing. Africa loses more than $50 billion per annum due to illegal and illicit financial flows.”
Governments around the continent continue to devise policies and laws and to sign international treaties aimed at curbing illicit financial inflows, yet many governments have been accused of protecting officials found to be corrupt.
Decades after most countries gained independence, a quiet reversal of democratic gains with respect to presidential term limits has gained currency in the last few years.
Before Burundi defied international pressure to amend its laws to allow president Nkurunziza to run for another term in office come 2020, Uganda, Niger and Rwanda had all gone down that path.