Worrying trend Africa loses $148bn to corruption every year

According to him, that amount of money could have been used to develop the continent, given the continent’s $82 trillion in undiscovered resources.

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President of the African Development Bank, Akinwumi Adesina play

President of the African Development Bank, Akinwumi Adesina

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President of the African Development Bank, Akinwumi Adesina has said that African countries lose $148 billion to corruption every year.

According to him, that amount of money could have been used to develop the continent, given the continent’s $82 trillion in undiscovered resources.

Speaking at the Bank’s headquarters in Abidjan, Côte d’Ivoire on December 9, 2015 in commemoration of International Anti-Corruption Day, Adesina said darkness has festered on the continent due to corruption.

RELATED: Ghana hasn't broken the corruption chain - OccupyGhana

"The cost of corruption is massive; it turns the whole continent into darkness. Because of corruption, Africa is known more for its darkness than light. It is important to understand the negative impact of corruption on the continent," Adesina said.

RELATED: Stop complaining and solve corruption canker - Philip Langdon to Mahama
Adesina said tens of millions of Africans still study without proper light, 700 million Africans are without access to clean cooking energy, and 600,000 people – 50 percent of them women – die every year due to a lack of access to clean cooking energy. “That is an indication of government failure,” he stated.

He, however, believed that the continent should strengthen its institutions to address the menace.

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