The upcoming African Union summit could not have come at a better time. Running under the theme: “Winning the Fight against Corruption: A Sustainable Path to Africa’s Transformation”, it is the first time the regional body has faced up to the scourge of corruption. A report by the United Nations Economic Commission for Africa revealed that Africa is losing from $50 billion to $148 billion to corruption each year. From corrupt leaders who loot from their own countries to companies enabled by weak systems, Africa is being raped from all angles but now the AU is finally seeking ways to stem these activities. The cat is to be belled once and for all.
The drive by the AU is led by Nigeria's President Muhammadu Buhari whose domestic reputation is giving the rest of the continent a lot of hope. Last year, the UN Office on Drugs and Crime applauded the man's efforts in his country saying he has shown great commitment to the cause of anti-graft.
According to Charles Abugre Akelyira, a Ghanaian economist, ilicit financial flows we heightened by structural adjustment programs in the 1980s and 1990s which were pushed for by global financial institutions. These adjustments destroyed effective corporate governance in the name of encouraging investment. However, it ends now. The battle lines have been drawn.