Accra Daily Mail
October 19, 2006

Corruption also scares away investors, affects development, entrepreneurship and impedes growth.

Sir Quett Ketumile Masire, former president of Botswana has said Africa loses more than $148 billion annually due to corruption.

He said, in addition, corruption was negatively affecting the poor by inflating the cost of goods by about 20 per cent.

Sir Quett, on a five-day visit to Ghana was delivering a lecture on the
topic “Challenges of Leadership in 21st Century ‚Äì Africa” at the
University of Ghana, Legon.

He noted that corruption scared away investors, affected development,
entrepreneurship and impeded growth by reducing domestic investments
and tax inflows.

The former Botswana president said about 40 per cent of Africa’s wealth
was held outside the continent by Africans and this wealth could be of
enormous value to Africa when kept at home.

Sir Quett said the continent was also being affected by political
challenges such as accountability and transparency, improving public
sector management, delivery of public services, removing bottlenecks to
private enterprise and building a credible and responsible media.

He said poor governance had affected Africa and plunged [its] economies
downwards while civil wars had disintegrated [its] societies.

In reference to a study by the Economic Commission for Africa
on “Progress towards Governance in Africa,” Sir Quett said Africa had
made positive moves towards democratic transitions, political
inclusiveness, transparency, accountability and prudent economic
management within the past few years.