Corruption is one of Africa’s problems affecting regional growth and development.
Victor Murinde, director of the African Development Institute told CNBC Africa that the continent needed to tackle this epidemic seriously.
“Corruption is a very devastating evil in the African continent and it requires to be given attention,” he said. “To eradicate corruption, it requires determination and courage but even more institutions should be built to address this issue.”
Africa’s trade is also affected by corruption where it distorts markets and, like other forms of anti-competitive behaviour, damages all involved in the supply of goods and services – and ultimately national economies.
Speaking on trade, Murinde urged Africa to work on developing infrastructure so as to ensure acceleration of intra-African trade.
The African Union leaders resolved in 2012 to fast-track the establishment of a Continental Free Trade Area (CFTA).
This initiative is meant to help facilitate regional trade expected to boost economic growth and infrastructure development in the continent.
Between 2007 and 2011, a United Nations agency on trade report noted that, the average share of intra-African exports in total was 11 per cent.
Compared to other regions, this was a lesser figure as intra-Asia trade accounted for 50 per cent, 21 per cent in Latin America and 70 per cent in Europe.
“Intra-African trade has to expand and this involves two stages which is the process of dialogue from individual level to national level and also putting in place the necessary infrastructure.”
Murinde noted that good infrastructure among trading countries was useful in the acceleration of trade in the region.
He said that in order to achieve her dreams, Africa needed to ensure that it had capable and good leaders in places of authority.
“There are growth prospects for Africa but we must work to get those prospects right in the next 50 years,” he posited.