Former President John Dramani Mahama has urged Africans in both the public and private sectors to fight corruption.
Mr. Mahama described corruption as an economic ailment that impedes development.
He expressed alarm about graft, which he claims thrives because of the layered irresponsibility of institutions and state actors tasked with combating it.
The former president made these remarks as the Special Guest at the 53rd Annual Conference of the Nigeria Institution of Surveyors and Valuers (NIESV), which was themed “Asset Valuation as a Global Anti-Corruption Tool: The Nigeria Experience.”
“Because corruption is a global challenge, its scope and seriousness have led to calls for a worldwide response and cooperation in the fight against it. Corruption is an economic malady. Mr Chairman, corruption hinders economic development, diverts investments from infrastructure, institutions, and social services, and undermines efforts to achieve other country-specific development goals and targets. And we all know why. Graft thrives due to the layered irresponsibility of institutions and state actors that must fight it. Whichever way you visualise it, corruption must be fought whether it occurs in the public or private sector”.
He emphasised the need for discretionary power, economic rent, and a robust judicial structure in order to combat corruption.
“There are at least three elements required for corruption to occur. First, someone must have discretionary power, which includes the ability to influence the formulation of regulations and administer them. Second, economic rent must be associated with discretionary power, primarily when higher rents are related to the misuse of discretionary power. Third, when the governance or legal system offers a sufficiently low probability of detection or sanction for wrongdoing,” the flagbearer of NDC posited.
“Corruption also slows growth because bribes paid by investors to secure investment licences, including building permits, raise the cost of doing business and, as a result, reduce the incentive to invest in a country.” Corruption has a negative impact on productivity. “If the permits and licences required by innovators or new producers are obtained by paying bribes, this could impede the entry of new goods or technology into the markets of many economies,” he said.
Mr. Mahama asked the Nigerian Institution of Estate Surveyors and Valuers to lead efforts to improve data availability.
“Finally, the Nigerian Institution of Estate Surveyors and Valuers must champion efforts to improve real-time data availability, improve technology adoption for online land and real estate services, and develop relevant legislation for property management.”
