THERE is nothing more disadvantageous to a nation’s economic development than corruption which is mostly connected to the misuse of public office for private gain. Corruption undercuts the ability of a nation to raise revenues, leads to higher taxes, estranges human relations, discourages investments, promotes conflict, slows economic growth, and destroys confidence in government.
Examples of corruption can be found in both developed and developing countries, but it seems most prevalent in the developing world where it bears down hard on the disadvantaged sectors. Some of the reasons for this is lack of transparency, patronage politics, and poor pay. Corruption can cause up to 50 percent loss in tax revenue, doubles the cost of government services, and restricts the poor’s access to these services.
In recent times, combating corruption has become a priority in the international development community. Corruption was put on the agenda at the World Bank in 1996 when it became a landmark subject on fighting the cancer of corruption. Since then, the World Bank and other international organizations have launched anti-corruption missions worldwide. Now part of the Every Country Assistance Strategy of the bank is plan for how to account for issues of corruption and good governance.
The World Bank together with Transparency International and other similar organizations, is working zealously to make nations and their leaders aware of the importance of governing and creating the infrastructure to look after the well-being of their people. As a forum to remind nations how important this issue is, International Anti-Corruption Day is observed on December 9 each year.
In some countries, it may take decades to eliminate it completely, but it can be done if governments are determined to do so. Success will bring in new investments, badly needed jobs, better pay, and new technologies and industries.
