Africa must eradicate "silent corruption" - Mahama

President John Mahama has said African leaders should help deal with the menace of “silent corruption” in the public sector.

He said this type of corruption is not the in form of direct bribes but can be seen in the poor execution of public-sector projects with inadequate inputs, and the supply of substandard goods - especially drugs and equipment - to public-sector organisations.

He called for strict adherence to law and democracy as Africa seeks to check public-sector corruption.

Mr. Mahama was addressing the opening of the 2nd Africa Congress of Accountants (ACOA) under the theme “Africa’s Economic Growth, Accountability and Democracy”, in Accra.

Corruption is reckoned to be the major cause of Africa’s under-development, depriving the continent’s people of adequate public services even as the wealthy few live in comfort.

President Mahama said African Governments should hinge their economic growth on the pursuit of democracy and accountability.

“While economic growth is a desirable goal of every Government, it is economic growth with equitable distribution of income - achieved under the conditions of democracy and accountability, that is more desirable to the people,” he said.

Major General Sebastian Owuama (rtd), President of the Pan-African Federation of Accountants (PAFA), called on accountants to play a critical role in the continent’s development by helping reduce poverty and creating wealth.

He said it is an open secret that matters of accountability and democracy are responsible for the main challenges the continent is facing today.

He said the conference will inspire accountants to make a difference not only in their countries but also on the continent.

Topics discussed at the congress included The Tax Implications of Implementing International Financial Reporting Standards;Strengthening Financial Markets and Institutions in Africa; Emerging Economies and Stability in Africa: Challenges and Opportunities; and Managing Local Content Policies in the Extractive Industries.

Among the discussants were Prof. Ernest Aryeetey, Vice Chancellor, University of Ghana, Legon; Dr. Musa Assad, Vice President, PAFA; Dr. Ed Olowo-Okere, Director, Core Operations Services, Africa Region, World Bank; Dr. Vladimir Antwi-Danso, Legon Centre for International Affairs (LECIA); and Mr. Warren Allen, President, International Federation of Accountants.