Generally, corruption is a major negative; it reduces foreign direct investment, promotes negative perceptions and stalls even development across countries. But is there a situation that corruption can become positive? If a country cannot rid herself of public service corruption how can it be spun to aid growth and hasten development?
Asian countries like many African countries are perceived to have high levels of corruption, why then are growth and development so stagnant in Africa? China currently ranks No. 83, same position as Liberia and Benin on Transparency International's Corruption Perception Index (2016). China continues to attract the greatest amount of foreign direct investment (US$ 69billion in the first half of 2016, according to Trading Economics), this has undoubtedly contributed to its stellar growth. In the last 30 years China, Indonesia, Singapore and Thailand have been perceived as corrupt countries; despite this they have all registered strong economic performances.
In contrast, analysts estimate at least $7 billion departs Africa every year; this includes Benin and Liberia who are ranked the same as China when it comes to corruption perception. This form of corruption bleeds the economies of Africa, from; Nigeria to Benin, Congo to Gabon. The political elite who are usually corrupt steal and instead of re-investing the resources launder it and take it to Europé and America where they are held in private accounts to earn interests. Battling corruption in public service has been on in Africa over the last 4 decades with little or no result, should the individuals involved rethink what they use their stolen wealth for?
Instead of waiting for FDI to help develop the various sectors in Africa we can start off by investing stolen public wealth and then eventually as confidence grows FDI will follow. A bit of twisted logic but if public officials will steal regardless why not use it to benefit your own people and remain rich while at it aay?
Have you imagined how all the billions of dollars stolen and laundered out of Nigeria in the last 10-20 years could have been used to further development in Nigeria? Create wealth? Lift people out of poverty?
This is not to encourage corruption but since we elect rogues anyway they can atleast think of re-investing their loot in-country rather than in Europé, Asia, or America.
Read Transparency International's Corruption Perception Index (2015) here:
Read the article 'When corruption is good for the economy' by Chris Matthews: http://fortune.com/2014/08/07/corruption-economic-benefits/
