Bribery: cost of doing business in Africa

Adefolake Adeyeye

Journal of Financial Crime, 2017, vol. 24, issue 1, 56-64

Abstract: Purpose - The purpose of this paper is to examine the implications of foreign bribery and perceptions that bribery is just a cost of doing business in Africa in light of recent reports and developments in the global attempt to curb bribery and corruption. Design/methodology/approach - The research relied on primary data from anti-corruption legislation, surveys and monitoring reports and secondary data from publicly available information, journal articles and media reports to analyse recent developments in the fight against corruption with a special focus on Africa. Findings - The research findings and analysis suggest that foreign bribery, which is illegal but largely carried out with impunity and perceived as a just a cost of doing business in Africa, has heavy costs on developing nations and on corporations and individuals that are prosecuted. Although much has been done to curb corruption, it seems active enforcement takes place in only a limited number of countries. There is still the need for enhanced enforcement by nations, increased societal awareness of effective measures against corruption and improved corporate compliance and responsibility. Originality/value - The paper contributes practical insights into improvements and lapses in the fight against foreign bribery and corruption. Using recent and relevant analysis, the paper revisits the resilience of bribery and corruption in spite of increased anti-corruption actions and the need for multiple and varied measures. The information provided will be useful for governments, corporations and civil society in the fight against corruption, which requires constant multilateral action and examination.

Keywords: Enforcement; Corruption; Anti-Corruption laws; Business risks in Africa; Cost of corruption; Foreign bribery (search for similar items in EconPapers)
Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:eme:jfcpps:jfc-01-2016-0003

DOI: 10.1108/JFC-01-2016-0003

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