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Date of publication
27 October 2016

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News release: OECD and AfDB launch powerful tool to help African companies prevent bribery

Launch event: Workshop on Fighting Corruption and Tackling Illicit Financial Flows from Africa

Corruption is detrimental to economic, political and social development. It distorts market competition, undermines productivity and ultimately impedes sustainable economic growth. This can be measured in Africa. Indeed, while sub-Saharan Africa has become a commercially significant market, bribery and corruption risks are deterring higher rates of investment and the ability of companies to conduct business fairly on a level playing field. The African Development Bank estimates that USD 148 billion is lost to corruption in Africa every year. The bribery risks confronting both African and foreign companies in Africa, including small and medium-sized enterprises, can be attributed to multiple factors.

The Anti-Bribery Policy and Compliance Guidance for African Companies is a practical, concise guide to help African companies set up measures to stop the supply side of bribes to public officials in business transactions and support both the public and private sectors in their efforts to prevent bribery and improve the quality of corporate compliance and bribery prevention measures.

The Guidance has been developed by the OECD/AfDB Joint Initiative to Support Business Integrity and Anti-Bribery Efforts in Africa. It draws on best practices from the OECD, the AfDB, the African Union, the UN, Joint Initiative member countries, international business associations and civil society. It also complements broader and more comprehensive anti-corruption compliance tools developed by the OECD, UNODC and the World Bank.