Corrupt practices undermine the future of Africa, including illicit financial outflows in which the region loses 50 billion dollars a year, denounced the official.
'For Africa, we plan a rebound in growth to 3.5 percent in 2018 and 3.7 percent in 2019, supported by stronger external demand and a moderate increase in commodity prices,' he added.
However, Songwe said, the African Union itself estimated that each year more than 148 billion dollars are removed from the continent through corrupt activities and acts, which account for about 25 percent of the growth of Africa's GDP.
'An increase in corruption at about one point in the index is estimated to reduce a country's GDP growth by 0.13 percentage points,' he considered.
The Foreign Affairs Ministers of the AU meet to set the agenda for the next assembly of heads of state and government scheduled for next Sunday.
The summit reintroduces the theme: Winning the fight against corruption: a sustainable path for the transformation of Africa.
Meanwhile, speaking at the opening, the AU Commission President, Moussa Faki Mahamat, stressed that the bloc should have financial independence because without it 'it is nothing'.
Mahamat added that Africa was in shock after recent offensive comments by US President Donald Trump against African nations, on which the AU Commission will issue a specific statement, was leaked here today.
- Countries: Africa