Bribery remains a significant issue impacting business operations and economic development globally, with several African nations facing heightened risks.
According to Transparency International, bribery is a widespread form of corruption that undermines business environments, particularly in regions with weak institutional oversight.
The TRACE Bribery Risk Matrix, which evaluates business bribery risks across 194 jurisdictions, highlighted countries in Africa where the challenges are most severe.
The index considers factors such as interactions with government, enforcement of anti-bribery laws, transparency in governance, and civil society oversight, including the role of the media.
The 2024 report shows that Equatorial Guinea, South Sudan, and the Republic of Congo rank among the top African nations where businesses face the highest bribery risks, driven by opaque government operations and corruption, particularly in sectors like oil and mining. These risks discourage investment and complicate business operations.
Globally, the highest bribery risks were recorded in North Korea, Turkmenistan, and Syria, while Norway, New Zealand, and Switzerland were deemed the least risky.
Africa’s Top 10 Countries with Highest Bribery Risks:
Equatorial Guinea – Bribery risk score: 87
Ranked 191st globally, Equatorial Guinea tops the list in Africa, with businesses grappling with extensive bribery risks, particularly in the oil sector, exacerbated by limited government transparency.
South Sudan – Bribery risk score: 81
Ranking 189th globally, South Sudan struggles with corruption fueled by political instability, complicating business operations and deterring foreign investment.
Republic of Congo – Bribery risk score: 79
Placed 187th worldwide, the Republic of Congo’s economy, heavily dependent on oil and mining, faces substantial bribery challenges, further burdened by an unpredictable regulatory environment.
Chad – Bribery risk score: 78
With a global ranking of 186th, Chad’s oil-reliant economy faces pervasive bribery demands, with businesses navigating regulatory hurdles and security challenges.
Democratic Republic of Congo – Bribery risk score: 77
The DRC, ranked 185th globally, is rich in resources but plagued by corruption, particularly in the mining sector, where weak legal enforcement allows bribery to thrive.
Somalia – Bribery risk score: 75
Ranked 182nd globally, Somalia’s prolonged conflict and absence of central governance create a high-risk environment for businesses, with bribery deeply embedded in its informal economy.
Central African Republic – Bribery risk score: 75
At 180th globally, the CAR faces severe bribery risks, with businesses struggling to operate in a politically unstable and legally weak environment.
Libya – Bribery risk score: 74
Libya, ranked 179th, remains deeply fragmented, with businesses facing bribery demands amidst competing authorities and a lack of centralized governance.
Also Read:Nigeria ranks 14 in list of fragile states – US FFP
Tinubu to Nigerians-We need to take bold decisions and be disciplined to achieve greatness
NCC seeks identification, elimination of risks in telecom sector
Ngelale,Tinubu’s spokesman goes on indefinite leave of absence
Eritrea – Bribery risk score: 74
Eritrea, ranked 178th, presents significant risks as businesses contend with a tightly controlled economy and high expectations for bribes in exchange for approvals.
Mauritania – Bribery risk score: 73
Ranked 177th globally, Mauritania’s business environment is hindered by bureaucratic inefficiencies, creating fertile ground for bribery, especially in the mining and fishing industries.
The report underscores the challenges businesses face in navigating bribery risks in Africa, with the need for stronger enforcement of anti-corruption laws and increased transparency in government operations.
Source:Global Financials Digest
