The Anti-Corruption Bureau (ACB) says it will require efforts from all stakeholders if Malawi is to win the battle against the illicit movement of money across its borders.
A study by the Global Financial Integrity (GFI) estimates that close to 16.9 percent of Malawi’s Gross Domestic Product (GDP) meant for development projects leaves the country annually through illicit capital flight.
The study found that out of 82 lowest-income countries, 20 see funds equivalent to more than 10 percent of their annual economic production leave the country illicitly.
The GFI attributes the problem to actions of corrupt officials and lax customs practices which have enabled people to easily launder money in the international financial system.
ACB spokesperson, Egrita Ndala said Malawi would be able to finance all its development needs if stakeholders joined hands with the bureau to stop corruption and fraud.
“The fight against corruption is progressing but not at a pace that is desirable,” Ndala said.
She said it should be cause for concern to all Malawians that 16 percent of the national income is lost through fraud and corruption every year.
“To have even one percent being lost would still be an unfortunate situation. In a situation where we have such losses, it is the common people who are affected,” said Ndala.
Social commentator, Levi Mihowa, said if addressed, the lost resources could reduce Malawi’s dependency on donor aid.
“It is unfortunate that those figures are coming out and to the extent that those figures are correct, it is very bad. We need to join hands in fighting corruption in the country,” said Mihowa.
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