ICPC Fingers Ranking In World Bank Loans Corruption

The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has raised the alarm over potential corruption within grants received from the World Bank.
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The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has raised the alarm over potential corruption within grants received from the World Bank.

During a recent meeting with a delegation from the Economic and Organised Crime Office of Ghana, ICPC Chairman, Bolaji Owasanoye, said that corruption within the grants often goes unaddressed due to political considerations, making it difficult to hold accountable those responsible.

He emphasized that developing countries face significant challenges within the international ecosystem, as it is not designed to facilitate their progress despite their efforts.

“We have to understand as developing countries that the political economy of the international ecosystem is not designed for us to progress no matter how hard we try.

ICPC Chairman, Bolaji Owasanoye

“It is enlightened self-interest. For example, Nigeria borrowed $1 billion in 1978. As of 2006, when we had the write-off, Nigeria was owing $32 billion and it is designed in that way because of its rules of engagement and dispute resolution. The rule uses the IMF and the World Bank to whip you into line when you want to challenge the debt.

“How many countries have taken the World Bank to court? Does it not have failed loans? Many of the loans the World Bank grants are marred in corruption but nobody has the courage to take them to court because those issues are usually politically determined,” Owasanoye said.

He added that countries’ efforts to challenge their debt loads might be hampered by the norms of engagement and dispute resolution used by the IMF and the World Bank.

The ICPC Chairman advised against relying exclusively on such findings regarding how emerging countries were seen to be regarding corruption in international surveys.

He pointed out that these surveys might not be objective and argued in favor of providing a platform where developing nations could express their viewpoints as opposed to being determined by the findings of outsider reports.

 

He challenged the comparison of experiences using perception surveys, pointing out the difference between countries that lose assets and those who receive stolen property.

 

Owasanoye advocated for a more thorough strategy that incorporates a self-conducted survey to collect and disseminate information from the local context, establishing a foundation for informed debates and refuting assumptions.

 

“The findings and report of international surveys serve as our primary source of motivation in emerging nations. International polls are not innocent, and assuming otherwise is naive.You will keep making excuses if you don’t establish a platform where your opinion is heard and you don’t let the results of those reports dictate how you act.

 

He asked, “Is it not strange that Transparency International will rank countries that are losing assets as being more corrupt than the countries receiving the stolen properties?”

 

In order to combat corruption, the ICPC Chairman emphasized that emerging nations must take a proactive and autonomous approach.

 

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