Ethiopia lost nearly 3.3 billion dollars to corruption
May 4, 2012 (Durame) — Ethiopia lost nearly 3.3 billion to corruption, bribery and kickbacks in 2009, according to the latest Global Financial Integrity study.
In its report titled, Illicit Financial Flows from Developing Countries over the Decade Ending 2009, over 11.7 billion dollars were lost through illicit practices between the years of 2000-2009.
The Washington-based research and advocacy organization revealed Ethiopia had more money siphoned away to illicit flow than it had earned through exports.
More troubling for western donors is the study finds the illicit flow out of Ethiopia has increased over the previous years. Due to the secretive nature of the regime's financial activities, the full scope of devastation may be underestimated, observers noted.
Compounding the situation for the average citizen is mismanagement and overspending on construction and military hardware by an increasingly belligerent despot has created a situation where inflation levels have stayed in the 25-40% range for two consecutive years.
Moreover, the latest Transparency International’s Corruption Perceptions Index published in 2010 ranks Ethiopia among the most corrupt governments, giving the Horn of African state a dismal score of 2.7 out 10.
It is to be recalled, in 2008, the central bank of Ethiopia exposed its incompetence after it purchased 10.6 million dollars worth of gold bars that turned out to be steel and stone painted to look like gold.
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