Former President John Dramani Mahama has called on African leaders and private business owners to help deal with corruption.

According to the NDC flagbearer, the menace if not addressed will derail the continent’s development.

Mr. Mahama, who also described the canker as an “economic malady” said it thrives on deliberate irresponsibility by institutions and state actors.

Speaking as the Special Guest at the 53rd Annual Conference of the Nigeria Institution of Surveyors and Valuers (NIESV) under the theme, “Asset Valuation as a Global Anti-Corruption Tool: The Nigeria Experience,” Mr Mahama urged all stakeholders to help deal with the canker.

“Because corruption is a global challenge, its scope and seriousness have led to calls for a worldwide response and cooperation in the fight against it. Corruption is an economic malady. Mr Chairman, corruption hinders economic development, diverts investments from infrastructure, institutions, and social services, and undermines efforts to achieve other country-specific development goals and targets.”

“And we all know why. Graft thrives due to the layered irresponsibility of institutions and state actors that must fight it. Whichever way you visualise it, corruption must be fought whether it occurs in the public or private sector”.

Mr Mahama named discretionary power and strong legal systems as elements required to help corruption thrive.

“There are at least three elements required for corruption to occur. First, someone must have discretionary power, which includes the ability to influence the formulation of regulations and administer them.”

“Second, economic rent must be associated with discretionary power, primarily when higher rents are related to the misuse of discretionary power. Third, when the governance or legal system offers a sufficiently low probability of detection or sanction for wrongdoing,” he added.

He also said corruption scares investors away from investing in a country.

“Corruption also retards growth because bribes paid by investors to secure investment licenses, including building permits, increase the cost of doing business and, consequently, reduces the incentive to invest in a country. Corruption also has adverse effects on productivity.”

“If the permits and licenses needed by innovators or new producers are obtained by paying bribes, that could impede the entry of new goods or technology onto the markets of many economies,” he asserted.