Tanzania Private Sector Foundation (TPSF) Chairman warns of injury to economic development, emphasises importance of single standard

Dr Reginald Mengi, Tanzania Private Sector Foundation (TPSF) Chairman (source: IPP Media)

In a report by Charles Ngereza, the head of the 231-member strong TPSF was quoted as highlighting the importance of ensuring that a single standard must govern corrupt conduct by both domestic and foreign entities and individuals.  Speaking on the occasion of “European Union Week” at the East African Community Headquarters, he said:

“We hear Africans are corrupt but the question remains, what about international companies which give bribes so as to be favoured in investment projects on the continent? They too should be punished.  Double standards mustn’t be allowed to dominate this matter.”

The Chairman of the 190-member strong East African Business Council (EABC), Felix Mosha, was quoted as optimistically highlighting the EAC’s overall growth-rate increase from 14% to 23% year-over-year, thanks in part to easier border crossings and business infrastructure improvements.

Along the lines of our sister site, AfricanAntitrust.com‘s post from today (“Investment in Africa: Changing landscape, new hurdles”), the article emphasises the potential long-term detrimental effect on economic growth of allowing corrupt business practices to continue.  Anti-corruption measures must be instituted and implemented at an international level “through imposition of sanctions on all international companies found guilty of the practice and manipulation of African leaders in their companies’ interests.”

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