A newly released survey on prevalence of economic crimes released has ranked Kenya as the third most corrupt country in the world.
The survey done by audit firm PriceWaterhouseCoopers (PwC) found out that only two countries, South Africa and France, rank higher in corruption than Kenya. The new corruption rate seems to have been influenced by the recent scandals which have hit the government in power.
South Africa came at number one with 69% while France which is considered as one of the greatest nations on earth came in second with 68%. Kenya came third with 62% of economic crimes.
According to the report, Kenya ranks top of the world in areas such as bribery, embezzlement and procurement fraud. It especially ranks embezzlement as the most dominant economic crime in Kenya.
The report has also shown that only 1% of Kenya’s national budget for the last financial year had been properly accounted for. The rest has either been stolen or cannot be accounted for.
The country went up to position three in global ranking after rates of economic crimes went up in the country by a 17%. South Africa is just 7% ahead of us.
About four African countries which were surveyed all came in the top 10 category. Among them were Zambia which ties with Kenya and Nigeria which falls in the top 10 category.
Speaking during the announcement, Muniu Thoithi’s PwC’s forensics leader in Eastern Africa said “Investing in systems to combat economic crimes needs to go hand in hand with investing in the people that are entrusted with the assets and systems in these organisations,”
Muniu also mentioned that as a result of increasing level of economic crime, employee morale was the most affected.
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