The Role of the Private
Sector While the international business community has in the past been engaged very deeply in corruption, globalization is starting to introduce principles of good corporate governance and social responsibility, perhaps the most important tools to limit the ability of business to engage in corruption. This process must include interested stakeholders to ensure that rules are not only applied to major international companies, but also to the small companies who are more prevalent and have in the past not been subject to these principles. Today, smaller businesses dominate, thus demanding the question: what incentives can be made for smaller companies and worldwide businesses not to be facilitators of corruption? If businesses follow all procedures legally, businesses tend to remain small. private sector organisations like the Chamber of Commerce must make sure to place corruption high on its list of concerns to address among its members, for there is not much the private sector can do to curb corruption if it is hamstrung on its own side. The Chairman then introduced the forum’s keynote speaker, Ambassador Mwakawago. Mr. Collier remarked that the distinguished Ambassador lives in reality, bringing sanity to the confusing mixture found in Sierra Leone. In his life, the Ambassador has served well in the academics world, in the muddy world of politics, and in the world of diplomacy. He explained that the Ambassador had excelled in all three areas remarkably well and Sierra Leoneans have been extremely lucky to have him as head of the UN Mission in Sierra Leone at a very crucial of their lives. He stated that is it an honour and a privilege to invite him to the floor.
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Mr. Carrol began by asking rhetorically what the private sector
was doing to promote anti-corruption. He answered that the private
sector is doing very little, admittedly, and offered to give some
background so as to appreciate the situation of the private sector.
He described corruption as being within the framework of supply
and demand. The supply side consisted of the private sector, which
provides bribes, gifts, and kickbacks to officials. In the past,
the private sector has taken the position that corruption exists
because officials are corrupt, thus denying any blame or responsibility.
But the truth be known, there is equal participation and responsibility
on both sides, for the private sector is willing to engage in
it. He then noted that corruption prospers in any country with
weak legal system and poor enforcement mechanisms, laws, regulation,
and too much discretionary power. In most government Acts, the
power given to government ministers is excessive. In combating
corruption, then, efforts targeted at the demand side should aim
at limiting bribes and the use of office for personal gain. On
the other hand, aiming at the supply side must address the willingness
of private sector to engage in corruption. Reform efforts must
take out both the incentives and opportunities for corruption.
Although corruption is bad for business, its prevalence cannot
be denied as actors consistently opt for short-term benefits.