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66% of Africa SMEs and their advisers believe that standing up to Corruption will result in lost business opportunities

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GUEST – Portia Mkhabela -Market Head For Association Of Chartered Certified Accountants Southern Africa
New research from ACCA (the Association of Chartered Accountants) reveals extent of concern over impact of bribery and corruption on SMEs A new ACCA report, Bribery and corruption: The hidden social evil on your doorstep, delves into the true extent of how bribery and corruption impacts SMEs across the world, highlighting the pressing need for enhanced transparency and robust regulatory frameworks.
The research shows a high prevalence and deep concerns about the damaging impact of bribery and corruption on SMEs, with 66% of SMEs in Africa and their advisers believing that standing up to bribery and corruption will cost them business trade or opportunities. This is higher than the global figure of 59%.
But the survey also reveals a strong understanding of the benefits of standing up to bribery and corruption. 64% agree that having a strong anti-bribery policy boosts customer confidence in their business – versus 77% globally - and 85% say it increases their chances of getting lucrative contracts with big businesses and public sector bodies, compared with 68% globally.
28 May 2024 2PM English South Africa Business News · Investing

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