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  • Sun. Nov 27th, 2022

The former President of Gabon’s National Assembly was discovered in possession of public funds totaling 2 billion CFA. How can blockchain help in reducing Africa’s high rate of embezzlement?

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The former President of the National Assembly of Gabon, Mr. Guy Nzouba-Ndama, was seen driving a private Hilux while hauling three bags containing 2 billion CFA.

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The 76-year-old Nzouba-Ndama began his 39 years in government service in March 1983 as a Minister-Delegate under the Minister of State for Trade and Industry. On March 31, 2016, he announced his resignation as head of the national assembly.

According to a source in the Gabonese security forces, CryptoAfricaNow(CAN) learned that his arrest could be a political ploy to get him charged with embezzlement as he, among others, is suspected of stealing billions of Gabonese currency during his tenure in power.

How can blockchain help in reducing Africa’s high rate of embezzlement?

Thus, the rate of embezzlement in African government offices is too high, but if blockchain technology is introduced and deployed, the problem may be controlled.

A major step toward combating embezzlers, whose primary activities include changing or deleting information in accounting systems, changing electronic or paper documents, and creating fraudulent files to support their criminal activities, could be contained if African governments could begin developing blockchain management systems as a way to reduce embezzlement of public funds.

Blockchain increases the visibility and openness of each transaction completed along a supply chain and amongst users of the public network, using a shared digital ledger can aid in reducing fraud.

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Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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