EAC leaders to sign business code of conduct for bloc

By Edward Qorro

EAST African Community (EAC) Heads of State are expected to endorse the code of conduct and ethics for business in the region during a summit due in two days in Arusha.

The code, which seeks to address corruption among private sectors in the region, has been rolled out by the East African Business Council (EABC).

It also aims at augmenting ethical business practices in the areas of Human rights, labour standards, and environment and anti-corruption within the EAC partner states.

In an interview with The Guardian at the weekend, EABC's Acting Executive Director Lilian Awinja said the five presidents from the partner states will sign the code, a symbol of assenting to its implementation in the region.

"The code will be endorsed by the heads of state during their summit on Wednesday and from there on, it will be used by the private sector in East Africa," she revealed.

According to Awinja, the codes are a set of values the private sector will be best defined with.

She said the code of conduct for business in the region will guide the private sector in abstaining and refraining from doing what was not right.

"As you all know that corruption makes us lose a lot of business and therefore we hope the set of values will keep us on the right track," said the EABC boss.

The code was voluntary, according to Awinja, however, she observed that it was important for companies in the region to sign them so that they set good precedents in their respective countries. "We are making a statement that we intend to do business in a proper manner while upholding utmost integrity and professionalism," she added.

EAC member states cite corruption and unethical business practices as a major hindrance to economic growth within the bloc. According to the African Union, the continent loses $150billion due to corruption every year.

SOURCE: THE GUARDIAN