Tanzania, June 5 -- Arusha. African countries are set to establish centres of excellence dedicated to combating corruption under a new continental initiative aimed at strengthening transparency, accountability and institutional capacity.

The initiative was unveiled following the signing of a Memorandum of Understanding (MoU) between the African Union Advisory Board Against Corruption (AUABC) and Global Financial Integrity (GFI) in Arusha on Thursday.

The partnership seeks to deepen cooperation in addressing corruption, illicit financial flows and governance challenges that continue to undermine Africa's development.

Speaking during the signing ceremony, AUABC chairperson Kwami Edem Senanu said Africa loses nearly $125 billion every yea...