West 'facilitates corruption in Africa' says top economist

Industrialized countries have been enabling corruption in Africa by providing crooked officials with a haven for their money, according to Nobel economics laureate Joseph Stiglitz.

The former World Bank chief economist, one of the few economists to foresee the global financial crisis, was among the speakers at this year's Global Poverty Summit, held in Johannesburg.

Speaking to CNN's Robyn Curnow, Stiglitz expressed optimism about Africa's economic prospects, but he said there should be more discussion about undisclosed bank accounts in the West that are used to facilitate high-level fraud in Africa.

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