This study assesses the extent to which ten selected factors affect corruption in Least Developed Countries (LDCs). The study uses Eritrea as a case study and delves into the causes and challenges of corruption in LDCs. The findings of the study support several previously conducted studies in that each factor examined had a moderate to high positive correlation with corruption, where r ranged between .47 and .59. In addition, the ten variables together explain about 73 percent change in perceived corruption (R2= .73). The study acknowledges that corruption is multifaceted and complicated, involving economic, political, and social-cultural factors and has no „quick fix‟ and thus needs proper planning, determination, resilience, and above all, political will. Implications of these findings and future research directions are discussed. Key Words: Governance, Accountability, Corruption, LDCs, Eritrea, Entrepreneurs, Business Eethics.