adminTHE Government is greatly concerned with the level of corruption in both the private and public sectors as it is hampering recovery of the economy, Finance and Economic Development Deputy Minister Dr Samuel Undenge has said. Speaking at a Confederation of Zimbabwe Industries (CZI) symposium on ethics, he said the detrimental effects of corruption in the country remained a cause for concern for the government.
“Corruption has a negative impact on the level of GDP, investment activity, international trade and price stability. Corruption has contributed to low investment levels as it has increased the cost of doing business in the country.”
Dr Undenge said corruption had also led to distortion in the allocation of resources, in turn lowering growth across all sectors of the economy.
He said a multi-dimensional approach was needed to deal with corruption.
CZI chief executive officer Mr Clifford Sileya said urgent action was needed to rid the country of corruption.
“Corruption is also in the private sector. It is not a government monopoly thus we should join hands to fight the scourge,” he said.
According to the African Development Bank and a United States-based think tank Global Financial Integrity, Zimbabwe has lost a cumulative $12 billion between 1980 and 2010 through illegal financial outflows ranging from secret deals and illegal commercial activities. Globally the cost of corruption amounts to more than five percent of global GDP, approximately $2,6 trillion, with more than $1 trillion paid in bribes each year. — New Ziana.
Online Reporter
derick.khumalo