A Global Corruption Report released by Transparency International (TI) recently has placed Zimbabwe at position 166 out of the 180 countries surveyed.
Private sector graft, the report stated was “exarcebated” by the decade long economic recession.
“The attitude towards corruption has become a major challenge to the economic recovery of Zimbabwe, as small-scale risks in the form of bribery, fraud and extortion interfere in the private sector’s ability to access foreign direct investment,” reads the report.
Zimbabwe, the report further read, has “serious deficiencies in relation to holding its private sector accountable” leading to an increase in corruption.
TI blamed past government policies such as the 2007 price blitz for fueling “survival corruption” when companies were faced the unprecedented meltdown.
“Survival corruption is a consequence of the Zimbabwean government’s introduction of draconian laws and the enforcement of controls on products such as basic products”, the report stated.
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According to report, companies in developing countries colluding with corrupt politicians and government officials, have supplied bribes to the tune of US$40 billion annually.
“Fostering a culture of corporate integrity is essential to protect investment, increase commercial success and ensure the stability sought by poor and rich countries alike, particularly as we climb out of a historical crisis,” read the statement.
Bernard Mpofu in Berlin, Germany
