Zimbabwe loses billions annually to corruption

October 14, 2021
| Report Focus News

Zimbabwe is losing an estimated 1.5 billion Zimbabwe dollars to corruption every year in both the public and private sectors.

The dishonest behavior by those in positions of power, in Zimbabwe is bleeding the country and ravaging the economy.
The revelations came out at the Zimbabwe National Chamber of Commerce (ZNCC) Annual General Congress which is underway in Victoria Falls.
Nonetheless, they are not a surprise, the rampant corruption in Zimbabwe has now become an open secret.

This year’s Zimbabwe National Chamber of Commerce (ZNCC) Annual General Congress comes after two years, with the organisation resorting to virtual meetings due to Covid-19.

Running under the theme: “Managing Disruptive Change,” business is being called upon to re-strategise and rediscover itself while revealing challenges that impede growth.

“The ICT sector has managed to rise above, adjust and provide a conducive environment to even work from home.”

The biggest challenge though is the issue of corruption.

“We are losing 1.5 billion dollars yearly to corruption. This is an issue we must address.”

On its part, the legislature wants businesses to proffer solutions rather than merely pointing out challenges.

“Go beyond recognising a problem. Propose solutions. Engage with the legislature.”

The return of the conference after a two-year break due to Covid-19 is the testimony of the resilience of the local industry.

“It is no longer business as usual. We need to re-organise and manage this disruptive change brought by COVID.”

As business introspects, there is consensus that the new normal demands a paradigm shift to e-commerce and e-administration in both private and public sectors.