Corruption hampering Zim economic growth

The Government is concerned with the level of corruption in both the private and public sectors as it is hampering recovery of the economy.

Speaking at the Confederation of Zimbabwe symposium on ethics, Finance Deputy Minister Samuel Undenge 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."

Minister 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.

"Transparency will be critical in dealing with corruption both in private and public sectors. This will require accountability, robust legal framework and a strong Anti-Corruption Commission which should deal with all cases without fear or favor," he said.

CZI chief executive 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 Statesbased think tank Global Financial Integrity, Zimbabwe has lost a cumulative US$12 billion between 1980 and 2010 through illegal financial outflows ranging from secret deals and illegal commercial activities.