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Corruption costs Zimbabwe US$7 billion: Mudenda

Zimbabwe could have lost up to US$7 billion to corruption and other illicit activities between 2009 and 2017, Speaker of the National Assembly Advocate Jacob Mudenda said yesterday.

Speaking at the signing ceremony of a memorandum of understanding between the African Parliamentary Network Against Corruption (Zimbabwe Chapter), the Zimbabwe Anti-Corruption Commission (Zacc) and Transparency International Zimbabwe, Adv Mudenda said Parliament had a constitutional mandate to ensure there was accountability and transparency in the management of public resources.

“The RBZ estimated a loss of US$3 billion between 2015 and 2017, while research by Afrodad (African Forum and Network on Debt and Development) estimates that US$2,7 billion was lost from the mining sector between 2009 and 2013,” he said. “The RBZ further posited that an estimated US$684 million was remitted outside or externalised under dubious and unwarranted circumstances in 2015. Financial Integrity Data shows that Zimbabwe lost an estimated US$670 million through trade mis-invoicing in 2015.”

Adv Mudenda said transparency and accountability were the building blocks of the country’s development and urged the three parties to the agreement to explore new ways of fighting corruption.

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