Harare – Shocking revelations have emerged indicating that Zimbabwe has incurred staggering losses of approximately US$9 billion to corruption over the past five years, with only a paltry US$100 million in assets recovered from the looted funds.
Prosecutor-General Justice Loyce-Matanda Moyo disclosed these alarming figures at a Financial and Asset Recovery training workshop for law enforcement officers held in Harare. The workshop brought together participants from key agencies including the National Prosecution Authority, Financial Intelligence Unit, Zimbabwe Revenue Authority, and Zimbabwe Republic Police.
“It (corruption) is endemic and systemic and has permeated all known boundaries,” asserted Matanda Moyo. “Corruption knows no boundaries.”
She highlighted that Zimbabwe is hemorrhaging an estimated US$1.8 billion annually due to corruption, emphasizing the devastating impact on the economy and the livelihoods of ordinary citizens.
“What hurts the most is the fact that the ordinary citizenry is the most affected as a result of corruption. As Pope Francis rightfully said, ‘Corruption is paid by the poor’. It is, therefore, imperative that we shun all forms of corruption for the betterment of livelihoods for all,” she emphasized.
Zimbabwe Anti-Corruption Commission (Zacc) chairman Michael Reza echoed these concerns, revealing that only a fraction of the looted assets, representing a mere 1%, has been recovered in the past five years.
“Since 2019, we have adopted a robust strategy to recover assets purchased through corruption proceeds and we have recovered more than US$100 million and the recovery is still ongoing,” stated Reza.
He underscored the urgent need for a new approach to bolster the capacity of individuals and institutions mandated to combat corruption in Zimbabwe.
“Corruption is a global phenomenon that requires global solutions due to the globalized nature of its activities and the networks of the criminals involved,” Reza remarked. “It takes joint efforts at local, regional, and international levels to win the fight against this menace and successfully recover the proceeds of crime.”
Zimbabwe’s dismal performance in combating corruption is reflected in Transparency International’s latest survey, which ranks the country 152 out of 180 countries with a score of 23 out of a possible 100.
This places Zimbabwe well below the regional average of 32 for sub-Saharan countries, signaling significant challenges in tackling corruption at both the national and international levels.
