Zimbabwe looses billions to corruption 

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HARARE – Prosecutor General Justice Loyce Matanda Moyo says Zimbabwe has for the past five years lost about US$9 billion to corruption which is enough to cover the country’s needs for two years.

Speaking at a Financial and Asset Recovery training workshop for law enforcement officers in Harare yesterday, Matanda Moyo said corruption had become endemic in Zimbabwe.

Matanda-Moyo said “It is estimated that Zimbabwe loses about US$1,8 billion annually due to corruption and such illicit financial flows are unacceptable and bleed the economy of revenue meant to promote sustainable socio-economic development and the betterment of the livelihoods of all Zimbabweans.”

Zimbabwe Anti-Corruption Commission (ZACC) chairperson Michael Reza said the country had recovered US$100 million worth of assets bought from illicit proceeds in the past five years, representing a mere 1%.

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