Zim losing billions to corruption and illicit financial flows

By Sukuoluhle Ndlovu

Resources and revenue lost through corruption and Illicit Financial Flows (IFFS) in Zimbabwe can be used in the provision of better service delivery in the provinces and support the country’s social services.

Zimbabwe has lost approximately US$ 32.179 billion to IFFs in the last two decades and approximately US$1.5 billion in gold smuggling in 2020 against US$800million official fidelity exports.

Zimbabwe Anti Corruption Commission is yet to adapt the Strategic Plan of 2019 -2024 that was introduced to investigate and recover assets that were lost through IFFs. Zimbabwe’s battle against corruption and IFFs is suffering from a weak policy framework and questionable government commitment to tackling public officials siphoning millions of dollars annually according to political and economic experts.

Interviews carried out in Masvingo province showed that the revenue being lost could be a huge boost to the country’s development and support them in social services issues where there seems to be a gap in almost all provinces in the country.

One resident from ward 7 Ngonidzashe Matenga said the money could be used to rectify water challenges the City is facing

“Money lost could have been used and loaned to the council and carry through with the project. We need more boreholes in different locations so there is need to safeguard our economy for a better future,” he said.

Tafadzwa Wekare said the resources lost could help set up income generating projects.

“Nowadays everyone is now an entrepreneur but to be one, there is need for capital which has become a stumbling block for many in the country. So these resources should be safeguarded and channeled towards better projects. So the government must work hard and fight against corruption and IFFs as this is crippling the economy,” she said.

ZIMCODD in their Weekend Reader noted that, “IFFs in Africa and Zimbabwe continue to erode potential revenue that can lift the continent and the country out of the economic situation that it finds itself in. An adverse irony is that Africa is losing more through IFFs than what it receives annually as Official Development Assistance.”

The Zimbabwe Coalition on Debt and Development (ZIMCODD) says there is need to curb against corruption and Illicit Financial Flows IFF’s in the country as money lost can be used to revive the economy of the country.

The resources being lost can be used to support social services and build a strong Zimbabwe.

Corruption and IFFs are the key factors that are disenabling effective Domestic Resource Mobilisation in the country.