TENDAI BHEBE IN BULAWAYO
Vice President Constantino Chiwenga has warned captains of industry and commerce not to be caught on the wrong side of the law as the government takes a tough stance against corruption.
The stern warning was issued during a speech to business leaders and investors attending the International Business Conference at the Zimbabwe International Trade Fair in Bulawayo yesterday.
“I urge you to embrace the tenets of good corporate governance. The President Emmerson Dambudzo Mnangagwa has declared zero tolerance to corruption. Therefore, do not be found on the wrong side of the law,” Chiwenga told business leaders.
It comes at a time when the Transparency International’s latest corruption perception index ranks Zimbabwe among the most corrupt countries in the world.
Rampant corruption in Zimbabwe has tarnished Zimbabwe’s image and cost its economic growth prospects.
Most offshore investors are shunning Zimbabwe partly due to rampant corruption.
Chiwenga said there were people who claimed to be untouchable as they brag about their connections to powerful figures while engaging in corruption.
Chiwenga also said local businesses should invest in innovation that is significant to the development of the country. He said it was critical for companies to enhance competitiveness.
“It’s time to audit our competitiveness in the context of global competitiveness. The world is changing at an unprecedented pace. With globalisation and the emergence of rival economic blocs, partnership and competition have become more intense. Investment in innovation is therefore paramount, as businesses and countries continue to seek ways to competitively stand out in the international markets,” he said.
Government, apart from fighting corruption, has also promulgated a number of pieces of legislation meant to stabilise the economy.
Chiwenga said the country should focus on leveraging technologies.
One of the legal instruments is Statutory Instrument 185 of 2020, which allowed businesses to trade using foreign currency with the Government abolishing mobile money wallet agents, as they are no longer serving any legitimate purpose.
Government has said it is not impressed with how corruption cases are being handled by courts.
While several high-profile individuals have been arrested on alleged corruption, there have not been many convictions.
Meanwhile, Chiwenga is today expected to headline the second edition of the Business Connect Symposium scheduled to run concurrently with the annual Zimbabwe International Trade Fair.
The annual trade showcase, which kicked off on April 25, will run until April 29 under the theme Transformative Innovation, Global Competitiveness.
