Graft fast becoming Zim’s chief enemy

HARARE – Zimbabwe’s central bank chief said on Tuesday endemic corruption was overtaking inflation as the country’s number one enemy, which could further dampen prospects of economic recovery.

Gideon Gono, Reserve Bank of Zimbabwe governor, who has previously labelled rampant inflation as the country’s chief foe, said graft was spreading in all economic sectors. Zimbabwe is battling a six-year economic recession marked by the highest inflation rate in the world, at 613,2 per cent in January and shortages of foreign exchange, fuel and food while unemployment has climbed to over 70 per cent.”I must hasten to say that now corruption is fast overtaking inflation as our enemy number one,” Gono said in remarks broadcast on state radio.”Corruption is now the HIV-AIDS of our economic turnaround programme that needs to be tackled with such resolute determination that says no to any such vices,” said Gono, who was addressing officers at the Military Staff College in Harare.Gono, who was tasked by President Robert Mugabe to turn around the country’s battered economy, last month launched a bold attack on graft saying that corruption, especially among influential officials, threatened to derail economic recovery efforts.Mugabe launched an anti-graft campaign in 2004 which critics said was an attempt to divert attention from the country’s deepening economic crisis as it left out officials from his ruling Zanu-PF party.The graft-busting drive led to the arrest of mostly senior bank executives and the subsequent closure of some financial institutions which the central bank said were not in a sound financial position.Most executives involved have since fled the country.Mugabe last year appointed an anti-graft commission, which the government expects to tack corruption cases.- Nampa-ReutersZimbabwe is battling a six-year economic recession marked by the highest inflation rate in the world, at 613,2 per cent in January and shortages of foreign exchange, fuel and food while unemployment has climbed to over 70 per cent.”I must hasten to say that now corruption is fast overtaking inflation as our enemy number one,” Gono said in remarks broadcast on state radio.”Corruption is now the HIV-AIDS of our economic turnaround programme that needs to be tackled with such resolute determination that says no to any such vices,” said Gono, who was addressing officers at the Military Staff College in Harare.Gono, who was tasked by President Robert Mugabe to turn around the country’s battered economy, last month launched a bold attack on graft saying that corruption, especially among influential officials, threatened to derail economic recovery efforts.Mugabe launched an anti-graft campaign in 2004 which critics said was an attempt to divert attention from the country’s deepening economic crisis as it left out officials from his ruling Zanu-PF party.The graft-busting drive led to the arrest of mostly senior bank executives and the subsequent closure of some financial institutions which the central bank said were not in a sound financial position.Most executives involved have since fled the country.Mugabe last year appointed an anti-graft commission, which the government expects to tack corruption cases.- Nampa-Reuters