One of South Africa’s biggest and most complex challenges is corruption. The real cost of corruption is not just financial loss and reputational damage, but also includes the loss of jobs that would have otherwise been created, the loss of tax income due to illegal cash outflows, the negative impact on socio-economic growth, the loss to citizens that are forced to pay more for goods and services; and corruption stunts competitiveness and dynamism in the country.
Recent studies in SA show the following examples of the social and economic impact of corruption:
This is clearly a problem that is pervasive and needs to be urgently addressed. Our current safeguards are lacking, and more action must be taken to tackle the root causes and find effective solutions. Fundamental to this is action by the private sector.
The purpose of this TLS is to provide some insights into how the private sector is driving anti-corruption efforts and enabling ethical leadership; and to explore what more needs to be done to turn the tide.