SCOURGE OF CORRUPTION DETERS FLOW OF FDI INTO SOUTH AFRICA, SAYS RAMAPHOSA

PRETORIA– The scourge of corruption sis continuing to to deter the flow of foreign direct investment (FDI) into South Africa, says Deputy President Cyril Ramaphosa.

Addressing the National Economic Development and Labour Council (Nedlac) here Tuesday as leaders of various labour movements discuss measures to stimulate economic growth in order to reduce the high unemployment rate, Ramaphosa said South Africa’s image had been tarnished as the result of revelation of State capture, rampant corruption and fraud.

This had led to the downgrading of the country’s credit rating by international rating agencies, a scenario which had led to high levels of unemployment, poverty and inequality.

Ramaphosa, who was elected the new president of the ruling African National Congress (ANC) last month, said he would ensure that law enforcement agencies act against those implicated in both public and corporate sector corruption.

He said State-owned power utility Eskom had been experiencing rife theft, corruption and embezzlement which had impeded South Africa’s growth.

In the private sector too, they have been stealing money. These people who are responsible must be hunted down and arrested and locked up, said Ramaphosa.

Source: NAM NEWS NETWORK