'Corruption scares foreign investors'
Finance ministry deputy Secretary-budget administration, Olesitse Masimega has warned that weak governance and corruption scares foreign investors and potential business partners. Speaking at the high-level conference on the promotion of good governance and fight against corruption, the minister said the scourge also has potential to attract undesired investors. “At worst, attracting the wrong kind (investors), that would perpetuate the bad outcomes for the economy and society,” said Masimega who read a speech on behalf of his boss, finance minister Peggy Serame.
The Minister said good governance should entail a clear definition of objectives and deliverables, for it to support economic expansion and modernization. In addition, Serame indicated that good governance must also embrace appropriate leadership, operational and oversight structure with accountability frameworks for performance and remedial measures where objectives are not met.
IMF Deputy Managing Director, Antoinette Sayeh said multiple global crises such as pandemic and geo-political conflicts have made it very clear that countries that have strong economic institutions could respond more effectively to challenges and better prepare for a resilient recovery.
“We also recognize that addressing corruption is an international issue, given the role of professions that enable corruption and jurisdictions that provide safe harbor for the proceeds of corruption,” said Sayeh. Sayeh further said the issue of good governance and transparency is more than just about wasted money.
“It is about the erosion of a social contract and the corrosion of the government’s ability to grow the economy in a way that benefits all citizens.” Meanwhile, Masimega said good governance and the fight against corruption are critical for sustaining the integrity of a whole chain of institutions, including service providers, programme implementing agencies, procurement processes, and regulatory institutions.