The Private Sector is responsible for most infrastructure development in the country, mobilization and management of capital.
One of the highlights that have marked the reign of President John Magufuli as a hero in Tanzania is his tenacity to fight corruption. The high risks it poses to cripple any economy compels the Government in partnership with the Public-Private sector to address the issue and find ways to curb fraudulence. The Private sector plays a role in socio-economic development, easing the weight load on the Government’s shoulder.
However, the Government has lost millions of money through investments, courtesy of the misconduct prompting the involved parties to cough up hefty fines. The on-going catastrophe has caused a rift between the Private Sector and the Parliament, with the latter losing trust in their partner. The ripple effect could avidly affect the business environment with companies being shut down or investors closing their businesses.
In a bid to control such illegal activities, Tanzania Private Sector Foundation (TPSF) will hold a meeting next week. The forum will discuss the challenges in the sector and the way forward to combat such dishonesty to regain the trust of the public and Government officials. There could be a possibility of coming up with a code of ethics to govern the TPSF members.
Transparency and accountability to a high potential rated East African country such as Tanzania are vital to driving the desired economic growth regionally. Looting has resulted in a high cost of doing business which discourages business leaders. Better policies and regulations should keep away the loopholes of crime.
Corruption is a serious matter in East Africa. The UN Refugee Agency, UNHCR lauded Uganda for its move to investigate allegations of wrongdoing in government refugee programmes early this year. President Uhuru Kenyatta of Kenya joined forces to fight corruption in the sub-Saharan nation to save businesses.
Impact of the crime in Tanzania as far as economic development is concerned has blocked the growth of many sectors in the country, denial of equal opportunities to make wealth and unproductivity of firms. Corruption has led to malfunctions in the society that have affected the general economic outlook.
Source: The Exchange