Decade of corruption under Jacob Zuma cost SA up to R1tr – Cyril Ramaphosa

A decade of corruption under Jacob Zuma probably cost South Africa up to R1 trillion, President Cyril Ramaphosa said in London on Monday.

It was much bigger than I think most people could ever have imagined… more than 500 billion. Some people have even suggested that it could be a trillion rand.

Cyril Ramaphosa, President - South Africa
Former president Jacob Zuma outside the state capture commission on 19 July 2019. Picture: Abigail Javier/EWN

In addition to the direct cost of corruption, the country under Zuma lost between R1 trillion and R1.5 trillion in tax revenues and lost investments, according to the Financial Times.

…our prosecuting agents… will definitely be going after those who are complicit in criminal activity. Be they in the country or outside of the country… We have stemmed that bleeding [and] we are now ready to open a new chapter…

Cyril Ramaphosa, President - South Africa

The Money Show’s Bruce Whitfield interviewed Tom Wilson, a reporter at Financial Times.

He made a pitch for renewed Continental leadership from South Africa…

Tom Wilson, reporter - Financial Times

It was shocking and astonishing to hear the President talk about such a high figure. R500 billion at a minimum, probably way beyond that… an astonishing amount of money!

Tom Wilson, reporter - Financial Times

Listen to the interview in the audio below.

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