Corruption Costs South Africa over 80 bln USD
    2012-09-05 19:16:54     Xinhua       Web Editor: haipeng

South Africa has lost 675 billions of rand (about 80.4 billion U.S. dollars) due to corruption since the end of apartheid in 1994, it was revealed on Wednesday.

The figure was made available by the Institute for Accountability in Southern Africa at the Towards Carnegie 3 conference at the University of Cape Town currently underway, according to the local newspaper Die Burger.

The above estimated lost to corruption since 1994 could be just the beginning, Paul Hoffman, director of the institute, warned in a report on the impact of corruption and inequality presented at the meeting.

In addition to the loss of money, corruption also does "permanent structural damage" to the country, such as government credibility in the eyes of the public, Hoffman said.

The government's efforts to stop corruption are not only insufficient but also trip up its ability to finance social welfare, which could be used to alleviate poverty, Hoffman said.

If tender fraud and corruption could be eradicated, that would already make an extra 30 billion rand (about 3.6 billion dollars) available for social upliftment, said Hoffman.

The government has declared a war on corruption as a key priority, setting a target of sending 100 corrupted officials charged with unlawful assets exceeding five million rands (595,000 dollars) to prison by 2014.

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