Corruption has cost SA close to R1 trillion: Ramaphosa

President Cyril Ramaphosa says corruption has cost South Africa as much as R1 trillion.

The President has been in the United Kingdom (UK) to attend the Financial Times Africa Summit in London.

Ramaphosa also delivered the keynote address.

Corruption allegations have riddled state-owned enterprises and government projects with some international companies being fingered.

By the end of 2018, corruption in state-owned enterprises by individuals connected to government such as the controversial Gupta family had led to many enterprises such as Eskom, SAA, Transnet, DENEL and SABC facing serious financial problems.

Speaking during a question-and-answer session at the summit, Ramaphosa said those behind the looting of taxpayers’ money would be brought to book.

“A lot of money was siphoned off the coffers of the state through corrupt means, and some of those were very sophisticated, and may I say that some of those included blue chip companies of great world reputations. It runs way beyond in my view, more than R500 billion. Some people have even suggested that it could be a R1 trillion rand,’ says Ramaphosa.

[Watch live] President Cyril Ramaphosa addresses opening session of 6th Financial Times Africa Summit #FTAfrica #InvestSA https://t.co/LkQIDZTSKK

— South African Government (@GovernmentZA) October 14, 2019