Combating Corruption in the Private Sector

Abstract

Combating private sector corruption is indispensable for economic growth. This paper sought to interrogate the impact of corruption in private sector and explore enabling strategies to retard private sector corruption and allow the economy to grow. The research applied a qualitative approach using an exploratory research design. The research participants were purposively selected from the Chief Executive Officers of private corporations that were conveniently accessed in Harare Metropolitan Province. Data collection methods included unstructured interviews and documentary review. The results established that major causes of corruption in the private sector include effects of colonial heritage, low percentage of women in the labour force, deteriorating cultural factors and endowment of natural resources. It was also found that the impact of private sector corruption negatively manifest itself in the community, it derails investments, foreign direct investment, foreign trade and foreign aid, affects gross domestic product and the economic growth and productivity. The study recommended that strong adherence to corporate governance principles, building strong positive culture and improving corporate integrity, incorporating financial institutions and promulgating effective laws against bribery and corruption in the private will help in reducing private sector corruption. It can be concluded that the fight against corruption should be given top priority as its success has the potential to grow the economy. Keywords: private sector corruption, strategies, economy DOI: 10.7176/JESD/13-20-02 Publication date: October 31 st 2022