(Ecofin Agency) - Corruption under the presidency term of Jacob Zuma cost about 10% of South Africa’s Gross Domestic Product, current President Cyril Ramaphosa (pictured) said during the FT Africa Summit 2019 in London.

The Head of State said during the ten years Zuma ran South Africa, the rainbow nation lost about R500 billion, or about $33.3 billion. “It was much bigger than I think most people could ever have imagined […] the cost runs way beyond, in my view, more than 500 billion. Some people have even suggested that it could be a trillion rand,” the President said.

According to some analysts, loss in tax revenues and foreign investment is estimated at between R1tn and R1.5tn. This makes between $66 bln and $100 bln.

Let’s note that South Africa is currently going through a tense economic context, with difficult times for public companies such as Eskom and South African Airways, which now depend on government fund injection for operations.

Moutiou Adjibi Nourou