CAPE TOWN – President Cyril Ramaphosa on Thursday told the World Economic Forum (WEF) on Africa it was imperative that the countries on the continent fight corruption, in order to pave the way for more foreign investment that would help to ease inequality.
Ramaphosa was asked what he believed was necessary to unlock foreign direct investment.
He said there was a need to strengthen governance, but immediately added a legacy of corruption and detailed how it had damaged South Africa.
"We need to address a problem that has always beset the continent, the problem which is corruption," he told a plenary sesssion of the 28th chapter of WEF on Africa.
He added that South Africa faced a "huge challenge" in the form of state capture - the sprawling rent-seeking scandal in which businessmen used political influence to subvert state tender processes and loot billions from the fiscus.