State capture ‘might have cost SA over R500bn’
President Cyril Ramaphosa believes state capture could have cost the country at least R500 billion.
Speaking at the Financial Times Africa Summit in London on Monday, Ramaphosa said the cost to the economy could be as much as R1 trillion.
The president, who was responding to questions following his delivery of the opening address, said a large amount of money was stolen through corrupt means, aided and abetted by reputable companies.
Ramaphosa pointed out that in spite of the massive scale of corruption over the past decade, he is confident that the National Prosecuting Authority will bring the criminals to book.
This year's summit comes as the continent begins the countdown to the launch of the African Continental Free Trade Area which aims to bring 54 nations into a single market.