Corruption's Impact on Zimbabwe’s Mineral Economy: Enhancing Corporate Governance for Sustainable Economic Growth

Abstract

Context of the study: Zimbabwe is a developing country that is blessed with abundant mineral resources, which have great potential to transform its economy and improve the livelihood of its citizens. Despite substantial mining activities in Zimbabwe, economic growth has remained weak, with corruption identified as one of the major governance factors negatively affecting business innovation and hindering economic growth. In 2024, Zimbabwe ranked 158th out of 180 countries on Transparency International's Perceptions Index and scored 21 out of 100, indicating a high level of perceived corruption. While research has been conducted on the extractive sector, the economy continues to be exploited due to illicit financial flows. The current study seeks to explore the impact of corruption on Zimbabwe’s mineral economy, with the ultimate goal of developing evidence-based strategies to combat corruption and promote sustainable economic growth.
Research Methodology: The study used a qualitative and quantitative approach which employed an exploratory research design. This mixed methods research approach explored the impact of corruption on economic growth to identify effective corporate governance strategies for Zimbabwe. Data was collected through a survey questionnaire and interviews conducted with government officials, mining industry leaders, environmentalists, economists, and local community representatives. The qualitative data was analyzed using a thematic approach to identify recurring patterns, perceptions, and governance challenges related to corruption. The questionnaire received a response rate of 70 out of 80 distributed questionnaires. Data was analyzed using NVivo statistical software.