Corruption Costing Economy USD$740m Every Year

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The economy loses USD$740-million annually, due to corruption.

That’s according to President of the Jamaica Manufacturers’ and Exporters’ Association, JMEA, Metry Seaga. He says the corruption challenges from the past, linger even to this day. It’s why he’s calling for corrupt officials to be named, shamed and sternly prosecuted.

Mr Seaga was addressing a Rotary Club of Kingston meeting this afternoon at the Jamaica Pegasus Hotel in New Kingston.

Mr Seaga is challenging social media users, preoccupied with the so-called ‘ten-year challenge’ to feature Jamaica in the new Internet fad.

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He says the Jamaican economy and other aspects of Jamaican life, are suffering due to corruption.

Mr Seaga says it’s costing the country 5-percent of its gross domestic product each year.

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He says Jamaica is ranked among the worst countries in relation to the cost of crime to business. He says prevalent corruption is blatant in a majority of government institutions.

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He’s also calling for the authorities to take the fight against corruption more seriously.

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