The worrying fact is that the level of corruption has gone up considerably high in the country. None other than the ACC chairman told a recent meeting that some of the corrupt persons in the country have crossed the limit of their 'arrogance'.
These corrupt elements are, indeed, showing their audacity in broad daylight by embezzling money from the banks in the name of loans, taking bribes in exchange for government services and leaking question papers of public examinations, Anti-Corruption Commission chairman was quoted as saying.
On the same issue, President M Abdul Hamid has recently urged all, especially the younger generation, to raise strong voice against corrupt practices in all sectors of the society.
In a blatant observation recently, Awami League (AL) general secretary said it is the politicians who should be blamed for widespread corruption in Bangladesh. If politicians refrain from corruption, the problem will be reduced by half, he added.
There is no denying that pervasive corruption in most of the sectors is eating into the vitals of the country's economy. Some half-hearted efforts were taken in the past to weed it out from the society, but to no avail.
Widespread corruption is, in fact, a major obstacle in attracting more foreign direct investment (FDI) to Bangladesh. It is an uphill task to convince the foreign investors, especially if they do not get the structural reforms, which are needed in Bangladesh. It has become extremely difficult for the country to convince them to invest here due to prevalence of graft. Any progress in this area could help make it easier for them to change their mindset.
The European Union (EU) countries, including Germany, is now reportedly working with Bangladesh government to bring some necessary policy reforms, which can help attract more FDI. The EU is now actively engaged with the government to bring out some changes as well as get some new dimension in the country's policy towards foreign investors.
A recent survey carried out by the global accountancy firm Ernst & Young says as many as 98 per cent of the corporate professionals and business people in Bangladesh believe there is a need for greater enforcement of laws to prevent fraud, bribery and corruption. Such a move would increase investor confidence, strengthen profitability and enhance reputation, which may ultimately help secure new business and sustainable growth.
As Bangladesh strives to capitalise on business growth opportunities and cultivate a positive commercial environment, combating fraud risks is a priority for companies operating in the country. Companies operating here need to take a cue from more mature economies and apply leading global practices to help deter fraud and graft. To create and sustain an ethically robust corporate culture, companies need to conduct regular training and awareness programmes in cooperation with the government.
In the latest global Corruption Perceptions Index, Bangladesh fared a little better because there were positive improvements in the country's march towards digitisation that includes e-procurement. But the reality is that the country scored 28 out of 100, where the global average is 43. The index is recognised worldwide and Bangladesh's rating was based on eight globally reputable survey sources.
The government should do more to fight high-level graft and ensure accountability of public institutions. There should be zero tolerance for land grabbers. There still exists refusal of the political elite to even acknowledge the existence of graft which must be corrected, and changes should be brought about to make the ACC more effective-giving it the tools to take on powerful quarters involved in graft in the financial sector. As the country is marching ahead, prevention of corruption is crucial for sustaining this trend.
