The Deputy Minister of Industrialization and Trade says the private sector plays a significant role in either perpetuating or combating corruption.
Verna Sinimbo therefore stressed that private enterprises should support government interventions to combat corruption, saying those engaging in corruption should be held accountable.
She was speaking at the Ethical Behaviour in Business Seminar in Windhoek.
Sinimbo says private businesses must acknowledge that corruption can manifest within the private sector among both businesses and individuals.
She therefore says that leaders in the private sector have a duty to uphold the highest ethical standards and actively work towards eradicating corrupt practices within their organisations.
She further added that companies have the ability to implement anti-corruption policies and procedures that can help prevent unethical practices and promote transparency.
"Despite the clear benefits of private sector involvement in anti-corruption efforts, businesses may face challenges when taking a stand against corruption. Some companies may encounter resistance to change within their organisations, with employees reluctant to adhere to new anti-corruption policies or procedures. Additionally, there may be a lack of awareness or understanding of the issue of corruption, with some businesses failing to recognise the importance of addressing this issue. In some cases, businesses may also be hesitant to speak out against corruption due to potential risks such as retaliation or damage to their reputation."
As an important step to promote transparency and accountability in business practices, she explained that companies can engage in open dialogue with stakeholders, disclose information about their operations, and adhere to international best practices for ethical business conduct.
On his part, the Director-General of the Anti-Corruption Commission, Paulus Noa., stressed that it's not enough to prevent corruption in the public sector if it's not done in the private sector, which is the main driving force of the country's economy.
"More needs to be done to uphold business integrity, especially now that Namibia has become a focus for potential business investment by multinational companies following the discovery of oil and gas in addition to other existing minerals. It is therefore crucial that business communities articulate their commitment to transparency in their business activities."
The seminar is being held under the theme "Building a Culture of Integrity: Collaborative Solutions for a Corruption-Free Sector."
It underscores the power of collaboration in addressing the menace of corruption by allowing participants from private institutions to share their expertise on solutions that will help root out corruption.