Transparency International has released its annual
Corruption Perceptions Index in which Ukraine scored 29 out of a possible 100 points,
which is good news and not so good news.
The good news is that it is an improvement of two points
compared to last year which shows the anti-corruption reforms that Ukraine has implemented is having some impact.
Transparency International noted positive changes in reduced
abuse in government office, the police, and the armed forces and greater
accountability of public procurement.
The not so good news in that Ukraine is ranked 131 out of
176 countries in the world corruption rankings with Transparency International saying
the justice system remained at the same level of corruption as in the Yanukovych
era.
They cited the absence of asset recovery from the Yanukovych
regime and his allies as vivid evidence for that.
The problem is that Ukraine needs to improve its corruption
rating to allow inward investment.
At the moment the massive amount of finance that
Ukraine desperately needs is locked just out of reach by cooperate governance
and due diligence.
An institutional investor carries out his due diligence and
the risk from corruption is deemed as too great which stops the investment
happening.
Improving Ukraine’s corruption perception rating is crucial
in allowing inward foreign investment at the levels that the country needs and when it does we should start to see some big things happen particularly in the agri sector.