Students and the youth have always played a significant role in shaping the history of Bangladesh. However, a fresh wave of change has been sweeping the nation in recent weeks, and it was initiated by none other than a lone goat!

The sacrificial goat purchased at a ridiculously high price has since become a weapon against corruption, exposing kingpins who were caught completely off guard. Sometimes, light can shine from the most unexpected cracks in the cave of corruption that plagues Bangladesh, revealing its staggering economic shockwaves.

Corruption in Bangladesh is a deep-rooted issue, but its true magnitude often remains obscure. It impacts all sectors, especially the business community, leading to severe economic repercussions. Many businesses are forced to comply with corrupt conditions and practices, which significantly increases the cost of doing business, let alone the process-related harassment and uncertainties involved.

The unlawful collaboration between corrupt government officials and entrepreneurs is detrimental to business operations and results in a loss of national revenue, adversely affecting the tax-to-GDP ratio.

This bleak environment pushes honest companies to either sell or shut down, as they not only find themselves in an unfair playing field but also struggle with bureaucratic red tape, funding crises, and a lack of interest from the new generation. Interestingly, the game of corruption in this country is multi-layered. While we hang the petty thieves who have nowhere to hide except behind Covid masks, the lynchpins stand tall or fly out of the country, emptying their bank accounts.

Corruption reduces tax revenue as businesses underreport earnings or bribe officials to evade taxes, decreasing the tax-to-GDP ratio, which is a critical economic health indicator. Unfair advantages given to corrupt businesses discourage fair investors, leading to reduced foreign and domestic investments, hindering economic growth. Business costs increase due to bribery, raising consumer prices and reducing economic efficiency.

Policymakers have tried to counter the goat's impact by incentivising tax evaders and corrupt entities, further alienating honest taxpayers and businesses. If this trend continues, Bangladesh risks driving away honest entrepreneurs and future generations. The goat's anti-corruption movement has, however, sparked a new awareness and hope, stirring the need for stringent anti-corruption measures and systemic reforms.

Breaking the cycle of corruption requires a multifaceted approach. Strengthening institutions like the Anti-Corruption Commission with greater autonomy and resources to promptly investigate and prosecute corrupt activities is essential. Implementing transparency in government and business transactions can significantly reduce corruption.

Protecting and incentivising whistleblowers who expose corrupt practices can also play a crucial role. Encouraging businesses to adopt ethical practices through recognition and rewards, simplifying the tax and other revenue collection systems, and reducing the discretionary powers of tax officials, politicians, and bureaucrats can help lower the scope for corruption.

The government of Bangladesh has made significant strides in digitalising many services, enhancing transparency with the aim to reduce corruption. However, there remain many loopholes that leave sufficient room for human intervention, such as bribery. This issue underscores the need for end-to-end online processes, like successful models in countries like Estonia and Singapore, where automation minimises human involvement and reduces the scope for corruption.

The lone goat's fight against corruption has stimulated a crucial debate about the future of Bangladesh's economy. To ensure sustainable development, the nation must tackle corruption head-on, fostering an environment where honest businesses can thrive and the next generation feels empowered to contribute to building a prosperous Bangladesh.

Considering the storm caused by the telltale goat, perhaps a few hundred such goats are all that we need to make corruption a thing of the past. Maybe it is a blessing in disguise to buy a thousand-dollar goat for ten thousand dollars if it makes Bangladesh a nation free of corruption.

The author is founder and managing director of BuildCon Consultancies Ltd.