Although relatively low compared to other African countries, corruption in the country remains “one of the worst scourges that stands in the way of Ghana’s development,” Nana Akufo-Addo himself said in a speech to the nation in January 2018. According to a report by Transparency International published in 2019, the country is the second-most corrupt in Africa, just behind South Africa, mired in state capture scandals.
Thus, while Ghana boasts one of the most dynamic economic growth rates on the continent—projected at 7.9% by the government this year—corruption, which affects almost every sector, could eventually put brakes on its progress.
This is an assumption that already holds true in the Doing Business ranking established annually by the World Bank: this year, Ghana is ranked 118th out of 190 countries. At a dedicated forum organized in Accra a few days ago by the Ghana Integrity Initiative (GII), the ambassador of the Kingdom of the Netherlands to Ghana, Ron Strikker, confirmed that the current situation leaves “some investors cold about doing business in Ghana.”
Born2Invest brings you the latest economic news from around the world and across the spectrum of the trusted global network. Keep up to date with the latest stories, and content on a whole range of topics, from an African perspective, business to finance, industries, biotech and much more.
Scandals that damage the country’s reputation
This is a perception that has certainly strengthened by recent events such as that of the fake U.S. embassy in the capital, which had been issuing passports and visas for large sums of money for about ten years. On the political side, too, corruption is making headlines.
In February 2018, Chiana-Paga constituency MP Abuga Pele was convicted and sentenced to six years in prison for deliberately causing a loss of 4.1 million cedi (GHC) to the State of Ghana, or more than $700,000. Two years earlier, a corruption scandal in the health sector had also shaken public opinion.
In Koforidua, eastern Ghana, a combined team of U.S. and Ghanaian health care professionals was assigned to participate in “Operation Walk Syracuse,” a surgical procedure for some patients with arthritis, a widespread disease in the country.
“It was later revealed that some of the local professionals at St. Joseph’s Hospital had charged patients between $1,747 and $1,048 (GHC100 and GHC6,000) for access to the procedure,” reported News Ghana. Cases that make the headlines in the Ghanaian press every time and confirm the population’s opinion of this scourge.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in LePoint, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Gaming Startups: winning is about more than racking up a high score
It is news to no one that the gaming industry has exploded into the entertainment sector, and beyond it. Yet...
RheoDx is looking for one million euros to accelerate blood diagnostics
The Spanish startup has received $800,000 (€669,000) from the Center for the Development of Industrial Technology and will seek an...
Consumer Price Index in Spain confirms its positive path and rises 1.3% in March
In monthly rate (March over February), the CPI jumped 1%, its highest monthly rebound since October 2019, driven by the...
The Moroccan tourism sector might take a breath of fresh air
The Moroccan Ministry of Transport is willing to develop a contract-program for tourist transport, in order to respond to repeated...
Aedas Homes hires Goldman Sachs to launch green bond issue
The operation of Aedas Homes will be the third of this type that is carried out in the promoter sector...
Biotech7 days ago
Aortyx closes €1.6 million financing round to initiate clinical trials
Cannabis6 days ago
Canopy Growth bought out its competition to consolidate leadership
Crypto7 days ago
US crypto exchange Coinbase had a record quarter before IPO
Crowdfunding7 days ago
Third successful million-dollar campaign in three months for Walliance