Ghana loses $3 Billion every year due to corruption

Ghana is already beyond aid.  The ‘Beyond Aid’ status is only hidden in corruption and the right steps have not been taken to unwrap it.

According to a study by IMANI Africa for the period between 2012 and 2014, Ghana is said to be losing more than $3billion every year through corruption.  The study looked at losses through malpractices in public procurement in over-invoicing, inflating of contract prices and other practices of malfeasance.  Compared to the total aid received over the same period, the losses through corruption could be said to be about 300% of the aid received in the same period.

Most public commentary on the ‘Ghana Beyond Aid’ mantra point to the fact that the success of the pursuit would emanate out of curbing corruption.  The sitting government promised an all out attack on corruption but feedback from the citizenry suggest not much has been done.

Businesses reel under the searing heat of the deeply endemic corruption culture.  They only get contracts when they are prepared to do ‘kick-backs’ and meeting other obnoxious demands.  The practice which has prevailed in the public service is now gaining good traction in the private sector too.  Businesses are therefore in earnest expectation for the effective tackling of the menace.

ALSO READ: Bottom line better without corruption

Show More

Henry Cobblah

Henry Cobblah is a Tech Developer, Entrepreneur, and a Journalist. With over 15 Years of experience in the digital media industry, he writes for over 7 media agencies and shows up for TV and Radio discussions on Technology, Sports and Startup Discussions.

Related Articles

Back to top button

Adblock Detected