Accra: Dr Akwasi Opong-Fosu, Chair of the Africa Global Emergence Centre, has highlighted the pervasive impact of corruption during a recent Anti-Corruption Roundtable Forum. He stated that corruption undermines trust in both government and public services, distorts markets, deters investment, and hampers economic growth.
According to Ghana News Agency, Dr Opong-Fosu spoke at an event co-hosted by the Global Chamber of Commerce and the University of South Carolina's Sonoco International Business Department. The forum, themed "Towards a New Anti-Corruption Agenda: Lessons from Diverse Stakeholders in Africa and the West," aimed to bring together leaders from various sectors to address the persistent issue of corruption and its impact on African business.
The virtual event emphasized the need for effective anti-corruption efforts, requiring a shared understanding of the evolving nature of corruption and openness to new solutions. Dr Opong-Fosu pointed out that corruption also deepens inequality, as resources intended for the masses are often monopolized by a few, and it undermines security by enabling organized crime and political instability.
Highlighting global examples of corruption, Dr Opong-Fosu cited cases such as the 1 Malaysia Development Berhad Scandal, the Panama and Pandora Papers, and instances involving companies like Oracle and ABB. He also mentioned high-profile trials of figures like Former President Nicolas Sarkozy and U.S. Senator Bob Menendez to illustrate that corruption is not confined to Africa but is a global issue.
Dr Opong-Fosu stressed that Ghana faces its own challenges with accountability, losing an estimated 9.02 billion annually due to corruption, tax evasion, smuggling, and systemic inefficiencies. Professor Isaac Boadi, Dean of the Faculty of Accounting and Finance at the University of Professional Studies, highlighted that this loss is equivalent to six times the annual cost of the Free Senior High School programme and nearly five times the National Health Insurance Scheme's budget.
Dr Opong-Fosu concluded by emphasizing that the cases he cited are not isolated incidents but symptoms of systemic failures. He called for the establishment of robust institutions that enforce accountability to prevent these patterns from continuing.
