Accra: Dr Dominic A. Ayine, the Minister of Justice and Attorney-General, on Tuesday urged lawyers to take an active stand against political corruption and its negative impact on foreign investments. He emphasized the crucial role lawyers play in advising clients against offering bribes to secure investment deals and ensuring political leaders are held accountable for such acts.
According to Ghana News Agency, Dr Ayine made these remarks at the opening of the 2025 Annual African Bar Association Conference in Accra. The conference, themed 'Foreign Interest in Africa: Exploitation or Investment?', aimed to address critical questions about Africa's political economy and the influence of foreign capital on the continent's future.
Dr Ayine highlighted Africa's wealth and opportunities, stating that the continent stands at a historic crossroads, blessed with abundant natural resources and resilient citizens but burdened by a legacy of exploitation. He pointed out that foreign interests have played a decisive role in Africa's history, often converting the continent's blessings into burdens through systems that perpetuate unequal relations.
He further noted that while investment in sectors such as natural resources may naturally involve some exploitation, the pressing issue is whether foreign capital operates with 'vampire tendencies,' extracting more value than it creates. Dr Ayine stressed that foreign interest issues should be examined through the lenses of law, economic justice, and national policy.
The Attorney-General shared examples of Africa's history of disadvantageous investment agreements, including contracts that siphoned resources, tax holidays that weakened national treasuries, and stabilisation clauses that constrained fiscal flexibility. He cautioned that these practices are not genuine investments but sophisticated forms of economic extraction, cloaked in legality and enforced through international arbitration.
Despite these challenges, Dr Ayine emphasized that not all foreign interests are exploitative. He argued that Africa needs genuine investments that build factories, create jobs, transfer technology, and strengthen communities. He urged a redefinition of the terms of engagement to ensure investments are mutually beneficial and contribute to Africa's value addition.
Dr Ayine called on members of the African Bar Association to act as architects of Africa's legal destiny, advocating for stronger negotiation capacities within African states, credible continental arbitration institutions, and harmonized investment laws under the African Continental Free Trade Area (AfCFTA).
In his conclusion, he warned of a new scramble for Africa's resources, emphasizing the need for strategic action to avoid repeating history with contracts and clauses. He advocated for a doctrine of 'strategic Africanism,' rooted in partnership, mutual respect, and the rule of law.
