Ghana loses an estimated GH¢13.8 billion (US$3 billion) annually to corruption, a staggering figure equal to the total value of the country’s recent IMF bailout request, an Associated Professor of Law of Taxation, University of Ghana Law School, Prof. Abdallah Ali-Nakyea, has stated.
He therefore called for urgent amendments to the current anti-corruption laws to curb impunity and protect national development.
Speaking at a high-level multi-stakeholder forum in Accra, organised by the Media Foundation for West Africa (MFWA), Prof. Ali-Nakyea decried the inefficiencies in Ghana’s legal and institutional anti-corruption architecture.
The forum, themed “Hidden riches, hollow laws: Dissecting the loopholes that fuel corruption in Ghana”, brought together anti-corruption advocates, legal professionals, policymakers, and civil society leaders.
“Corruption is more than a legal matter, it is a developmental crisis. It distorts markets, deepens inequality, undermines democracy, and fuels organised crime,” Prof. Ali-Nakyea declared.
He cited cases such as the Ghana Youth Employment and Entrepreneurial Development Agency (GYEEDA) and the National Service Scheme scandals as glaring examples of entrenched public sector corruption.
The tax and anti-money laundering specialist identified glaring legal loopholes, particularly in the Criminal Offences Act, which he said only focused on bribery involving public officers, while excluding private sector actors and indirect beneficiaries.
“We must stop turning a blind eye to the private players who offer bribes. Corruption is a two-way street,” he insisted.
Prof. Ali-Nakyea, who is also a Renowned Tax and Legal Expert, described the Public Procurement Act as inadequate in addressing broader unethical conduct beyond procurement-related transactions.
He criticised the misuse of sole-sourcing in public procurement, stating that it eroded transparency and opens the door to abuse.
While Ghana has multiple anti-corruption agencies, including the Office of the Special Prosecutor (OSP), EOCO, CHRAJ, and the Auditor-General, he lamented that most remain underfunded and poorly resourced.
“These institutions are always broke. How can they effectively investigate, prosecute, and recover stolen assets without resources?” he queried.
He urged enhanced inter-agency collaboration, especially in enforcing the Companies Act, 2019 (Act 992) on beneficial ownership to uncover real individuals behind corrupt transactions.
Furthermore, He also called for stronger protections for whistleblowers, including relocation support, by reviewing the current Whistleblower Act.
Prof. Ali-Nakyea proposed a set of reforms, which included, Amending laws to criminalise private sector bribery and third-party beneficiaries, Fully resourcing anti-corruption institutions and ensuring their independence, and Criminalising conflict of interest and non-declaration of assets.
Others include, Enforcing Public Accounts Committee recommendations, Enhancing public access to information and using digital tools to reduce manual interference in public financial management and Blacklisting unethical firms from government contracts.
The Director, Media for Peace and Social Cohesion Programme, at MFWA, Dr Kojo Impraim, reinforced the call for stronger accountability, warning that corruption and illicit financial flows were weakening the country’s democracy and national security.
He urged political leaders to allow anti-corruption institutions to function without interference