Business in Ghana

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Archive for September 23rd, 2012

Waking Up To The Price Of Corruption

Posted by Business in Ghana on September 23, 2012

Ben Ofosu-Appiah, Tokyo, Japan.

South Korea went from a poor country devastated by war to an OECD member in 50 years. In the same period of time Ghana went from a country with a high potential for take off to one that stagnated at best and standards of living declined or backwardness.

About $500m of public funds are embezzled or misappropriated every year even when over 40% of the people live below the poverty line ($1.25/day). Majority of people do not have electricity, clean drinking water, and access to primary health care. Public Accounts Committee (PAC) inquiries since 2000 have seen billions of dollars of state money misappropriated but very few prosecutions and negligible success in retrieving these stolen cash. Corruption destroys development and we all, I believe want our country to develop to become an advanced society with just opportunities for all. Dissipation of national revenues through corruption has left little legacy of development. Read the rest of this entry »

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The Ultimate U Turn. Critical News, 22nd September 2012

Posted by Business in Ghana on September 23, 2012

Sydney Casely-Hayford, sydney@bizghana.com

Accra seems subdued.  It is quiet all over.  Election fever is yet to catch and we are all fed up with at-variance politicians.  There is nothing said by one side that is not countered by the other side as wrong or evil, and I am pointing at the NPP and the NDC parties, whose perennial promises and disagreements just seem to weigh heavily on the daily toil.  No consistent water, on-today-off-tomorrow electricity, poor communication services, call drop out, no internet access and definitely no access to finance. You struggle to keep an everyday domestic front only to get to the office and fight even harder to get a rhythm in business.  Ghanaians are not struggling; we are taking a bashing.  My business involves helping clients to find financial solutions to their business needs and currently Ghana is the worst place for providing such solutions. Read the rest of this entry »

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Can A Vampire State Achieve A Great Leap Forward? Analyzing the Political Economy of Ghana

Posted by Business in Ghana on September 23, 2012

Ben Ofosu-Appiah, Tokyo, Japan.

South Korea went from a poor country devastated by war to an OECD member in 50 years. In the same period of time Ghana went from a country with a high potential for take off to one that stagnated at best and standards of living declined or backwardness.

In many parts of the country, hundreds of kilometers of colonial roads have disappeared, schools and clinics are in dilapidated state and social infrastructure have been allowed to collapse. In 55 years not even a single kilometer of railway line has been constructed and the one the colonial rulers left have been allowed to deteriorate and collapsed. Something is definitely wrong and needs to be put right now. Leadership failures and an incurable greed have been our bane. Our motherland is under enormous strain today due to the unbridled quest for material gains using the state machinery. Cronyism, nepotism, favouritism, political patronage are turning the democratic governance on its head. When will political leaders ever roll up their sleeves and get to work for mother Ghana rather than seeking to fill their pockets first acquiring material gains? Read the rest of this entry »

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