Corruption the currency of our democracy – Senyo Hosi
Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors [CBOD], Senyo Hosi, has opined that the currency of Ghana’s democracy is corruption.
According to him, the exclusivity provided politicians by the Constitution fuels corruption.
“Corruption is the currency for our democracy and the earlier we get honest about it the better,” he stated in an interview.
Mr Hosi is of the view that the Constitution lacks the needed inclusiveness to foster economic growth and development.
“The biggest problem of the Constitution is the exclusion it creates for those who are not part of the Executive, the country’s problems will be gone the day it becomes lucrative to be in opposition.
“Political exposure in Ghana is very exclusive such that it’s a winner takes all and you would have to fight for your survival, because we have former senior officials and former MPs who are destitute today,” he noted.
“Inclusion is the way to go, we need to practice meritocracy and the day we do that Ghana will be prosperous,” he added.
Ghana is estimated to be losing some Ghs 13.8 billion ($3 billion) annually through corruption-related activities.
The estimated amount according to the Ghana Integrity Initiative (GII), the Deputy Commissioner of CHRAJ, Richard Quayson, and as contained in a presentation on corruption by tax consultant Dr Ali-Nakyea, represents more than 300 percent of the country’s 2016 annual budget estimates.
A research report on the cost of education and health for instance, by a consortium comprising Ghana Integrity Initiative (GII), and Ghana Anti-Corruption Coalition (GACC), and SEND-Ghana revealed that about 30 percent of the nation’s Gross Domestic Product (GDP) is lost to corruption, as 70 percent of Ghanaians have attested to experiencing corruption in education and health.
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Ghana, in the 2020 Corruption Perception index by Transparency International ranked 75th and scored 51.9% and 49% in the World Bank’s (2016) Worldwide Governance Indicators.
According to Dr Ali-Nakyea noted that there is no shortage of laws to regulate corruption in the economy citing the Criminal Offences Act, 1960 (Act 29), Revenue Administration Act, 2016 (Act 915), the Audit Service Act, 2000 (Act 584), the Whistleblower Act, 2006 (Act 720) and the Public Accounts Committee under article 103 of the Constitution as instances.
He stated that the strategies to adopt to mitigate corruption are not exhaustive however, to curb the menace and make great strides as well as block leakages in the economy the following must be encouraged:
- Enforcement and implementation of the existing laws.
- Investment in technology for tracing and tracking corruption and corruption-related activities.
- Empowering of the various Anti-Corruption agencies and Institutions in such a manner that does not encourage political interference.
- Implementing recommendations of the Auditor-General, Public Accounts Committee and other stakeholder Institutions.
- Reducing human interference in the functions of the anti-corruption institutions and bodies.
