Ghana Country Profile
Snapshot of the Ghana Country Profile
In recent years, the level of corruption in the private sector is perceived to have decreased, and several sources claim that corruption in Ghana is not as severe as in other countries in the region. However, many companies still cite that they encounter corruption and demands for bribes when operating in Ghana.
Positive developments in relation to corruption and investments:
- The country is politically stable, anti-corruption has been on the political agenda for many years, and the legal framework for addressing corruption is generally well established.
- Ghana has showed great commitment to attracting foreign investments by improving the regulatory environment for the private sector in a number of areas, such as administrative procedures for starting a company, paying taxes and trading across borders.
- In March 2011, the government passed the Petroleum Revenue Management Bill, which seeks to bring greater transparency and accountability to the oil sector. Furthermore, in October 2011, the Public Interest and Accountability Committee was set up to manage Ghana’s oil revenue and to ensure transparency.
- On 19 October 2010, Ghana was granted 'Compliant country' status by the Extractive Industries Transparency Initiative.
Risk of corruption:
- The police are considered one of the most corrupt institutions in Ghana, and companies should be aware of the potential for encountering demands for bribes from the police when dealing with court matters and vehicle registration as well as the transportation of goods.
- Reportedly, companies cannot expect complete transparency in locally funded contracts, which are continuously pointed to as 'hot spots' for corruption.
- The visibility of state administration in rural areas is still limited, and companies can thus be subjected to local regulations and corruption when operating in rural areas.
- Ghana's traditional court system and British-based 'modern law' legal systems exist in parallel, creating insecurity, and sometimes making contract enforcement difficult. For that reason, many companies choose to settle disputes out of court, usually with the assistance of a lawyer.
Ghana Corruption News
'Ghana opposition candidate not ready to concede', 09 Dec. 2012
- The Africa Report:
'Ghana delisted from high risk money laundering/terrorist financing nations', 29 Oct. 2012
- Ghana Business News:
'Transparency International to monitor Ghana's abuse of incombency, political corruption during election', 26 Apr. 2012
'Money laundering booms under Mills', 24 Feb. 2012
Publication date: April 2013
Data verified by Global Advice Network