Associate Professor at the University of Ghana School of Law, Prof Abdallah Ali-Nakyea, has urged private businesses in Ghana to adopt strong ethical standards, warning that corrupt practices in the private sector continue to undermine the nation’s development.
At a programme on corruption held at the Alisa Hotel today, Thursday, June 26, organised by the Media Foundation for West Africa (MFWA) on the theme, ‘Hidden Riches, Hollow Laws: Dissecting The Loopholes That Fuel Corruption And Illicit Financial Flows’, Prof Ali-Nakyea emphasised that ethical conduct in the private sector is as critical as accountability in public service.
“The private sector should adopt ethical practices and principles,” he said, pointing out that many companies benefit directly from state contracts, yet operate without regard for integrity or transparency.
He called on the government to take a bold stance against unethical businesses by excluding them from public contracts.
“Government should make it in such a way that if you are caught with any unethical practices, you are blacklisted. You should not get any government contract,” he insisted.
“Because government is the biggest buyer, biggest supplier, biggest employer. So all the private sector jobs are coming from the government. Why can’t we blacklist unethical businesses so that we can promote the good ones?”
Prof Ali-Nakyea also highlighted weaknesses in financial oversight and the role of international institutions, suggesting that more effort be channelled into building local capacity rather than depending on external aid.
“The banking system needs checks and monitoring, and then the international organisations. I keep saying at such fora, we do not need loans, we do not need any handouts. Help us strengthen,” he said.
“You see how we could’ve saved 5 billion from corruption, 2 billion from illicit flows from mining. Do we need to borrow? Their capacity building should be on such matters rather than the handouts.”
On legal reforms, he called for amendments to Ghana’s anti-corruption laws to ensure that stolen public funds are fully recovered, and offenders face both legal and reputational consequences.
“Let’s amend anti-corruption laws to close the loopholes identified. We should have provisions for recovery of funds. I believe in name, recover and punish,” he said.
“If you name, recover and punish, it is shameful the end result is shame. So don’t struggle to shame the person. But if you name, punish and don’t recover, then nothing has been done. They will continue, hoping they will not be caught.”
He called for tougher sanctions and stronger whistleblower protection to encourage public participation in exposing wrongdoing.
“We need stricter penalties for offenders. We need stronger whistleblower protection, and these are some recommendations,” he stated.
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