By Bernard TETTEH-DUMANYA (Dr)
In 2025, Ghana stands at a pivotal economic and political crossroads. With a new government assuming power amidst widespread public expectation, the demand for accountability and justice has grown louder.
Citizens, civil society organizations, and the international development community are calling for decisive action to address alleged corruption and misappropriation of public resources by the previous administration.
The economic costs of unchecked corruption are well documented, eroding public trust, weakening institutions, discouraging investment, and stalling national development. To restore fiscal discipline and promote inclusive growth, the new government must prioritize the investigation, prosecution, and recovery of stolen assets.
Corruption remains a critical obstacle to Ghana’s economic development, costing the country an estimated US$3 billion annually, according to the Ghana Integrity Initiative and other watchdogs.
These losses occur through inflated contracts, ghost projects, and unauthorized expenditure resources that should be financing essential services like healthcare, education, infrastructure, and job creation.
In 2023 alone, the Auditor-General reported over GH¢4 billion in financial irregularities, yet little corrective action was taken under the previous administration, highlighting a deep culture of impunity. The consequences of corruption extend beyond moral and legal concerns; it fundamentally undermines economic progress. Diverted public funds translate into poor infrastructure, inadequate service delivery, and weakened national productivity.
Additionally, widespread corruption discourages both domestic and foreign investment by increasing operational costs, fostering uncertainty, and eroding fair market practices.
Multiple studies confirm a direct link between high corruption levels and reduced Foreign Direct Investment (FDI), a troubling trend for a country like Ghana that depends heavily on foreign capital for economic growth.
Beyond financial loss, the societal impact is profound. When corruption becomes systemic, public trust in government and institutions erodes. Citizens begin to view the state as unaccountable and unjust, weakening civic engagement and social contracts.
This breakdown in trust can fuel political instability and further impede development. The fact that only 3percent of Ghanaians who are compelled to pay bribes actually report them reflects how deeply normalized and entrenched corruption has become and how little confidence people have in mechanisms for justice and accountability. Addressing this issue is not just about restoring integrity but about rebuilding the foundation for stable governance and inclusive economic growth.
The incoming government in 2025 thus faces a unique opportunity to break this self-defeating cycle. By demonstrating a strong political will to tackle past corruption, it can send a powerful signal to both citizens and the international community that a new era of accountability and good governance has dawned.
This is not about political vendettas but about setting a foundational standard for economic integrity and unlocking the nation’s true potential. Recovering assets stolen and individuals is a complex but achievable endeavor. It requires a multi-pronged approach involving robust legal frameworks, strengthened institutions, international cooperation, and unwavering political commitment.
Firstly, strengthening legal and institutional frameworks is paramount. While Ghana already possesses a legal framework to combat corruption, including the Criminal Offenses Act and the Public Procurement Act, the new government must review and amend these to ensure they are robust enough for effective asset recovery.
This includes specifically addressing non-conviction-based forfeiture, which allows for asset recovery even without a criminal conviction if the assets are proven to be illicitly acquired.
Furthermore, institutions like the Office of the Special Prosecutor (OSP), the Commission on Human Rights and Administrative Justice (CHRAJ), and the Economic and Organized Crime Office (EOCO) must be adequately resourced, granted genuine operational independence, and shielded from political interference.
Providing them with skilled forensic auditors, legal experts, and cutting-edge investigative tools is crucial. The establishment of specialized anti-corruption courts with fast-track procedures can also expedite cases and ensure timely justice, preventing delays that often allow assets to be dissipated – a positive step that the proposed creation of such a court by the incoming administration signifies.
Secondly, robust investigative and forensic auditing mechanisms are essential. The government should initiate comprehensive forensic audits of major government projects, contracts, and financial transactions undertaken by the previous administration, specifically targeting high-profile scandals.
For instance, a forensic audit of the controversial National Cathedral project, as proposed by the incoming government, can uncover potential financial irregularities, over-invoicing, and diversion of funds by scrutinizing procurement processes, expenditure records, and contractor payments.
Crucially, strengthening the Whistleblower Act and ensuring genuine protection for individuals who come forward with information about corrupt practices will encourage citizens and insiders to expose corruption without fear of retaliation.
Thirdly, aggressive domestic and international asset tracing and recovery efforts are vital. The new government’s stated commitment to initiatives like “Operation Recover All the Loot” (ORAL) is a crucial starting point. This requires dedicated teams to meticulously trace assets, both within Ghana and internationally.
For example, in past “ghost names” scandals on public payrolls (e.g., National Service Scheme), investigations must painstakingly trace the flow of illicit funds, identify the beneficiaries, and initiate legal proceedings for recovery. If funds were transferred abroad, international mutual legal assistance treaties would be invoked.
Collaborating with international bodies like the United Nations Office on Drugs and Crime (UNODC) and the World Bank’s Stolen Asset Recovery (StAR) Initiative is paramount, as corrupt officials often stash their ill-gotten gains in offshore accounts or invest in properties abroad.
Nigeria’s success in recovering hundreds of millions of dollars from the late dictator Sani Abacha, with the assistance of countries like Switzerland, serves as a powerful precedent for Ghana to leverage such international partnerships to track assets hidden in foreign jurisdictions.
Finally, unwavering political will and sustained public engagement are non-negotiable. The new government must demonstrate this commitment from the highest levels, allowing anti-corruption institutions to operate independently, avoiding political interference in investigations, and ensuring that no one, regardless of their political affiliation or status, is above the law.
Furthermore, engaging the public through awareness campaigns about the devastating cost of corruption and the importance of accountability can foster a national culture of zero tolerance for graft. By adopting these comprehensive strategies, Ghana’s new government in 2025 can transform the nation’s fight against corruption from mere rhetoric into tangible results.
Recovering stolen assets will not only replenish public coffers, allowing for crucial investments in development, but also rebuild critically eroded public trust, improve governance, and create a more equitable and prosperous future for all Ghanaians.
The opportunity to reset Ghana’s economic trajectory by decisively tackling past corruption is now, and its successful execution will undoubtedly define the legacy of the incoming administration.
>>>the writer is a distinguished Ghanaian financial economist and consultant with nearly three decades of experience spanning academia, corporate finance, and agribusiness. He has held pivotal roles at institutions such as UBA Ghana, SIC Financial Services, Empretec Ghana, and the Swiss International Finance Group, reflecting his profound understanding of global finance. Renowned for pioneering efforts in risk management, compliance, and corporate strategy, Dr. Tetteh-Dumanya has significantly contributed to Ghana’s financial landscape. His expertise encompasses venture capital, business and financial reengineering, and fundraising, playing a crucial role in the growth and development of numerous entities. Driven by a commitment to capacity development, he has provided consultancy services to a diverse array of local and multinational organizations, including GIZ, AGRA, SNV, DANIDA, and USAID. As the CEO of SGL Royal Kapita, he has introduced innovative investment services targeting Ghana’s agriculture sector, aiming to support farmers and agribusinesses in achieving financial stability and growth. Beyond his professional endeavors, Dr. Tetteh-Dumanya is an influential columnist, offering incisive analyses on Ghana’s economic policies and advocating for strategic financial mechanisms to enhance the nation’s economic sovereignty. For inquiries, Dr. Tetteh-Dumanya can be reached at: [email protected]
