Corruption is a powerful tool for economic destruction – Former BoG Governor

A former Governor of the Bank of Ghana, Dr. Paul Amoafo Acquah, has identified corruption as a powerful tool that leads to destruction of economies and a challenge to development of nations.

Dr. Acquah explained that corruption is an "economy wrecker" as it is prevalent among powerful people in leadership positions, particularly those in the public sector because the power they have influences them to become corrupt.

Speaking at the 2017 University of Ghana Alumni Lecture on the topic “Corruption, Culture and National Development – An interrogation of Africa’s Experience”, the former BoG Governor said, leaders in African countries use their power to act as kings which make institutions weak and non-functional because those connected politically to the leader are always favoured.

He stressed, “Power corrupts and corrupts guardians of the public purse or public services. It’s a potential force for economic destruction...... This is evident especially in countries where leaders act as kings, institutions are weak and inadequately functional, freedom and civic participation are restricted and the plain field and rules of the game tilt in favour of those well connected politically.”

He noted that corruption could not have developed to its current stage if not for the fact that for several decades it was seen as a taboo and was difficult to talk over.

According to him, although people knew it was a canker, no one dared to mention it for political correctness, a reason it has become massive today, making it difficult for to be eradicated totally on the African continent.

Dr. Acquah said, “Decentralization of authority and power to the exclusion of others interested in the running of the affairs of the state sow the seeds of predatory politics, paternalism, autocracy, limited accountability, and non-transparency and the potential for civil conflict”.