Corruption driving away investors from Ghana – US Ambassador

The US Ambassador to Ghana Robert P. Jackson has stated that corruption in the country is driving away investors from the United States of America and other parts of the world.

According to him, investors from the US stay away from investing in Ghana because they don’t want to be prosecuted back home over allegations of corruption.

Speaking at the opening of the Ghana Good Corporate Governance Initiative round table in Accra Wednesday, Ambassador Jackson said: “These companies would rather lose an order than become involved in the endless game of paying and being required to pay even more. I can tell that American companies feel the same way. And the problem confronting foreign investments also stymie foreign assistance.”

Mr. Jackson added that measures must be put in place to provide a favourable environment for investors in order to create jobs for the unemployed youth.

He added that failure to prosecute people found to be involved in corruption contributed to the canker gaining roots in the country.

“Businesses want to ensure that the money they invest will not go to waste.

They want assurances of transparency before they invest, as well as strict enforcement of the Public Procurement Act to end sole sourcing of contract and the passage of the Right to Information Bill.”

“After two years, we are still waiting for justice in the CMS arson. The fire destroyed more than $80 million worth of medical supplies and drugs, including $7 million in donations provided by the American people.

“This fire, which was ignited to cover up corruption, dealt a significant blow to public health in Ghana. The currencies of the international partnership, trade and aid are at risk unless we stand together, with one voice, and demand that these systemic issues be addressed,” Mr Jackson said.

The Ghana Good Corporate Governance Initiative was attended by leaders from the civil society organisations (CSOs), businesses, religious bodies and diplomats.