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Business News Wed, 25 May 2022

Legal framework and processes involved in asset declaration need to be reviewed – Expert

Review legal framework for asset declaration, Expert

Investigations and protracted prosecutions are expensive, Expert

Culture makes it difficult for Ghanaians to question the wealth of politicians


Ghana’s asset declaration regime needs to be reviewed to deter government officials from hoarding and amassing wealth illegally while they are in office, a public financial management consultant has said.

Dr. Valentin Kwasi Mensah noted that the country should instead of spending so much on dealing with corruption enforce laws that will help prevent unlawful wealth acquisition.

Speaking during a virtual public lecture by the Institute of Chartered Accountants he said, “So, the submission here is that we should rather spend more efforts on prevention measures like the asset declaration system. Investigations and protracted prosecutions are expensive.”

He was speaking on the topic, “A Critical Evaluation of Ghana’s Asset Declaration System for Public Officials in the Fourth Republic.”

“Our assets declaration system facilitates the concealment of illegal enrichment. The persistence of corruption in the public sector could be attributed to the cultural dimensions of high-powered distance, low individualism, and short term,” he said.

Dr. Mensah also noted that cultural elements have made it difficult for Ghanaians to question the wealth of politicians.

“Some experts have said that the democratic governance system is the worst cultural thing not applicable to Africa. What it means is that this culture has high respect for elders and authority and when you have such a culture, it is very difficult to question people in authority,” he said.

He thus calls for a review of the legal framework and processes involved in asset declaration.

“The scope and current coverage of the current system imposes the need to implement a modern technology to facilitate effective processing, verification, maintenance of declaration and provide appropriate access to the declaration for the control of corruption and conflict of interest.”
Source: www.ghanaweb.com
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