Attorney-General and Minister for Justice, Godfred Yeboah Dame, has emphasized the pivotal role of integrity in the global fight against economic crime and misconduct.
He stressed the intricate relationship between integrity and economic practices, stating that a clean, transparent, and accountable financial environment relies on structures anchored in integrity.
He raised concerns about the evolving threats posed by economic crime, including breaches of procedures, violation of laws, money laundering, shell companies, opaque financial systems, and illicit wealth concealment.
In a keynote address delivered at the Fortieth Cambridge International Symposium on Economic Crime, Cambridge University on Monday 4th September, 2023, the Attorney General underscored the theme of this year’s symposium, ‘Integrity,’ as essential in all aspects of life.
The Attorney-General highlighted the importance of gatekeepers such as lawyers, bankers, real estate agents, and insurance providers, bound by strong ethical rules, in maintaining a free and equitable society.
He detailed Ghana’s efforts in promoting integrity within its economic sector and cited the Public Procurement Act of 2003 and the Public Financial Management Act of 2016 as legislative tools to regulate procurement and curb abuse in the public sector.
He, however, acknowledged that wrongdoers continue to find ways to circumvent these measures.
He shared notable cases of insider dealing and fraud in Ghana’s financial sector, emphasizing the need for transparency.
Mr. Dame also highlighted the passage of the Right to Information Act in 2019, which has empowered Ghanaian citizens to access public information, promoting accountability.
Regarding whistleblowers, he announced recent amendments to the Whistleblower Act, introducing a reward system for informants.
Mr. Dame also discussed the digitization of various sectors in Ghana, aiming to enhance transparency and eliminate corruption.
According to him, the amendment to the Contracts Act prohibits the payment of compound interest by the State in transactions conducted on its behalf by public officers, as a measure to protect public funds.
The Attorney-General emphasized the need for international cooperation to combat economic crimes, stating that the development and integrity of the global financial system are at risk from exploiters of system weaknesses.
He urged states to cooperate in combating economic crimes that exploit differences between countries and gain influence through corrupt means.
He stressed the importance of a robust legal system underpinned by the rule of law to promote economic prosperity and deter wrongdoing and quoted Zig Ziglar, saying, “Integrity gives you real freedom because you have nothing to fear since you have nothing to hide.”
Attorney-General Dame commended the organizers, Saul Froomkin KC and Prof Barry Rider, for their four decades of dedication to the symposium, which brings together influential figures from around the world to tackle financial system abuse.