Corruption and business growth and development: The setting - Thoughts from GNCCI
The issue of corruption often raises contentious debates, based primarily on the view by some that it is perceived rather than real. Yet the evidence that is frequently produced by Transparency International with a focus tilted toward the public sector, and the Association of Certified Fraud Examiners which emphasizes the private sector, indicate that corruption is real and has undesirable consequences both in the public and private sectors.
In its 2015 corruption perception index study of 168 countries, Transparency International reported that not even one country was corruption-free. With respect to the private sector, the Association of Certified Fraud Examiners in its 2014 and 2016 annual global corruption reports noted that businesses lose 5% of their annual revenues due to occupational fraud which may occur through asset misappropriation, corruption and financial statement fraud. However, a careful assessment of the debates around the globe suggest that there is the possibility of selective observation with respect to agreements or disagreements with its existence in countries and across continents.
As a way of contributing to the debate in order to help address the problem, we offer a three-part series with the first part focusing on the setting with some emphasis on Ghana, and conceptual explanations of corruption, while the second part examines the causes and manifestations, with the third part discussing the costs and effects, and how it can be tackled in order to improve the environment for business. The contents are based on a synthesis of views from several writers in academic and public domains, but the names have been omitted in order for ease of readability.