The Attorney General of Ghana, Godfred Yeboah Dame, has assured victims of the Menzgold saga that justice will be served. He emphasized the importance of an efficient justice system in holding high profile financial crimes accountable.
Thousands of Ghanaians invested their life savings in Menzgold, a gold collectibles company that turned out to be a Ponzi scheme. Many lost their investments totaling millions of dollars, some lost their homes and marriages broke down due to the financial losses. After investigations, criminal prosecution has commenced against the perpetrators of the Menzgold scam.
The Attorney General stated "At last, by the grace of God, justice will be served to victims of those dastardly acts". He was speaking at the 40th Cambridge Symposium on Economic Crime where he discussed a range of issues related to economic crimes. The symposium was attended by lawmakers, prosecutors and law enforcement officials from various countries.
The manifestation of economic crimes is becoming more complex due to the actions of professional enablers who violate rules, laws and procedures to facilitate illicit activities. This includes money laundering, creation of shell companies, opaque financial systems and concealing ill-gotten wealth. Strong ethics and accountability are needed from gatekeepers like lawyers, bankers and real estate agents to curb economic crimes.
A transparent and accountable financial environment depends on structures anchored in integrity. Sophisticated schemes to bypass procedures and commit crimes highlight the importance of ethics and integrity. A robust legal system underpinned by the rule of law bolsters confidence and deters wrongdoing, fostering economic prosperity.
The Attorney General said detecting false claims by contractors is hampered by illicit protection from procurement officers meant to identify and revise such claims. The most shocking insider dealing case involved a former head of the Public Procurement Authority who established a company that won government contracts which were then sold at a higher price. This resulted in his termination, removal from professional bodies and prosecution.
Ghana has also faced threats to its financial sector which require deterrence, efficient investigations, sound prosecution and punishment in a fair manner tailored to Ghanaian society. Rules founded on integrity regulate procurement in the public sector to curb abuse and insider trading. The Constitution forbids public servants from conflicts of interest between personal interests and official duties.
The Public Procurement Act of 2003 aims to prevent economically motivated crimes and office abuse. However, procurement irregularities still occur due to loopholes and weaknesses in the system. The Attorney General pledged to ensure prosecution of all economic crimes to the fullest extent of the law. The government is working to reform and digitize procurement processes to improve transparency and reduce opportunities for corruption.
The Menzgold case highlights the need for stronger regulation of financial institutions. New charges have been filed against Nana Appiah Mensah, the founder of Menzgold, but prosecutions have been slow. The Attorney General assured victims that justice will be served and perpetrators punished to deter would-be offenders. However, action must be taken to restore public confidence in Ghana's justice system and financial regulation. Tackling complex economic crimes will require holistic reforms, political will and cross-sectoral collaboration. The government must demonstrate its commitment by delivering justice for the thousands affected by the Menzgold scam.
blogpay
Total Comments: 0