Question One (1)

Corruption is perhaps Africas biggest problem today. It is estimated that Nigeria lost approximately USD 20 trillion between 1996 and 2005 and that this was more than the total size of the US economy in 2012 worth USD 18 trillion. It has also been documented a couple of decades ago that approximately 30% of aid received ends up in those countries where they came from. It is widely acknowledged that Cost of corruption exceeds by far the damage caused by any other single crime and has adverse distributional effects on the households, private sector and further imposes restrictions on the growth drivers of our economies. In crisis period such as Covid-19, integrity violations are endemic that could fuel fraud and corruption reflecting violations of procurement procedures, accountability and oversight over economic and fiscal stimulus arrangements. So far Ghanas response to Covid-19 has been saving lives and saving livelihood. It is believed that effective leadership and governance holds the key to addressing this menace. Kindly attempt the following questions.

1. How important is leadership within the framework of public sector governance in addressing corruption on the continent (10 Marks)
2. Examine the role of the Chief Finance Officer/Finance Director in Good Corporate Governance (8 Marks)
3. Discuss the high costs of corruption to businesses on the continent (5 Marks)
4. Suggest five practical ways of dealing with corruption in Africa (10 Marks)
5. Discuss how Ghana can do the 3S namely Saving Lives, Saving Livelihoods and Stemming Corruption as an effective strategy to containing Covid-19 and beyond