Dr. George Acheampong, Senior Lecturer at the University of Ghana Business School (UGBS), has stressed the importance of prudent contract management for Ghana’s incoming administration, particularly in light of the current economic challenges.
In response to calls from civil society organizations (CSOs) advocating for the annulment of certain contracts, including those involving local Ghanaian businesses, Dr. Acheampong cautioned against hasty actions that could further harm the economy. While acknowledging that some contracts, especially in the Extractive Industry, may lack transparency, he emphasized that blanket annulments could lead to severe financial consequences, such as judgment debts, and destabilize local businesses crucial for economic growth.
“Before terminating any agreements, a thorough review is necessary. We must ensure these decisions are not made hastily, as they could further damage our national coffers,” he stated.
Dr. Acheampong’s remarks come amid rising demands from CSOs to review several agreements, including the revenue assurance contract between the Ghana Revenue Authority (GRA) and SML, the Agyapa Royalty Deal, and the Minerals Income Investment Fund.
While the calls for scrutiny are understandable, Dr. Acheampong cautioned against undermining local businesses in favor of foreign entities. He emphasized the need for transparent renegotiations of contracts to better align them with Ghana’s development goals. According to Dr. Acheampong, such measures would ensure that both the government and local enterprises benefit from these agreements, ultimately supporting Ghana’s economic sovereignty.
“We cannot afford to destabilize Ghanaian businesses; they are key to our economic sovereignty,” he remarked in a recent article.
The senior academic also acknowledged the role of CSOs in promoting accountability, urging responsible advocacy that considers the broader national interest. Dr. Acheampong concluded by urging the incoming administration to act cautiously, conduct comprehensive contract reviews, and engage with all relevant stakeholders to maximize value for the Ghanaian people.
“Act cautiously, review contracts comprehensively, and ensure the decisions are inclusive,” he advised.
