The study, titled “Capital Flight and natural resources in Ghana: the cases of gold and cocoa,” revealed that private wealth in Ghana is growing at a faster rate than per capita income, with individuals owning $5 billion in private wealth.
Data from government sources and the United Nations statistical databases analyzed in the study indicate that Ghana has witnessed the highest growth rate in private wealth in Africa over the last decade, at 27.5%. The research also revealed that there are 110 multimillionaires in Ghana, each owning more than $10 million in private wealth.
The study emphasized that the dominance of natural resources, such as gold, oil, and cocoa, in Ghana’s exports has contributed to capital flight. Foreign exchange earnings from these exports are often repatriated by foreign companies, impacting the local currency’s stability. The study calls for a more democratic approach to managing and controlling the country’s resources, warning that failing to do so could lead to continued economic challenges.
Capital flight has significant implications for Ghana’s economic development, and addressing this issue is crucial for the country’s financial stability and growth.
Source: News Ghana