Dr George Acheampong, Senior Lecturer at the University of Ghana Business School (UGBS), has underscored the importance of prudent contract management for Ghana's incoming administration, especially in the current economic climate.
Dr Acheampong emphasizes that while calls from civil society organizations (CSOs) to annul contracts, particularly those involving local Ghanaian businesses, are understandable, such actions must be weighed carefully to avoid harming the economy.
The advice comes on the back of calls by some CSOs in the Extractive Industry, asking theincoming government to terminate the revenue assurance contract between the GRA andSML, Abolish the Agyapa Royalty Deal and Review the Minerals Income Investment Fund,among a host of other demands.
He acknowledges that some contracts may lack transparency and merit scrutiny, but argues that blanket annulments could lead to financial liabilities, including judgment debts, and destabilize Ghanaian businesses, which are crucial for economic growth. "Before terminating any agreements, a thorough review is necessary," Acheampong urges. "We must ensure these decisions are not made hastily, as they could further damage our national coffers." Acheampong stresses the importance of engagement and dialogue, not only with the businesses involved but also with CSOs.
