The following are ten simple ways in which corruption negatively impacts Ghana’s economic growth:
1) High prices to consumers
When entrepreneurs and businessmen are required to pay bribes before necessary permits are issued, they tend to view it as a cost of doing business and therefore pass that cost onto consumers (that is you and me) who suffer from high prices. Thus for example when a Ghanaian businessman goes to Tema Harbour to take delivery of goods, all the bribes that are paid may be tacked onto the final price they would charge consumers.
In those instances where businesses refuse to pay “speed money” or grease the palms of bureaucrats, they are subjected to delays and frustration. Again, these frustrations increase the cost of doing business and are passed onto the consumer in the form of higher prices.