According to him, corruption holds the highest percentage of Gross Domestic Product (GDP) in most African economies, adding that if such issues are not tackled development would continue to be a mirage for most Africans.

[contextly_sidebar id=”mgEu2hRHCFltcHw4KGvQXKKC76nWBret”]“No nation develops with the level of corruption that we have in our part of the world. In Africa corruption accounts for about 40 to 75 percent of the GDP; that means the corruption industry is the biggest industry in Africa,” he said at Citi FM’s Innovation Summit held on Saturday.

Prof. Boateng, who was speaking on the topic “Creating Our Future”, also used the opportunity to call on the President, Nana Addo Dankwa Akufo-Addo, to increase the 0.025 percentage of GDP allocated to research in the Ghana to one percent.

He said more resources will help address the country’s challenges.

“To do the things that we want to do in research, we need money and as at now, the money that is given for research is just about 0.025 percent of our GDP. And that is not enough to pay the scientists much more to undertake research.The President, Nana Addo Dankwa Akufo-Addo has said that he will start by devoting one percent of GDP into research and that is a very good news indeed. And he put me at the ministry to do things for him; I’m serving at his pleasure. So I will remind him all the time of his promise to enable me function as a scientist and a doctor in that respect,” he added.

Ghana might’ve lost over GHC 40 billion through corruption

Ghana according to Financial Analyst, Sydney Casley Hayford. might have lost about GHc40 billion over the years through corruption.

Mr. Casley-Hayford indicated that, a “mid time calculation starting from 2008 to 2014 estimated that about 45 to 50 billion cedis had been taken by individuals [from the state].”

A number of corruption scandals have been recorded in the country in recent years which involved public officials and private companies benefiting from state monies for less or no work done.

Some of these scandals include the monies lost to Subah Info Solutions deal, the Ghana Youth Employment and Entrepreneurial Agency (GYEEDA, the Savannah Accelerated Development Authority (SADA) and the GHc3.6 million bus branding saga.

–

By: Godwin Akweiteh Allotey/citifmonline.com/Ghana
Follow @AlloteyGodwin

The post Africa has biggest ‘corruption industry’ – Prof. Frimpong appeared first on Citi 97.3 FM - Relevant Radio. Always.

Photos by: Godwin A. Allotey and Delali Adogla Bessa

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The post #CitiBizFestival: Innovation Summit appeared first on Citi 97.3 FM - Relevant Radio. Always.

The Minister of Environment, Science, Technology, and Innovation, Professor Kwabena Frimpong-Boateng is the Special Guest at this year’s event.

The Innovation Summit is a conversation on how to create value for the business community through innovation.

It features a panel of industry practices, discussing how to generate business successes through innovation.

The theme for the 2017 Innovation Summit is “Creating Our Future”.

The Innovation Summit showcases some innovators in the market place, pitching their solutions to national challenges before policy makers.

The event is in two sessions. The first one,— Innovators  Pitch features a short presentations by innovators/inventors, followed by comments from government officials on prospects for adaptation and scalability.

Session two, comprises a panel of innovators. It is a moderated conversation on specific themes on innovation and business.

This session attempts to explain how to overcome some of the problems that innovations face, like scalability and profitability.

The panel will also interrogate how to incorporate innovation within business models and create innovation-enhancing business models.

–

By: citibusinessnews.com/Ghana

The post #CitiBizFestival: Innovation Summit in pictures appeared first on Citi 97.3 FM - Relevant Radio. Always.

The Innovation Summit is a conversation on how to create value for the business community through innovation. It will feature a panel of industry practices, discussing how to generate business successes through innovation.

The theme for the 2017 edition is “Creating Our Future”.

The Innovation Summit will also showcase some innovators in the market place, pitching their solutions to national challenges before policy makers.

The event will be in two sessions with the first one,— Innovators  Pitch featuring short presentations by innovators/inventors followed by comments from government officials on prospects for adaptation and scalability.

Session two, which will be a panel of innovators, will be a moderated conversation on specific themes on innovation and business.

This session will attempt to explain how to overcome some of the problems that innovations face, like scalability and profitability.

The panel will also interrogate how to incorporate innovation within business models and create innovation-enhancing business models.

–

By: citibusinessnews.com/Ghana

The post #CitiBizFestival: Participants ready for The Innovation Summit appeared first on Citi 97.3 FM - Relevant Radio. Always.

The Innovation Summit is a conversation on how to create value for the business community through innovation.

It will feature a panel of industry practitioners who will be discussing how to generate business successes through innovation.

The theme for the 2017 edition is “Creating Our Future.”

The Innovation Summit will also showcase some innovators in the market, pitching their solutions to national challenges before policy makers.

The event will be in two sessions with the first one,— Innovators Pitch featuring short presentations by innovators/inventors followed by comments from government officials on prospects for adaptation and scalability.

Session two, which will be a panel of innovators, will be a moderated conversation on specific themes on innovation and business.

This session will attempt to explain how to overcome some of the problems that innovations face, like scalability and profitability.

The panel will also interrogate how to incorporate innovation within business models and create innovation-enhancing business models.

–

By: citibusinessnews.com/Ghana

The post #CitiBizFestival: Innovation Summit comes off today  appeared first on Citi 97.3 FM - Relevant Radio. Always.