Mrs Betty Mould Iddrisu, Attorney General and Minister of Justice, on Monday called on multinationals to help stem corruption, identifying the canker as a key challenge facing investment in the country.
She said officials of multi-national corporations indulge in underhand dealings with government officials in a bid to achieve short-term benefit, cautioning that such actions would not go unpunished.
Mrs Iddrisu was speaking during a panel discussion at the New York University on the topic: "Strengthening the Rule of Law in Africa: Promoting Investment in Africa - Ghana's Example," according to a statement made available to the Ghana News Agency from the AG's office.
The statement said the forum was organised under the auspices of the Africa House of the New York University in collaboration with the New York City Bar Association's Committee on African Affairs and the Leitner Centre for International Law and Justice at Fordham Law School.
Mrs Iddrisu said investors needed to understand that the reality of political succession implied that even where they were shielded by governments with whom they contrived to breach the law, succeeding governments would seek to enforce the law.
"Far therefore from being an anti-investment destination, these governments would simply be seeking to uphold the rule of law. The investors
concerned would have deprived themselves of any legal protection by their own considerations
of short-term benefit," Mrs Iddrisu said.
She said the administration of Ghana's President John Evans Atta Mills had a solid commitment to improve existing infrastructure, build the capacities of its people, ensure that laws were enforced and barriers to investment removed.
She said: "We open our doors to investors who seek to maximize legitimate profit while helping government and local people better their lot through resource exploitation, distribution and the payment of taxes and agreed royalties."
Touching on Ghana's legal climate, the Attorney General (AG) stated that the judiciary had undergone reforms to make it investor friendly.
She said commercial courts had been established and efforts were being made at expediting justice particularly in commercial and investment related cases.
Mrs Iddrisu said the establishment of the commercial courts, land courts, as well the numerous reforms in court processes demonstrated a commitment by government to solidify not only the foundations of economic governance but also foreign investment interests in Ghana.
"Like all countries in the developing world, we still have some key challenges to overcome but the gains thus far are noteworthy".
The Attorney General said competition for global investment had intensified and Africa needed to position itself as a leading destination by building up on governance reforms, law reforms and guaranteeing respect for human rights and political accountability.
She said in Ghana, the inception of the constitutional regime in 1992 further deepened the move towards greater openness and respect of individual and multinationals' investment within the framework of law and good governance.
"While the constitutional regime amply provides sufficient safeguards against the illegal expropriation of investor assets, it is significant to mention the fact that government is determined to balance the interests of investors with government's obligation to manage
the resources of the state in the best interest of the people of Ghana".
Answering questions from a cross section of students, members of the American legal fraternity and the media, Mrs Iddrisu reiterated Ghana's commitment to the rule of law and international investment laws, noting that
the protection of foreign investment was an international obligation that Ghana would always uphold.
"Over the past two decades, we have reinforced our governance system and consolidated constitutional democracy with greater emphasis on human rights and fundamental freedoms, as well as the protection of property rights.
"These rights and spaces for individual autonomy remain crucial for the realization of economic and potential key ingredients for investor success.
Indeed, foreign investment needs a pool of qualified and motivated human resources.
"It is the objective of the President Mills Administration to unleash these potentials by reinforcing human rights and individual freedoms," the Attorney General said.