Amid the rapidly changing skyline in Ghana, where glittering towers and luxury apartments are fast rising are concerns of a possible dark economy. Many well-meaning Ghanaians are concerned about why these luxurious high-rise apartments remain virtually empty.
One of such people is the renowned Ghanaian business magnate and chancellor of the University of Cape Coast, Dr. Sir Sam Jonah. The business executive says he has noticed that many of these magnificent edifices, Airport Residential, to Cantonments and Labone are empty luxuries, questioning where the financing of these buildings are coming from.
To him, it makes no business sense for such expensive edifices to remain empty without generating revenues if the funding came from valid and genuine sources such as the banks.
This raises concerns of possible vices such as money laundering and corruption which may be funding these real estate luxuries.
The Case of Prof. Kwaku Azar
Amid the growing concerns, renowned U.S.-based Ghanaian academic and legal practitioner, Prof. Stephen Kwaku Asare, popularly known as Kwaku Azar, has added his voice to the growing debate about the source of funding for Ghana’s real estate boom.
In a detailed commentary, the Professor of Accounting called for the enactment of a robust Unexplained Wealth Law (UWL), which is a legal framework that would compel public officers and individuals to account for wealth that far exceeds their known income.
In his view, Ghana’s visible opulence, when disconnected from legitimate income streams, undermines trust in public institutions and rewards impunity over integrity. He argues that if the country is serious about restoring integrity in public life, then the unrestrained display of unexplained wealth cannot remain beyond the reach of the law.
He therefore proposes a 10-point plan for sanitizing Ghana’s public and financial systems through an effective Unexplained Wealth Law.
Giving Life to the Constitution
Article 286(4) of Ghana’s Constitution already makes it unconstitutional for a public officer to acquire property that cannot be traced to lawful income, gift, loan, or inheritance. But this provision, Prof. Azar explains, is “dormant and symbolic” because there is no law to operationalize it.
A UWL would activate this constitutional clause, allowing authorities to legally pursue and confiscate assets that cannot be explained.
Closing the Gap Between Looting and Asset Recovery
Under current laws, it is often difficult to prosecute corruption because proving a specific offence beyond a reasonable doubt is challenging. Prof. Azar’s plan shifts the focus from the person to the property.
Even if a suspect cannot be criminally convicted, the wealth itself, if it cannot be explained, must be targeted and recovered by the state.
Reversing the Burden of Proof
He also makes a revolutionary call on the country’s jurisprudence and legal system. He proposes that the current common law regime, where the burden of proof lies on the prosecution must be reversed for the civil law regime. Instead of the burden of proof lying on the prosecution, the public officer must show how they lawfully acquired their assets.
This, Prof. Azar notes, will “shift the evidentiary balance in favour of accountability,” making it harder for individuals to hide behind legal technicalities.
Strengthening the Asset Declaration Regime
He observes that Ghana’s asset declaration laws exist mostly on paper. Many public officials file declarations that are neither verified nor audited.
A UWL, according to Prof. Azar, will introduce mandatory verification, auditing, and enforcement mechanisms that ensure that asset declarations actually mean something.
Empowering Oversight Institutions
Critical to this fight are oversight bodies such as the Auditor-General, Office of the Special Prosecutor (OSP), and CHRAJ. Prof. Azar admits that these bodies are often accused of lacking the legal muscle to act decisively.
The proposed law, he says, would give these institutions explicit powers to demand explanations for wealth, and to freeze, seize, or recover assets when lawful ownership cannot be proven.
Aligning with Global Anti-Corruption Standards
The United Nations Convention Against Corruption (UNCAC) encourages countries to criminalize illicit enrichment. Ghana’s adoption of a UWL would align it with international best practices, bolstering its credibility in the global fight against corruption.
In Prof. Azar’s view, Ghana must not remain an outlier in a world increasingly intolerant of unexplained wealth.
Enabling Civil-Based Asset Recovery
He argues that not every corruption case can end in criminal prosecution, witnesses die, evidence gets destroyed, or suspects flee.
A civil pathway, as Prof. Azar suggests, would allow authorities to recover ill-gotten assets through civil suits. This lowers the bar for accountability and ensures that justice does not depend solely on criminal conviction.
Deterring Abuse of Public Office
When public officers know that their unexplained wealth can be investigated and confiscated, the temptation to misuse office for personal gain diminishes.
Prof. Azar believes that a strong UWL would make corruption less rewarding and integrity more attractive.
Restoring Public Trust and Fairness
Ordinary Ghanaians see luxury cars and mansions sprouting around them while public schools and hospitals struggle for basic resources. This disconnect breeds resentment and cynicism.
By holding individuals accountable for unjustified wealth, the UWL can bridge the trust gap between citizens and the state, reinforcing fairness and fiscal justice.
Protecting Honest Public Servants
Prof. Azar emphasizes that the law is not an attack on success. Those who can lawfully explain their wealth, whether through business, inheritance, or legitimate earnings, have nothing to fear.
Rather, it protects the reputations of honest public servants by distinguishing between genuine prosperity and suspicious enrichment.
The Bottomline
In Prof. Azar’s view, the fight against corruption should not end with catching culprits; it must also target their spoils. He is convinced that an Unexplained Wealth Law could target the wealth, not just the owner. “Even when looters abscond, die, or hide behind fronts, the law can still act against the property itself,” he says.
His proposal comes at a time when public concern about corruption and illicit wealth is at an all-time high, fueled by revelations about questionable real estate financing and lavish displays of unexplained affluence in Accra.
