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Periodical article | Leiden University catalogue | WorldCat |
Title: | Offshore finance in Ghana: why not? |
Author: | Vlcek, William |
Year: | 2011 |
Periodical: | Review of African Political Economy (ISSN 0305-6244) |
Volume: | 38 |
Issue: | 127 |
Pages: | 143-149 |
Language: | English |
Geographic term: | Ghana |
Subjects: | banking tax evasion |
External link: | https://www.tandfonline.com/doi/abs/10.1080/03056244.2011.552704 |
Abstract: | In 2007, Barclays Bank of Ghana launched offshore banking in Ghana. In January 2010, the OECD stated that the presence of an offshore financial centre (OFC, or 'tax haven') 'in the centre of the African continent' would serve to 'fuel corruption and crime in West Africa'. The present author assesses the grounds for the OECD statement and counters it with his own question: why not? He concludes that the creation of an OFC in Ghana represents an effort to capture the rents of offshore finance in Ghana, rather than leaving them to be collected in other locations - which exist anyway at some place in the world. In other words, rather than continuing to enrich the banks in Europe and North America, the OFC in Ghana offers the opportunity to keep the wealth in Africa and potentially it will also attract money avoiding taxes in Europe and North America. Bibliogr., notes., ref. [ASC Leiden abstract] |