Transform of Ethical Practices in Globalized Economy, a Special Focus on Ghana

Abstract

Over the years, foreign investors have expressed concerns about high risk of undertaking investment in Africa partly due to the unfavorable business practices such as faking of reports, corruptions as well as bribery. The concept of fairness and ethics were challenged which are core to any civilization. The transformation is necessary for people of Ghana to meet their needs, as well assist in the creation of responsible business operations within a strong, forward looking governance and policy framework. This creation will help to create a stable, resilient and prosperous economy. Ghana’s banking, commercial law and practices, competition policy, corporate responsibility and anti corruption, marketing and advertisement like many areas need transformation. Other areas like digital economy, intellectual property, taxation, and trade and investment policy transform the ethical practices of Ghanaian business firms to match with globalized economy. The paper aims to explore the fundamental principle of ethical fairness in business practices in today’s globalized economy. The first half of the research paper would attempt to discover the ethics in business dealings and the latter part tries to visualize the future of these concepts in corporate world and Ghanaian context.