Africa is losing an estimated US$88.6 billion annually to illicit financial flows, according to a recent report by Ghana’s Financial Intelligence Centre (FIC).
- Africa loses an estimated $88.6 billion annually to illicit financial flows, impacting economic development.
- Ghana achieved 42 convictions for money laundering-related offences in 2023, reflecting progress in combating these issues.
- Efforts include enhanced legal cooperation and institutional strengthening to address financial crimes across borders effectively.
These losses are significantly undermining foreign direct investment (FDI), development assistance, and national efforts to drive economic transformation across the continent.
The illicit outflows, driven by capital flight, tax evasion, money laundering, and proceeds of crimes such as bribery, corruption, and illegal mining, continue to rob African countries of essential resources required for infrastructure, healthcare, education, and sustainable development.
Ghana records 42 money laundering convictions in 2023
Ghana’s FIC revealed that in 2023, the country secured 42 convictions for money laundering-related offences. Fraud was the most common offence, accounting for 22 convictions, followed by forgery (17) and drug trafficking (3).
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FIC calls for National support to tackle financial crime
At a sensitisation forum held in Tamale in the Northern Region, FIC representative Madam Yvette Anthea Owusu addressed members of the media and civil society, highlighting the damaging impact of illicit financial flows on national development.
“These acts make it difficult for countries to access the funds required to execute development projects for economic growth,” she noted.
The forum, themed ‘Building Political Will and Public Support for Asset Recovery in Ghana’, was organised by the Ghana Anti-Corruption Coalition (GACC) with support from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
The initiative, spanning three months and covering five regions, aims to raise awareness of asset recovery processes, legal frameworks, and institutional roles in fighting corruption.
Madam Owusu acknowledged Ghana’s gradual progress in asset recovery, attributing gains to stronger cooperation between key institutions such as the FIC, revenue and security agencies, and international counterparts.
“Ghana is gradually making progress in the asset recovery regime despite existing challenges, owing to stringent measures put in place to curb money laundering,” she said.
Referencing Article 13 of the United Nations Convention Against Corruption (UNCAC), she underscored the role of civil society and the media in combating corruption. The article calls for public participation and the inclusion of non-governmental organisations in anti-corruption measures.
She also highlighted Ghana’s ongoing mutual legal assistance with other jurisdictions to prosecute cross-border financial crimes.
Call for stronger media involvement and government support
Madam Owusu encouraged journalists to serve as watchdogs in collaboration with civil society organisations (CSOs) to educate the public and help trace illicit assets. “Investigative journalism plays a critical role in the fight against corruption,” she stressed.
Benjamin Ndego, representing the Economic and Organised Crime Office (EOCO), emphasised the importance of public trust and transparency in asset recovery efforts. He said EOCO is increasing the use of legal tools, including plea bargaining, to improve outcomes and reduce costs.
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He also appealed for more funding, legal resources, and public awareness support from the government, CSOs, and development partners.
Media and CSOs key to building asset recovery awareness
Speaking on the rationale behind the outreach programme, Solomon Nyankah of the GACC said the initiative was necessary due to Ghana’s ongoing losses from illicit financial activities.
“We initiated this project because we recognised a need to educate the public, especially media and CSOs, about the asset recovery regime and the importance of their roles in informing the wider population,” he explained.
“We’re focusing on media because they have the power and voice to reach a broad audience with knowledge on asset recovery and its effective management,” Mr Nyankah added.
