Africa loses $88.6 billion each year to illegal money transfers
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).
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.
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.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Insider
an hour ago
- Business Insider
New West African flight route set to boost trade between Ghana, Burkina Faso
AWA, a leading African Airline has officially launched direct flights between Accra, (Ghana) and Ouagadougou, capital city of Burkina Faso, marking a strategic move into the Sahel region and reinforcing efforts to boost intra-African connectivity. AWA has initiated direct flights between Accra and Ouagadougou, enhancing connectivity in the Sahel region. Three weekly flights will operate on this route, supporting AfCFTA's goal to facilitate regional trade and mobility. Regional officials welcome the development, stating it will boost aviation, tourism, and economic ties between the two nations. The inaugural flight landed on July 1, 2025, at Ouagadougou International Airport and was preceded by a ceremony in Accra. Reports read that the Airline will operate three flights weekly, supporting the objectives of the African Continental Free Trade Area (AFCFTA) by facilitating smoother movement of people, goods, and services across borders. Ticket prices for the route start at $290, according to the airline. Togbe Afede XIV, co-Chairman of Africa World Airlines (AWA) and Agbogbomefia of the Asogli State, reaffirmed the airline's commitment to African integration through reliable and safe aviation services. ' Our safety record is great. Our reliability is great, and that's the kind of tradition we expect to continue the service we want to offer our friends from Burkina Faso, ' he said. Togbe Afede also linked the new route to a broader vision of reconnecting the Sahel region with the rest of the continent. 'Hopefully, through them, we'll link all of the Sahel to the rest of Africa, in line with President John Mahama's vision of bringing Burkina Faso and Niger back into the fold.' Addressing public concern over high airfares, he noted that while the recent appreciation of the Ghanaian cedi could eventually lead to lower prices, the impact would take time due to legacy costs. ' Yes, prices will go down, but it takes time. Many of our costs were based on the old exchange rate, and we continue to meet obligations priced at those earlier levels. But I want to assure our customers that AWA is committed to value, service, and most importantly, safety, ' he said. From Burkina Faso, Karim Tapsoba, speaking on behalf of the Director General of Civil Aviation, hailed the new route as a critical development in West African air transport. ' It marks an important stage in the development of air transport in our sub-region. I am convinced that AWA will contribute to enhancing our aviation network and strengthening economic and tourism ties between the two countries. ' New Air route strengthens regional integration The launch comes amid broader regional integration efforts, including AfCFTA and ECOWAS initiatives. Earlier this year, Ghana's President John Mahama hosted leaders from Burkina Faso, Mali, and Niger in Accra for ECOWAS' 50th anniversary. In March, Mahama also made his first official visit to Mali, meeting with General Assimi Goïta, Mali's transitional president and current chairman of the Confederation of Sahel States (CSS). With the launch of the Accra–Ouagadougou route, AWA joins a small group of carriers offering regular commercial flights between the two countries, opening new channels for trade, tourism, and diplomatic relations across West Africa.
Bloomberg
3 hours ago
- Bloomberg
Europe Can Cope With Ban on Russian Gas, TotalEnergies CEO Says
Europe will be able to withstand the proposed ban on Russian gas imports by the European Commission from 2028, the head of TotalEnergies SE said, pointing to the development of new liquefied natural gas export capacities in the US and Qatar. 'We'll be able to ensure the security of supply of Europe without Russian LNG in 2028' thanks to new capacities under construction in those two countries, Chief Executive Officer Patrick Pouyanne said during an interview with BFM Business television on Saturday.
Hamilton Spectator
4 hours ago
- Hamilton Spectator
Leasing companies allege Flair failed to make rent payments, ignored default notices
Plane-leasing companies that seized four aircraft from Flair Airlines in 2023 are seeking damages from the budget carrier, alleging it failed to make rent payments by the deadline and ignored repeated default notices. The allegations were detailed in a statement of defence and counterclaim for US$30.9 million filed in Ontario Superior Court on June 26. In March 2023, Flair Airlines filed a $50-million lawsuit against Irish-based Airborne Capital Inc. and a trio of affiliated leasing corporations, alleging they 'secretly' found a better deal for the Boeing 737 Max aircraft with a third party and then set up Flair for default. Flair said at the time it received no notice over the 'unlawful' seizures, which took place at airports in Toronto, Edmonton and Waterloo, Ont., precluding the airline from alerting or rebooking customers. The airline then found itself down by more than a fifth of its 19-plane fleet, forcing it to cancel multiple flights. 'The lessors sent agents to seize the aircraft in the middle of the night as passengers were boarding planes for spring break vacations,' Flair's statement of claim said. But Airborne Capital has said that Flair 'regularly' missed payments over the previous five months, prompting the plane seizures, and that it had been in regular contact with Flair's representatives about its obligations. None of the allegations in Flair's lawsuit or the countersuit have been tested in court. In new court documents, the lessors deny any breach of contract or duty to act in good faith, saying the seizures were necessary to protect the value of the aircraft. They said the seizures took place at Canadian airports to avoid stranding passengers overseas and were timed overnight to prevent disruption during busier daytime hours. 'Flair's action is an attempt to recover self-inflicted losses arising from its own defaults,' the countersuit stated. 'For months, Flair failed to make rent and other payments when due under the leases. It ignored repeated default notices in which the lessors expressly reserved their rights and remedies under the leases, including to terminate the leasing of the aircraft and repossess the aircraft.' The leasing companies said they 'repeatedly advised that the continuing arrears were unacceptable.' They also denied that the seizures were related to a more profitable deal with a third-party. 'In fact, it took the defendants several months and significant cost ... to re-market and restore the aircraft to a suitable condition before they could be re-leased or sold,' the document stated. 'Two aircraft required major repairs because one or more of their engines were unserviceable due to defects uncovered post recovery from Flair.' In a statement, Flair CEO Maciej Wilk called the counterclaim a 'predictable response' to Flair's lawsuit. 'The company does not comment on active litigation, but would like to point out that the claims in question relate to events that occurred over two years ago,' Wilk said. 'Flair continues to maintain and cultivate productive and positive relationships with all of its stakeholders, including its customers, lessors and other industry partners and remains focused on executing its strategy and commitment to be Canada's most reliable and affordable airline.' This report by The Canadian Press was first published July 4, 2025.
