A post-doctoral researcher has presented compelling findings on the economic dimensions of Illicit Financial Flows (IFFs), specifically focusing on trade mispricing in selected commodities.
Using a comprehensive approach, including value chain analysis and identification of risk factors, Angela Alu’s research shed light on the alarming trend of undervaluation in gold exports.
The data revealed that between 2011 and 2017, a staggering $3.8 billion, approximately 11% of total gold exports, was undervalued.
This came to the fore in a dissemination workshop titled ‘Curbing IFFs to Finance Development,’ held at AH Hotel in East Legon, Accra, on Thursday, November 16.
Conclusions drawn from the research emphasised varying levels of trade mispricing, encompassing both over-invoicing and undervaluation.
In response to these findings, the workshop proposed crucial policy recommendations.
Key recommendations include the imperative need to enhance the data capabilities of institutions involved in the production and export of these goods.
The workshop advocates for increased cooperation between different entities in the sector to harmonize the data collected.
Furthermore, the importance of fostering academia and industry collaborations for further research was underscored to address the complex issue of illicit financial flows effectively.
This groundbreaking research highlights the significance of addressing trade mispricing to ensure fair economic practices, emphasising the necessity for collaborative efforts among institutions and stakeholders in Ghana’s trade sector.
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