The Media Foundation for West Africa (MFWA) has called upon journalists to take a stand against the pervasive issue of illicit financial flows (IFFs) that are undermining Ghana’s economic progress.
Dr Kojo Impraim, the Head of Research and Advocacy at MFWA, issued this charge during a press conference held on Wednesday, October 4, 2023, emphasising the urgent need to shed light on the dark underbelly of IFFs.
He drew attention to the recent Potholes Campaign by JoyNews, which highlighted the dire state of roads in Ghana.
Dr Impraim underlined that IFFs are a major contributor to this problem, as they siphon away much-needed resources that could be invested in infrastructure development and public services.
“Illicit financial flows are like a hidden cancer in our economic system. They are rampant in various sectors, including real estate, extractive industries, and commodities trading, and they rob our nation of crucial funds for development,” said Dr Impraim.
Archibold Adams, the Communications Coordinator at Oxfam, echoed these concerns, emphasizing the need for media capacity building to effectively combat financial crimes.
Oxfam has pledged its support to empower journalists with the necessary skills to uncover and report on IFFs.
Representing the Deputy Minister of Finance in charge of Resource Mobilization, George Swanzy Winful, Director of the Revenue Policy Division, revealed that Ghana has developed a medium-term revenue strategy as part of its post-COVID-19 economic recovery program.
This strategy aims to elevate Ghana’s tax-to-GDP ratio from the current 13% to 20% over the medium term, providing much-needed tax certainty and predictability.
Winful stressed the gravity of the IFF issue, noting that Ghana loses a staggering $340 million annually to illicit financial flows.
This poses a significant threat to the country’s progress toward achieving the Sustainable Development Goals (SDGs) and, as such, demands immediate attention and action.
Assistant Commissioner Dominic Naab, representing the Ghana Revenue Authority (GRA), detailed various initiatives undertaken to enhance tax administration, including digitisation efforts.
He clarified that GRA implements tax policies and laws but does not formulate them.
Mr Naab welcomed the addition of a Right to Information (RTI) officer to enhance transparency within the organization and stressed that IFFs pose a substantial obstacle to Ghana’s revenue mobilisation efforts.
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