An economist and a consultant in illicit financial flows (IFFs), Bishop Akolgo has said that there is a need for government to urgently stop illicit financial flows and payout resources for national development.
Bishop Akolgo, noted that there are a number of ways to stop illicit financial flows, including acknowledging and accepting that the issue is a real one and empowering the GRA, the financial intelligence center, and the natural resource regulatory commissions to be able to set themselves up to check all the illicit financial flows.
Bishop Akolgo made these comments as the lead facilitator at a training workshop organised by the Governance for Inclusive Development Programme for 12 selected journalists on illicit financial flows.
Bishop Akolgo also mentioned the need for companies working with GNPC to exploit petroleum or use it in the mining industry to make sure they don’t engage in any base erosion and profit shifting, as well as export and import, under-invoicing and over-invoicing.
He noted that the Ghana Revenue Authority must be up and doing and must be resourced and empowered to be able to audit all these companies for signs and evidence of illicit financial flows.
“All the companies who engage in this should be made public so that we can name and shame them and a possible prosecution to follow all the studies that have been done from 2000 to date, and have come up with various findings, sources of digital finance flows should be examined and audits carried out on companies that have been identified,” Bishop Akolgo suggested.
He noted that enough needs to be done to put a stop to the illicit financial flows happening within the country and Africa as a whole if Africa needs to move forward in its finances.
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