Ghana loses $1.4billion yearly on illicit financial flows: Report

Ghana loses $1.4 billion per year because of illicit financial flows and taxation, Joseph Osei-Owusu, Ghana’s Deputy Speaker, has said.

Parliamentarians had gathered on Tuesday for the official launch of the African Parliamentary Network on Illicit Financial Flows and Taxation (APNIFFT).

Osei-Owusu, while addressing the house, quoted research conducted by Justice Network Research.

“If we allow so much illicit outflow when our public needs, need to invest in public infrastructure, unfortunately, we will borrow and not provide services,” he said.

Political will

Osei-Owusu, also criticised the lack of political will in implementing laws that protect against illegal financial outflows.

House Majority Leader Alexander Afenyo-Markin also urged executives and members of the caucus to prioritise Ghana’s interests and work towards implementing policies that would reduce illicit financial flows and improve taxation practices.

Africa as a continent is estimated to lose nearly US$89 billion annually due to illicit financial flows, according to the United Nations.

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