ADVERTISEMENT
RADP / Pulse Ghana  >  news  >  business

Illicit financial flows cause Ghana to lose $340m every year

Berlinda Entsie

A research organisation in Ghana says the country loses $340m annually through illicit financial flows

___6597075___https:______static.pulse.com.gh___webservice___escenic___binary___6597075___2017___4___28___12___23610753-og
___6597075___https:______static.pulse.com.gh___webservice___escenic___binary___6597075___2017___4___28___12___23610753-og

Illicit financial flows(IFFs) are illegal movements of money or capital from one country to another.

Global Financial Integrity classifies this movement as an illicit flow when the funds are illegally earned, transferred or utilized.

READ ALSO: Ghana's imports from Africa hit 3.2m metric tonnes

ADVERTISEMENT

In Ghana’s case, the inability of revenue collection agencies to judiciously mobilize funds, has resulted in both local and foreign companies evading taxes.

Speaking to 3FM BUSINESS at a forum to discuss illicit financing and its effects on countries, coordinator of ISODEC, Dr. Steve Manteaw lamented that the nation is losing a lot due to this act.

“Ghana loses 340 million dollars annually and this is quiet substantial. We lose all these monies and we go about borrowing, when we can pluck the holes and get these monies out of illicit financial flows” .

ISODEC has advocated for strict monitoring of the revenue collection agencies as well as the country’s legislations, in order to apprehend the perpetrators.

READ ALSO: Top airline investors eye Ghana's domestic market

ADVERTISEMENT

“There are exploitation of leakages in our revenue generation agencies, and these leakages must be blocked. Our policies and laws must be reinforced to close the gaps, that way, we can make a lot”.

Integrated Social Development Centre (ISODEC ) is a Ghanaian, rights-based public policy research and advocacy organisation.

Enhance Your Pulse News Experience!

Get rewards worth up to $20 when selected to participate in our exclusive focus group. Your input will help us to make informed decisions that align with your needs and preferences.

I've got feedback!
Berlinda Entsie Berlinda Entsie Berlinda Entsie a reporter at Pulse.com.gh/bi/. She reports on all your business related issues and always ready to promote your business through amazing reportage.

JOIN OUR PULSE COMMUNITY!

Unblock notifications in browser settings.
ADVERTISEMENT

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.com.gh

ADVERTISEMENT