By Elizabeth PUNSU, Kumasi
The Economic and Organised Crime Office (EOCO) has issued a strong call for urgent, multi-stakeholder collaboration to combat the growing threat of Illicit Financial Flows (IFFs) in the country.
“In the fight against IFFs, collaboration is key. Law enforcement agencies must work hand-in-hand with the media and other state institutions. No single institution can tackle this challenge alone — we must work together across the board,” said EOCO’s Ashanti Regional Director, Edward Cudjoe.
Ghana is estimated to lose over US$3billion annually to IFFs, which include activities such as money laundering, tax evasion and transfer pricing. This trend reflects a broader issue across Africa, where countries collectively lose more than US$50billion each year to such illicit financial activities.
“These are resources that could be used for critical development projects such as quality education, healthcare and infrastructure,” Mr. Cudjoe emphasised.
The past two governments, upon assuming office, have resorted to the International Monetary Fund (IMF) for financial assistance, with the immediate past government securing a US$3billion bailout. Meanwhile, a similar amount is lost annually to IFFs.
Mr. Cudjoe made these remarks during a two-day training session organised by the Media Foundation for West Africa, in partnership with Oxfam Ghana and funded by the Danish International Development Agency (DANIDA).
The training, held in Kumasi, brought together 20 journalists to explore IFFs and their impact on national revenue mobilisation.
“It’s important to engage those who inform the public. Journalists play a vital role in raising awareness, shaping conversations and exposing the channels through which funds illegally leave the country. This training helps them understand what IFFs are, what to look out for and how to tell these stories in a way that informs and educates the public,” Mr. Cudjoe said.
He added that while Ghana has strong laws, enforcement and coordination remain a challenge.
“IFFs rob the nation of resources for development. The more informed the public is, the more we can collectively block the channels used to siphon funds out of the country. It’s not about legal inadequacy — it’s about a combination of systemic issues,” he said.
Mr. Cudjoe also warned that if left unchecked, IFFs could have adverse implications for the country’s security.
“These funds can be used to procure weapons or finance conflicts. Often, the money is disguised and laundered through seemingly legitimate channels such as charitable donations or development aid. This can pose serious threats to national peace and stability,” he stressed.
Furthermore, he emphasised the urgent need to take proactive steps to prevent further losses.
“We are particularly concerned about money leaving Ghana through tax evasion and money laundering to opaque jurisdictions and tax havens. Once it leaves, it’s nearly impossible to trace or recover. That’s why we must act now; raise the alarm and educate the public about the signs and pathways of IFFs,” Mr. Cudjoe added.
Programmes Assistant for Media and Good Governance at the Media Foundation for West Africa (MFWA), Paul Gozo, noted that the initiative was developed in response to a capacity gap within the media sector in relation to reporting on illicit financial flows and taxation policy.
The training programme is part of the Strategic Partnership Initiative for Ghana and West Africa, supported by Oxfam Ghana and DANIDA.
It aims to train 80 journalists across the country on how to identify IFFs and understand issues surrounding progressive taxation in order to adequately report on them, bring the issues to public attention and contribute to long-term solutions.
