Ghana’s Anti-Money Laundering Efforts Vital for Economic Confidence

Ing. Kwadwo Twum Boafo, CEO of the FIC, highlighted the importance of GIABA’s positive assessment for Ghana’s 24-hour economy initiative. Collaborative efforts with various agencies are aimed at addressing potential shortcomings before the upcoming mutual review in 2026. The fight against money laundering remains ongoing, with a focus on maintaining investor confidence and economic stability.

Ing. Kwadwo Twum Boafo, Chief Executive Officer of the Financial Intelligence Centre (FIC), has emphasized the importance of receiving a positive assessment from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) for Ghana’s economic policies, particularly the 24-hour economy initiative. He asserted that the successful implementation of this flagship program relies heavily on investors’ confidence in the national economy.

The FIC, under Mr. Boafo’s direction, is collaborating with various institutions, including the Bank of Ghana and the Ghana Police Service, to ensure that Ghana achieves favorable results in the upcoming 3rd Round Mutual Review by GIABA in 2026. They aim to rectify potential deficiencies that could impede Ghana from being grey- or black-listed by the Financial Action Task Force (FATF).

Mr. Boafo remarked on the critical role of financial confidence, asserting that without it, the 24-hour economy initiative would fail. He stated, “President Mahama’s pivot is the 24-hour economy… without that confidence, the 24-hour economy will be dead on arrival,” indicating the necessity for comprehensive economic assurance.

He further addressed the ongoing battle against financial crime, reassuring the public that the agencies involved are continually adapting to stay ahead of criminal activities. “We are here to make sure we are always ten steps ahead of the criminals,” he affirmed, highlighting the commitment to maintaining safety and integrity in financial systems.

Edwin W. Harris Jr., Director General of GIABA, recognized the increasing challenges of money laundering in the region, while confirming ongoing efforts to combat these crimes. He stated, “GIABA and member states are working assiduously to combat this illicit crime.”

Additionally, Abdulai Bashiru Dapilah, Executive Director of the Economic and Organized Crime Office (EOCO), stressed the significance of inter-agency cooperation. He revealed that EOCO has recovered over GHS 200 million and emphasized the necessity of collaboration with institutions like FIC and the Bank of Ghana to effectively address financial crimes.

In summary, Ghana’s strategy to enhance its anti-money laundering framework is paramount for fostering investor confidence, essential for the success of its 24-hour economy initiative. The collective efforts of key agencies ensure readiness for the GIABA assessment, which will significantly influence Ghana’s economic landscape and its stance within the global financial system.

Original Source: www.ghanaweb.com