An estimated $54.1 billion has been lost by Ghana as a result of illicit financial flows linked to trade

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Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

Ghana is estimated to have lost about US$54.1 billion to trade-related illicit financial flows (IFFs between 2013 and 2022), ranking it third among the ten African countries most affected, according to a new report by Global Financial Integrity (GFI).

The report, titled Trade-Related Illicit Financial Flows in Africa, 2013–2022, points to deep-seated structural weaknesses in Ghana’s international trade system, particularly in its dealings with global trading partners.

Based on an analysis that compares countries’ declared exports with what their partners record as imports, GFI estimates that nearly 28 per cent of Ghana’s trade over the period may have been misinvoiced, mispriced or entirely unaccounted for.

This suggests that close to US$3 out of every US$10 in Ghana’s international trade flows may be linked to illicit practices.

Source: newsthemegh.com