Tamale, Ghana – Development experts have raised serious concerns over the growing impact of illicit financial flows (IFFs) on Ghana’s economy, warning that the country risks losing critical resources needed for national development.

Speaking at a workshop organized by the Media Foundation for West Africa, development economist Dr. Bishop Akolgo said illicit financial activities are draining national resources, weakening governance, and undermining Ghana’s ability to achieve key global targets such as Sustainable Development Goal (SDG) 16.4, which seeks to reduce illicit financial and arms flows by 2030.

Dr. Akolgo stressed the urgent need for stronger investigative journalism to expose abuses related to tax evasion, aggressive tax avoidance, trade misinvoicing, and money laundering, which are among the major sources of IFFs.

He noted that critical reporting on these issues has so far been insufficient, limiting public awareness and accountability.

The workshop also highlighted the roles of the private sector, chambers of commerce, trade unions, national statistical offices, central banks, law enforcement agencies, and policymakers in either enabling or tackling illicit flows.

Strengthening collaboration among these stakeholders was identified as crucial to curbing financial leakages and improving domestic revenue mobilization.

Experts cautioned that illicit financial flows not only weaken Ghana’s fiscal capacity but also reduce funding for essential public services such as healthcare, education, and infrastructure.

They stressed that tackling the problem is vital for sustaining economic growth and ensuring equitable development.

Globally, combating IFFs has become a development priority, with coordinated efforts underway to address the issue as part of the United Nations’ 2030 Agenda for Sustainable Development.

Report By: Kennedy Addy Edem