Ghana loses US$3bn annually to illicit financial flows- GloMeF CEO 

Tackling corruption in the country requires concerted and multifaceted approach, Mr Raphael Godlove, the Founder and Chief Executive Officer of the Sunyani-based Global Media Foundation, a human rights and media advocate Non-Governmental Organisation has said.

The nation must also do more and strengthen anti-corruption laws and institutions, foster a culture of integrity and ethical leadership.

Mr Ahenu, also the Secretary to the Sunyani Local Accountability Network (LANet), a Civil Society Organisation, fighting against corruption, said Ghana also needed international cooperation and support her efforts to combat corruption and promote sustainable development.

Corruption, he said, impeded economic growth and development, distorted markets, deterred foreign investment and diverted public resources away from essential services and infrastructure.

Mr. Ahenu was addressing an anti-corruption forum in Sunyani to commemorate this year’s International Anti-Corruption Day, organised by LANet, under the auspices of Ghana Anti-Corruption Coalition (GACC).

The theme for this year’s celebration is “UNCAC at 20: Uniting the World Against Corruption”, which emphasizes the interconnectedness of anti-corruption measures, peace, security, and development, highlighting the collective responsibility to combat corruption across sectors.

The GACC with support from Good Governance Africa (GGA) and Hewlett Foundation is working to sensitize and empower the youth in 33 districts from 14 regions in the country on the significance of combating corruption.

This, according to Mr Ahenu, was to raise awareness among the youth about the negative impact of corruption and encourage their active participation in anti-corruption endeavours.

He indicated the African Union’s High-Level Panel on Illicit Financial Flows report estimated Ghana lost approximately US$3 billion annually to illicit financial flows, which included activities related to corruption, tax evasion and other illicit activities.

A substantial portion of these illicit financial flows can be attributed to corrupt practices, including bribery, embezzlement and misappropriation of public funds.

Mr Ahenu said efforts to combat corruption and mitigate its economic impact were crucial for the sustainable development and prosperity of the country.

He said the theme for this year’s celebration emphasized the collective responsibility and imperative nature of combating corruption, stressing the need for effective collaboration across individuals, institutions and sectors, including government bodies, public officials, law enforcement, media, businesses, civil society, academia and the general public, to address the adverse consequences of corruption.

Strengthening anti-corruption measures, promoting transparency, and fostering a culture of integrity are essential steps in addressing the economic consequences of corruption in Ghana.

Most of the participants at the forum called for strengthening Legal Frameworks to enhance and enforce anti-corruption laws, regulations, and mechanisms to ensure that corrupt practices were effectively deterred, detected, and punished.

They further stressed the need to empower citizens by providing avenues for citizen engagement, such as participatory budgeting, community monitoring, and feedback mechanisms, to empower individuals to actively combat corruption.

Awareness creation on consequences of corruption would also help promote anti-corruption education in schools, universities, and professional training programs to instill values of integrity and ethical conduct from an early age.

From Dennis Peprah, Sunyani 

 GNA  

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