Ghana risks losing billions to illicit financial flows and money laundering, while criminal networks continue to fuel insecurity and undermine economic development across West Africa, the Deputy Minister for Finance has warned.
Speaking at the opening of the 2025 FATF/GIABA Joint Experts Meeting in Accra, Thomas Nyarko Ampem said the consequences of unchecked money laundering and terrorism financing extend far beyond financial systems, affecting ordinary citizens and youth opportunities.
“These are not just financial crimes. They are moral injustices that rob our countries of development, deny our youth opportunity, and fuel cycles of insecurity,” Mr Ampem, who spoke on behalf of the sector minister, Dr Cassiel Ato Forson, said.
West Africa currently records some of the highest levels of terrorism-related deaths globally, with criminal networks exploiting weak border controls, informal cash channels and emerging digital financial systems.
Ghana, he said, is taking steps to prevent the country from becoming a conduit for these destabilising flows.
The Deputy Minister highlighted government initiatives, including the Anti-Money Laundering Act, the establishment of the Financial Intelligence Centre (FIC) and the rollout of the new National AML/CFT/CPF Policy (2025–2029), as critical measures to protect both the economy and citizens’ livelihoods.
Ghana has also conducted risk assessments in emerging areas such as virtual assets, non-profit organizations, and transactions linked to environmental crime.
Mr. Ampem said these measures aim to prevent illicit funds from draining public resources and undermining economic growth.
“Africa loses over $80 billion annually to illicit financial flows. We cannot simply remain policy takers. We must be decision-makers in the global fight for financial integrity,” he said, calling for stronger African representation in global financial governance.
The Deputy Minister also urged investment in data analytics, block chain monitoring systems, inter-agency digital platforms and capacity-building for young analysts, emphasising that protecting public funds ultimately benefits citizens.
The three-day meeting in Accra continues with sessions on enforcement collaboration, digital finance risks, and strategies to strengthen compliance in West African states, with participants expected to issue an outcome communiqué outlining priority actions for the coming implementation cycle.
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