A document designed to guide journalists in reporting on Illicit Financial Flows (IFFs), progressive taxation, resource-based lending, and domestic resource mobilisation has been launched in Accra.
The 128-page, 14-chapter media guide covers topics including natural resources and the national economy, resource-backed loans, investigative journalism, interest-driven IFFs, cryptocurrency, trade secrecy and case studies on IFFs.
Launching the document, Mr. Ernest Owusu Addo, a member of the National Media Commission (NMC) said IFFs took various forms such as profit-shifting by multinational companies, trade mis-invoicing, abuse of transfer pricing, and outright corruption.
He noted that regardless of the form, IFFs had a devastating impact on the national economy.
The launch formed part of activities under the project titled “Tax for Development: Strengthening Civil Society and Media for Fiscal Justice”, funded by the Norwegian Agency for Development Cooperation (NORAD) through Oxfam in Ghana.
Mr. Ernest Owusu Addo said IFFs had drained public coffers, undermined development, widened inequality, and eroded public trust.
He noted that from the extractive sector to agriculture, blockchain and cryptocurrency, IFFs continued to exert complex and multifaceted pressure on Ghana’s economy.
“In fact, with Ghana’s economy largely informal and over 70 per cent of actors involved, tracking is as difficult as enforcing revenue mobilisation policies,” he stated.
Mr. Ernest Owusu Addo cited cocoa smuggling, cross-border trade in agricultural produce and illegal imports as examples of activities exploiting unapproved routes.
“Conservative estimates suggest that Ghana alone loses $1.4 billion annually through illicit outflows.
“That is almost equivalent to the GHS1.5 billion annual allocation to the entire Ministry of Agriculture in the 2025 budget. Your guess is as good as mine how many lives could be saved if that money stayed home,” he added.
Describing the guide as “more than a technical document,” Mr. Addo said, “It is a blueprint for reform. It is a tool of empowerment.”
He encouraged journalists to take up the fight against IFFs, saying, “The guidelines offer practical steps for regulators, investigators, financial institutions, revenue authorities and border officials to detect, disrupt and deter IFFs.”
Madam Rebecca Ekpe, Vice President of the Ghana Journalists Association (GJA), said the launch marked a milestone in Ghana’s pursuit of transparency, accountability, and economic justice.
“IFFs and tax evasion deprive a country of vital resources, undermining the ability to fund essential public services and infrastructure,” she said.
Madam Ekpe said that the GJA believed in fostering informed public discourse, promoting accountability, and driving meaningful change.
She urged journalists to use the guide to uncover the truth, expose wrongdoing, and give voice to the voiceless.
Mrs. Rosemond Ebi-Adwo Aryeetey, Senior Programme Manager at the Media Foundation for West Africa noted that many journalists lacked sufficient knowledge and skills on IFFs, and emphasised the guide’s importance in promoting transparency and accountability.
Mr. Mohammed-Anwar Sadat Adam, Country Director of Oxfam Ghana, said his organisation had decided to support journalists to enhance their understanding of IFFs and build their capacity to identify and report on such issues.
He explained that IFFs were often complex and difficult to navigate, making capacity building crucial to enabling the media to contribute meaningfully to Ghana’s development.
IFFs refer to the illegal movement of money across borders, often associated with criminal activities, corruption, and tax evasion, and pose significant threats to economic development, particularly in developing countries.
By Joyce Danso
GNA
