Media professionals in Ghana are being urged to take a frontline role in exposing and combating illicit financial flows (IFFs) that drain the nation’s resources and hinder development. Stakeholders emphasize that investigative journalism and consistent public advocacy are crucial tools in holding corrupt actors accountable and driving policy reform. With billions lost annually to financial misconduct, the media’s watchdog role is seen as essential to promoting transparency, strengthening governance, and safeguarding Ghana’s economic future.
With Ghana losing billions of cedis annually to illicit financial flows (IFFs), the Ghana Integrity Initiative (GII), the local chapter of Transparency International, is calling on the media to take a central role in exposing and combating corruption.
The appeal comes amid growing concern over the economic damage caused by IFFs, particularly in the extractive sector. These illegal cross-border movements of money, often involving tax evasion, trade mis-invoicing, and profit-shifting by multinational corporations, are draining the country’s resources and crippling its development potential.
According to the Ghana Revenue Authority (GRA), Ghana loses an estimated $3 billion annually to IFFs, roughly 10% of the national budget. A separate study by the Africa Centre for Energy Policy (ACEP) revealed that between 2002 and 2011, the country suffered illicit capital outflows totaling $7.32 billion, alongside inflows of $7.07 billion linked to trade mis-invoicing.
To tackle this complex challenge, the GII organized a one-day training for journalists in Kumasi under the project “Illicit Financial Flows Reduced and Domestic Resource Mobilization Increased in Targeted Countries.” The initiative, funded by the Norwegian Agency for Development Cooperation (NORAD) through Global Financial Integrity (GFI), is designed to equip journalists with the tools to investigate and report on IFFs.
Speaking at the training, Michael Boadi of the GII emphasized that fighting IFFs demands rigorous and critical journalism. “Illicit financial flows are not simple stories, they’re sophisticated operations often hidden within complex financial systems. Journalists must sharpen their skills to investigate and decode these networks,” he said.
He underscored that the media must move beyond surface-level reporting and become active participants in unearthing the truth. “If Ghana is to be dynamic in its fight against corruption, the media must lead the charge,” Boadi stressed.
The program also promotes collaboration between journalists and research institutions. Maxwell Kpebesaan Kuu-ire, Policy Analyst for Global Financial Integrity in West Africa, highlighted the growing importance of investigating areas like beneficial ownership and public procurement, both hotspots for IFFs.
“There’s a real opportunity for journalists and researchers to work together to produce actionable insights,” he said. “Together, we can track the money and hold the right people accountable.”
Last Updated on April 30, 2025 by Senel Media
