Investigations by the Economic and Organised Crime Office (EOCO), have revealed a total amount of $1.1 billion lost by Ghana through unaccounted gold exports between 2019 and 2021.
According to the Head of Organized Crime and member of the Illicit Financial Flows (IFFs) Unit at the Ministry of Finance and Economic Planning¸ Abdulai Bashiru Dapilah, the defaulting companies hid the funds in gold exports without remitting proceeds into the country.
They did that through breaches of the Foreign Exchange Act, money laundering, tax fraud, among others, he added.
Mr. Bashiru Dapilah disclosed this information during his speech at a forum on the role of the media in the fight against IFFs in the country, which was organized by the Media Foundation for West Africa (MFWA), in partnership with EOCO, and funded by OXFAM, an international confederation of independent charitable organizations.
Gold exporters in Ghana are required to pay a 3% withholding tax to the Ghana Revenue Authority (GRA), 0.5% to the Minerals Commission for the Small-Scale Mining Sustainability Fund and a 0.118% tax to the Precious Minerals Marketing Company.
Mr. Bashiru Dapilah in his explanation mentioned that, IFFs were done through any form of fraud, illegal arms deals, smuggling, illegal mining, tax evasion and prohibited goods. Hence, such economic crimes have become more sophisticated and complex, rising the need for state agencies and civil society groups, including the media, to prevent and control such activities.
He therefore urged journalists to educate the public through their reportage to expose such economic crimes.
“The media must frame issues in a simplified and digestible format, raise popular narratives, put issues on the government agenda and enable the citizenry to better appreciate these issues.
“Cartoons, humour, video skits, blogs and infographics are some of the ways in which the media can depict the drivers, identify, track and recover money lost through IFFs.”
Mr. Abdulai Bashiru Dapilah
Panelists Share Views On Journalists Role To Help Curb IFF
Adding to the voice of Mr. Abdulai Bashiru Dapilah, Panelists at the forum beseeched journalists to build their maximum capacity to expose economic crimes and harmful tax practices.
The panelists were United Nations Conference on Trade and Development (UNCTAD), national consultant on IFFs at the Ghana Statistical Service, Bishop Akolgo; the Chairman of the Civil Society Platform on Oil and Gas, Dr Emmanuel Steve Manteaw; a PhD student of the University of Ghana Business School, Legon, Angela Azumah Alu, and the Managing Editor of the Ghana Business News, Emmanuel Dogbevi.
According to the panelists, journalists profound understanding of IFFs, politics and the narratives to present IFF issues are very crucial as that seems to be the best means to assist them promote public awareness.
Ms. Angela Azumah Alu stressing on the fight against IFFs emphasized that, the process requires a holistic approach. It is crucial for the media to hold to account the powerful, including governments, corporate bodies and the wealthy on curbing IFFs, she said
Mr. Emmanuel Dogbevi indicated that, the country was losing more money to IFFs.
“We do not need aid, since we lose much more money to IFFs than we receive in developmental aid.”
Mr. Emmanuel Dogbevi
Dr. Manteaw urged state institutions to be proactive in working on economic crimes exposed by journalists to move the country forward.
“The government in its best way needs to better resource institutions in charge of investigating economic crimes to discharge their duties. Such institutions must be autonomous.”
Dr Emmanuel Steve Manteaw
Bishop Akolgo advised journalists to move beyond just acquiring knowledge on IFFs and as well be dedicated and committed to doing their work.
“Journalists must also build contacts within the industry and practice independent journalism, using media platforms such as YouTube to publish their work.”
Bishop Akolgo
Dr. Kojo Impraim, the Director, Research and Advocacy, MFWA, expressed the hope that the forum would help the country achieve Sustainable Development Goals 16 and 17.
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