Ghana has emerged as a major casualty of a decade-long financial haemorrhage, losing a staggering $54.1 billion to trade-related illicit financial flows (IFFs) between 2013 and 2022, according to a report by Global Financial Integrity (GFI).
The report, titled “Trade-Relied Illicit Financial Flows in Africa, 2013–2022”, reveals that Ghana ranks as the third most affected country on the continent. Nearly 28% of Ghana’s total trade, approximately $3 out of every $10, is implicated in misinvoicing, price manipulation, or outright tax evasion.
The GFI report identifies systemic opacity in Ghana’s primary export sectors – gold, cocoa, and oil – with large multinational buyers leveraging power imbalances to facilitate under-invoicing. Trade with advanced economies like the G7 nations accounted for $20.5 billion of the losses.
The economic impact translates into a lack of public services, with countries plagued by high IFFs spending significantly less on citizens. Ghana could have bridged funding gaps for thousands of clinics and schools if it had reclaimed a fraction of the lost funds.
To halt the bleeding, GFI recommends aggressive technological and legal reforms, including digital customs modernisation, beneficial ownership registries, blockchain verification, and regional synergy through the African Continental Free Trade Area (AfCFTA).
“Illicit financial flows represent a formidable barrier to Africa’s inclusive growth and economic sovereignty,” GFI stated, warning that Ghana remains a “net creditor” to the rest of the world without systemic change.
