Investigations by the Economic and Organised Crime Office (EOCO) revealed that Ghana lost $1.1billion through unaccounted gold exports from 2019 to 2021. Abdulai Bashiru Dapilah, from the Ministry of Finance’s illicit Financial Flows (IFFs) Unit, explained that companies concealed funds via breaches of the Foreign Exchange Act, money laundering, and tax fraud. During a forum organized by the Media Foundation for West Africa (MFWA) and EOCO, funded by OXFAM, Mr. Dapilah emphasized the role of the media in combating IFFs by raising public awareness and exposing economic crimes. He suggested using simplified formats like cartoons, humor, and infographics for effective communication. Forum panelists stressed the need for journalists to understand IFFs deeply and hold powerful entities accountable. They noted that Ghana loses more to IFFs than it receives in development aid. Dr. Emmanuel Steve Manteaw urged state institutions to act on exposed economic crimes and called for better resources and autonomy for investigating bodies. Bishop Akolgo highlighted the importance of independent journalism and using platforms like YouTube to publish work. Dr. Kojo Impraim of MFWA hoped the forum would help achieve Sustainable Development Goals 16 and 17.
GOLD EXPORTS TO HIT US$ 10BILLION BY END OF 2024
Gold exports hit a record high in the first half of 2024, totaling $5 billion out of Ghana's $9.2 billion in total exports. Chief Executive Officer of the Minerals Commission, Martin Ayisi, attributed this to the surge in gold prices and increased production from both...