Accra: 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.
According to Ghana News Agency, the launch of the document was led by Mr. Ernest Owusu Addo, a member of the National Media Commission (NMC). He explained that IFFs manifest in various forms such as profit-shifting by multinational companies, trade mis-invoicing, abuse of transfer pricing, and outright corruption. These activities have a significant impact on the national economy, draining public resources, undermining development, and eroding public trust.
The launch is part of the ‘Tax for Development: Strengthening Civil Society and Media for Fiscal Justice’ project, funded by the Norwegian Agency for Development Cooperation (NORAD) through Oxfam in Ghana. Mr. Addo highlighted the complex pressures exerted by IFFs on Ghana’s economy, including in sectors such as extractives, agriculture, blockchain, and cryptocurrency.
He pointed out challenges in tracking and enforcing revenue mobilisation policies, especially given the largely informal nature of Ghana’s economy. Mr. Addo noted that conservative estimates suggest Ghana loses $1.4 billion annually through illicit outflows, a figure comparable to the Ministry of Agriculture’s annual budget.
Describing the guide as a blueprint for reform, Mr. Addo encouraged journalists to utilize it to combat IFFs and support regulators, investigators, financial institutions, and border officials in their efforts to detect and deter these financial flows.
Madam Rebecca Ekpe, Vice President of the Ghana Journalists Association (GJA), remarked that the launch signifies a milestone in promoting transparency, accountability, and economic justice in Ghana. She urged journalists to use the guide to foster public discourse and drive meaningful change by uncovering the truth and exposing wrongdoing.
Mrs. Rosemond Ebi-Adwo Aryeetey from the Media Foundation for West Africa emphasized the guide’s role in enhancing journalists’ knowledge and skills on IFFs, promoting transparency and accountability. Mr. Mohammed-Anwar Sadat Adam, Country Director of Oxfam Ghana, explained that building journalists’ capacity to understand and report on IFFs is critical to contributing to Ghana’s development.
IFFs, which involve the illegal movement of money across borders often linked to criminal activities, corruption, and tax evasion, pose significant threats to economic development in developing countries.