West Africa: Ghana Flagged as Target for Illicit Financial Flows in Latest National Risk Assessment
Ghana’s strategic location in West Africa and the increasing sophistication of its financial systems have made the country a growing target for illicit financial flows, according to the 2024 National Anti-Money Laundering, Countering the Financing of Terrorism and Proliferation Financing (AML/CFT/CPF) Risk Assessment Report.
The report identifies predicate offences such as drug trafficking, corruption, fraud, and organised crime as key drivers of money laundering (ML) activities. Fraud in particular remains pervasive, affecting individuals and businesses across multiple sectors.
Under the Criminal Offences Act, 1960 (Act 29), as amended, fraud encompasses forgery, falsification and other unlawful acts intended to cause monetary gain through dishonest means. Common schemes include false pretences, falsification of accounts, invoicing and VAT fraud, and cyber-related offences such as romance scams, email compromise and advance fee fraud. The report notes that urban areas, with higher levels of internet penetration and financial activity, record more incidents than rural areas.
Data from the Narcotics Control Commission (NACOC) shows a sharp rise in drug trafficking investigations since 2020. Asset seizure and confiscation efforts have intensified, with 208 assets seized in 2023 alone, reflecting authorities’ commitment to disrupting financial networks linked to drug trafficking.
Forgery, though less widespread, continues to impact the financial, government, real estate and education sectors. Between 2019 and 2023, Ghana investigated 2,283 forgery cases, 115 of which were linked to money laundering. The period also saw 147 prosecutions and 25 successful convictions.
The report further underscores the cross-border dimension of financial crime, linking it to drug trafficking, terrorism financing, corruption, tax evasion and human trafficking. Rising remittance flows and international trade volumes have expanded opportunities for economic growth, but also exposed the financial system to illicit fund transfers. Ghana’s position as a regional trade hub and its integration into global finance make it vulnerable to transnational criminal activities.
To mitigate these risks, the report makes several policy recommendations. These include enhanced training and capacity building for law enforcement agencies (LEAs) and the judiciary, stronger enforcement of asset seizure and confiscation laws, and the integration of the Integrated Electronic Case Management System (IECMS) with both national and international databases to streamline information-sharing.
The report also proposes amending Act 1044 to grant lower courts jurisdiction to adjudicate money laundering cases, thereby easing the caseload on higher courts and expediting prosecutions.
