• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Ghana records $14.39 billion loss in trade mis-invoicing

3 years ago
in Business, Economy, Editor's pick, highlights, Home, home-news, latest News, Maritime
2 min read
0 0
0
152
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ghana records $14.39 billion loss in trade mis-invoicing

Ghana, is said to have lost a cumulative amount of $14.39 billion over a ten year (2002 to 2011) period through trade mis-invoicing in the extractive Industry.

This is per a report by the African Centre for Energy Policy (ACEP) on illicit financial flows (IFFs) from the extractive sector.

The report further indicates that, if the time period is taken from 1960 to 2012, then IFFs through trade mis-invoicing amounts to $40 billion.

Trade mis-invoicing in the extractive sector, the report further states, occurs in the export of gold to other countries.

“About $6 billion worth of gold exports from Ghana to India, Dubai and Switzerland between 2013 and 2016 has not been reported and accounted for,” the report revealed.

Trade mis-invoicing is the deliberate over-invoicing or under-invoicing of exports for the purpose of avoiding paying tax to the country.

RelatedPosts

African Development Fund Supports Climate-Resilient Rice Value Chains Across West Africa

AfDB and SEFA Provide $40 Million Investment in Equity Platform Zafiri to Accelerate Renewable Energy Access Across Africa

President Mahama Urges Strategic Infrastructure Investment to Unlock AfCFTA Potential

Touching on the phenomenon in a presentation, Tax Consultant and Senior Lecturer at the University of Ghana Law School, Dr Ali-Nakyea noted that, West Africa accounted for 38% of all IFFs from the African Continent.

North Africa, Central Africa, Eastern Africa and Southern Africa contributed to 28%, 10%, 11% and 13% respectively to IFFs from the continent.

According to him, the developing world has lost in excess of $6.6 trillion in IFFs outflows between 2003 and 2012 alone with Sub-Saharan Africa losing some $528.9 billion.

“Mineral and fuel producing African countries are losing and estimated $50 billion per annum through IFFs, other estimates show that approximately $854 billion has been moved out of Africa over a 39 year period, making Africa a net creditor to the rest of the world,” he noted.

Speaking further during his presentation, Dr Ali-Nakyea noted that some challenges in dealing with IFFs include poor resource governance models, weak tax administrations coupled with multinational tax avoidance schemes and tax havens beyond the influence of the government.

On the way forward in dealing with IFFs, he noted that government should strengthen the capacity of its financial institutions, particularly revenue authorities and the ministries responsible for negotiating mining and petroleum contacts to monitor transfer pricing, thin capitalisation among others.

Also, government should expeditiously develop a road map and action points for implementation of the key recommendations of the High Level Panel on IFFs from Africa.

Source: norvanreports
Tags: ACEPghanaGhana records $14.39 billion loss in trade mis-invoicingIllicit Financial Flows (IFFs)
No Result
View All Result

Highlights

Inflation Seen Dropping to 17% In November Amid Stable Macros

Africa’s Richest Economy Moves Closer to Exiting Dirty-Money List

Analysing the MiDA–IFC Agribusiness Partnership

Ghana Can’t Build a 24-Hour Manufacturing Economy on an Empty Raw Materials Base

Government Confirms $97m Spent on Stalled National Cathedral Project as Audit Reveals Cost Overruns and Unpaid Obligations

Bright Simons Criticises Lack of Prosecutorial Clarity in GHS 280m NPA Extortion Case

Trending

Agribusiness

African Development Fund Supports Climate-Resilient Rice Value Chains Across West Africa

July 19, 2025

African Development Fund Supports Climate-Resilient Rice Value Chains Across West Africa The Board of Directors of the African...

AfDB and SEFA Provide $40 Million Investment in Equity Platform Zafiri to Accelerate Renewable Energy Access Across Africa

July 19, 2025

President Mahama Urges Strategic Infrastructure Investment to Unlock AfCFTA Potential

July 19, 2025

Inflation Seen Dropping to 17% In November Amid Stable Macros

July 19, 2025

Africa’s Richest Economy Moves Closer to Exiting Dirty-Money List

July 19, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.