Over $48 Million Laundered Through Ghana’s Real Estate Market, Says Global Financial Integrity
Global Financial Integrity (GFI), a US-based think tank focused on illicit financial flows, corruption, illicit trade, and money laundering has revealed that approximately $48.8 million is laundered annually through Ghana’s real estate market.
The findings highlight gaps in the identification and verification of beneficial ownership in land and property transactions, which facilitate illicit financial activities.
Maxwell Kuuire, Policy Analyst at GFI for West Africa, pointed out that fraudulent corporate structures, corruption, theft, and drug trafficking are some of the key predicate crimes linked to money laundering in the sector.
“People set up organizations and then engage in illicit activity. They get money out of it and they use it to purchase real estate properties in Ghana,” Mr. Kuuire explained.
The report recommended to the government, the operationalization of the Real Estate Agency Council to act as a central authority, consolidating oversight of the fragmented regulatory bodies. This, according to GFI, would enhance coordination and supervision to curb money laundering.
Commenting on the report’s findings, Samuel Amegayibor, Executive Secretary of the Ghana Real Estate Developers Association (GREDA), called for a collective effort to tackle illicit financial activities in the sector.
“The findings have opened our eyes and give us an opportunity to be open-minded and begin to appreciate how money laundering activities come about. This puts us in a position to collaborate and mitigate such illicit activities,” he stated.
The report serves as a wake-up call for stakeholders to implement stricter measures and foster cooperation in addressing money laundering in Ghana’s real estate industry.
