By Opesika Tetteh Puplampu
Kasseh-Ada, July 01, GNA – The Financial Intelligence Centre (FIC) has reaffirmed its central role in Ghana’s asset recovery efforts and has called for stronger collaboration with the media and civil society organisations (CSOs) to intensify the fight against corruption and illicit financial flows.
Mr Raphael Asamoah, an officer of the FIC, speaking at a sensitisation programme on asset recovery, emphasised that Ghana loses an estimated $88.6 billion annually to illicit financial flows, a figure that surpasses the total amount of foreign direct investment and development assistance that comes to the continent.
He explained that asset recovery, which involves the confiscation and return of illicit assets to the state or rightful owners, was essential to address the drain of national resources caused by money laundering, fraud, tax evasion, and other forms of economic crime.
He said Ghana’s asset recovery regime aligns with global standards set by the United Nations Convention Against Corruption (UNCAC), the Financial Action Task Force (FATF), and the ECOWAS Protocol on Anti-Corruption, adding that domestically, it is supported by laws such as the Anti-Money Laundering Act, the Economic and Organised Crime Office (EOCO) Act, and the Office of the Special Prosecutor Act.
According to the FIC, the asset recovery process includes four phases: pre-investigation, investigation, judicial action, and return.
The FIC’s mandate includes freezing assets suspected to be linked to criminal activities and collaborating with EOCO, the Office of the Special Prosecutor (OSP), the Ghana Police Service, and international partners.
As of June 2024, Ghana had frozen cash assets valued at GHS 5,095,869.78 and over US$11 million, pending prosecution outcomes, while in 2023 alone, 42 money laundering convictions were recorded, primarily related to fraud, forgery, and drug trafficking.
The FIC official also disclosed that it has responded to multiple Mutual Legal Assistance (MLA) requests from countries including the United States, Germany, the UAE, and Norway, highlighting Ghana’s commitment to international cooperation in the prosecution of transnational crimes.
Underscoring the role of non-state actors, he referenced Article 13 of the UNCAC, which calls on state parties to promote the involvement of civil society and media in preventing and combating corruption.
The media and CSOs were encouraged to play an active watchdog role by engaging in investigative journalism, public sensitisation, and contributing to legislative reforms.
He said case studies such as the Agyapa Royalties deal, the PDS concession cancellation, and the Woyome judgement debt were examples where CSO and media advocacy contributed significantly to accountability and asset recovery outcomes that were recommendable.
He indicated that collective action remains the most effective approach to combating corruption and recovering stolen assets, reiterating the FIC’s openness to collaborate with journalists, development partners, and advocacy groups in building a more transparent and just society.
GNA
Edited by Laudia Sawer/Kenneth Odeng Adade