President John Dramani Mahama has called for stronger international collaboration to combat Illicit Financial Flows (IFFs), which he said continue to deprive Africa of the resources needed for sustainable development.
He stated that collective global action was essential to block the estimated $88.6 billion siphoned from the continent annually through money laundering and criminal networks.
In a speech read on his behalf by the Deputy Minister of Finance, Mr Thomas Nyarko Ampem, at the 2025 Financial Action Task Force (FATF)/Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) Joint Experts Meeting in Accra yesterday, President Mahama said illicit financial activities, money laundering, and terrorism financing were growing transnational threats.
The three-day conference, organised in partnership with the Government of Ghana, has brought together more than 250 participants from across West Africa and beyond to develop strategies to address the menace.
President Mahama noted that criminal networks now operated across borders, disregarding national jurisdictions.
Citing the Global Terrorism Index (2024), he emphasised that the number of countries that experienced at least one terrorist attack rose from 58 to 66 — the highest since 2018 — while 45 countries reported worsening impacts of terrorism compared to 34 that improved.
He observed that Sub-Saharan Africa had, for the past eight years, recorded the highest number of terrorism-related deaths, underscoring the urgency for global attention and coordinated response.
The President mentioned that there was the need for a robust international financial system that could not be exploited by criminal syndicates.
“We must renew our commitment to build a global financial system where the dark economy cannot take refuge,” he stated.
He stressed that such a system required partnerships that went beyond traditional frameworks, adding that “the future of financial integrity will be rooted not only in laws but also in our algorithms, data and digital intelligence.”
Furthermore, President Mahama said emerging technologies such as blockchain, digital payments, and Artificial Intelligence held great promise in combating IFFs and money laundering but also introduced new risks that must be managed collaboratively.
“We must urgently break this ‘doom loop’ and create a virtuous cycle for economic transformation,” he said, urging participants to turn the conference into a platform for decisive action rather than a routine event.
He also said Ghana had implemented significant reforms, including the Anti-Money Laundering Act, establishment of the Financial Intelligence Centre (FIC), and the launch of the 2025–2029 National AML/CFT/CPF Policy, with targeted risk assessments on virtual assets and environmental crimes.
GIABA Director-General, Mr Edwin W. Harris Jnr, said the meeting aimed to transform deliberations into actionable strategies for member states.
FIC Chief Executive Officer, Mr Albert Kojo Twum Boafo, said Ghana had volunteered for a third-round peer review to strengthen its legal and institutional framework.
The President of FATF, Ms Eliss de Anda Madrazzo, and Mr Timothy Dolan of the European Union Delegation commended Ghana’s leadership, stressing that curbing IFFs would boost Africa’s revenue mobilisation and reduce dependence on external aid.
BY KINGSLEY ASARE
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