Ing. Kwadwo Twum Boafo, CEO of the FIC, assured that Ghana will positively pass GIABA’s assessment, which is essential for investor confidence and the 24-hour economy initiative. Collaborative efforts with various agencies are underway to prepare for the upcoming GIABA mutual review in 2026, addressing potential issues to avoid negative listings by FATF. The ongoing battle against financial crime emphasizes the commitment to maintaining a secure economic framework in Ghana.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), has emphasized the importance of receiving a positive assessment from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) for Ghana’s successful 24-hour economy initiative. He articulated that investor confidence in Ghana’s economic stability is crucial for the success of this policy.
The endorsement from GIABA, which operates under the Financial Action Task Force (FATF), signifies that Ghana has a robust anti-money laundering and counter-terrorism financing framework. To attain positive results during GIABA’s 3rd Round Mutual Review, the FIC, led by Ing. Boafo, is collaborating diligently with multiple institutions.
Various agencies, including the Bank of Ghana, Ghana Police Service, National Security, and the Economic and Organized Crime Office (EOCO), are taking extensive measures to ensure that by the time the mutual review begins in 2026, all shortcomings are addressed to avoid grey or blacklisting by FATF.
Ing. Boafo remarked, “President Mahama’s pivot is the 24-hour economy… without that confidence, the 24-hour economy will be dead on arrival. What we are doing is to make sure Ghana is not grey-listed.”
He further noted that combating financial crime is an ongoing challenge, assuring Ghanaians of relentless efforts to maintain a secure financial environment. Additionally, Edwin W. Harris Jr., Director General of GIABA, acknowledged the regional challenges posed by money laundering and confirmed that efforts are being made to counter this illicit activity.
Abdulai Bashiru Dapilah, Executive Director of EOCO, stressed the significance of inter-agency collaboration to effectively tackle money laundering. He stated, “People engage in tax fraud, and some bring in money without passing through the necessary channels… we collaborate with the FIC, the Bank of Ghana, and other financial institutions to tackle money laundering. We have recovered over GHS 200 million, as well as properties and other assets.”
In conclusion, the successful assessment of Ghana’s anti-money laundering framework by GIABA is vital for fostering investor confidence and ensuring the implementation of the 24-hour economy policy. With collaborative efforts among key agencies, Ghana aims to address existing challenges and avoid negative listings. The continuous fight against financial crimes remains crucial, underscoring the commitment of both national leaders and relevant institutions towards a secure economic environment for growth.
Original Source: www.ghanaweb.com
