Ghana lost a total of $1.1 billion through non-existent gold exports between 2019 and 2021, an investigation by the Economic and Organized Crime Office (EOCO) has revealed.
The head of the Organized Crime Agency and a member of the Illicit Financial Flows Unit (IFFs) of the Ministry of Finance and Economic Planning¸ Abdulai Bashiru Dapilah, said that companies that fail to hide funds in gold exports without sending money to the country.
They did it by violating the Foreign Exchange Act, money laundering, tax fraud, etc., he said.
Mr. Dapilah spoke at the forum on the role of the media in the fight against IFF in the country.
It is organized by the Media Foundation for West Africa (MFWA), in partnership with EOCO, and funded by OXFAM, an international confederation of independent charitable organisations.
Gold exporters in Ghana must pay a three percent withholding tax to the Ghana Revenue Authority (GRA); 0.5 percent for the Minerals Commission for the Small Scale Mining Sustainability Fund and a tax of 0.118 percent for the Precious Minerals Marketing Company.
Illegal money
Mr. Dapilah explained that IFF is carried out through all forms of fraud – illegal arms dealing, illegal smuggling and mining, tax evasion and prohibited goods.
He said that these economic crimes are becoming more sophisticated and complex and said that state agencies and civil society groups, including the media, must prevent and control these activities.
Therefore, he called on journalists to increase public awareness through reportage to expose these economic crimes.
“The media must solve the problem in a simplified and digestible format, raise the popular narrative, put the problem on the agenda of the government and allow the citizens to appreciate the problem,” he said.
“Cartoons, humor, video plays, blogs and infographics are some of the ways the media can portray drivers, identify, track and recover money lost through IFF,” he said.
Panelists
Panelists at the forum called on journalists to build their capacity to expose economic crimes and harmful tax practices.
He explained that it is important for journalists to have a deep understanding of IFF, politics and narratives to present IFF issues.
The panelists were the United Nations Conference on Trade and Development (UNCTAD) national consultant on IFF at the Ghana Statistical Service, Bishop Akolgo; Chairman of the Civil Society Platform on Oil and Gas, Dr Emmanuel Steve Manteaw; a PhD student from the Business School of the University of Ghana, Legon, Angela Azumah Alu, and the Managing Editor of Ghana Business News, Emmanuel Dogbevi.
Ms Alu said the fight against IFF requires a holistic approach, noting that it is important for the media to consider the powerful, including governments, corporate bodies and the wealthy, in curbing IFF.
Dogbevi stated that the country lost more money to the IFF than it received from development aid.
“We don’t need help, because we lose more money to the IFF than we receive in development aid,” he said.
Dr. Manteaw called on state institutions to proactively work on economic crimes reported by journalists to advance the country.
He also called on the government to better resource institutions to investigate economic crimes to enable them to carry out their duties, adding that these institutions should be autonomous.
Bishop Akolgo advised journalists to go beyond just acquiring knowledge about IFF and be dedicated and committed to their work.
“Journalists must also build contacts in the industry and practice independent journalism, using media platforms such as YouTube to publish their work,” he said.
The Director, Research and Advocacy, MFWA, Dr Kojo Impraim, expressed hope that the forum would help the country achieve Sustainable Development Goals 16 and 17.
Source: Graphiconline
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