Ing. Kwadwo Twum Boafo, the Chief Executive Officer of FIC
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC) has underscored the centrality of a positive rating of Ghana by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) to the successful implementation of the government’s flagship program, the 24-hour economy.
According to him, the success of the 24-hour economy policy hinges on investors’ absolute confidence in Ghana’s economy.
He stated that there would be no better endorsement of the country’s economy than a verdict by GIABA, the regional body of the Financial Action Task Force (FATF), affirming that Ghana has a robust and effective anti-money laundering and anti-terrorism financing regime.
It is on the back of this recognition that the FIC under the leadership of Ing. Twum Boafo is working tirelessly and collaboratively with other institutions to ensure that Ghana chalks positive results from the 3rd Round Mutual Review by GIABA.
He noted that various agencies, such as the Bank of Ghana, Ghana Police Service, National Security, and EOCO, among others, are working around the clock to ensure that, by the time the mutual review kicks off in 2026, Ghana will have addressed any shortcomings that could lead to the country being grey or black-listed by FATF.
“President Mahama’s pivot is the 24-hour economy which will enhance the living of Ghanaians and to do that he needs confidence in the finance sector because 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 said.
“We should know that the criminals never stop operating so its an ongoing fight and we are here to make sure we are always ten steps ahead of the criminals. I want to assure all Ghanaians that we are doing our best to ensure that nothing untoward happens and we are doing our best to ensure that failure isn’t an option,” he added.
The Director General of the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), Edwin W. Harris Jr., acknowledged the growing challenge of money laundering in the region and assured that measures are being taken to combat the illicit activity.
“The issue of money laundering in our region is a challenge. However, GIABA and member states are working assiduously to combat this illicit crime. Money laundering and all transnational crimes remain a serious challenge for investment and economic growth,” he stated.
The Economic and Organized Crime Office (EOCO), on the other hand, has been actively collaborating with various institutions to address financial crimes.
Executive Director of EOCO, Abdulai Bashiru Dapilah, highlighted the importance of inter-agency cooperation in tackling money laundering.
“People engage in tax fraud, and some bring in money without passing through the necessary channels. EOCO cannot do it alone, so we collaborate with the Financial Intelligence Centre (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,” he revealed.
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EK