Ghana continues to lose billions of dollars through trade-related illicit financial flows, with the scale of the problem believed to be far greater than previously estimated.
According to the 2026 Budget Statement presented to Parliament, the country recorded total imports valued at GH¢204 billion on a cost, insurance and freight (CIF) basis in 2024, but only GH¢85 billion of that amount was declared taxable. The wide gap has been attributed to practices such as misclassification and under-invoicing of imports.
Presenting the budget, the Minister of Finance, Dr Ato Forson, told lawmakers that the figures point to significant revenue leakages within the import system.
“In 2024 alone, Ghana recorded imports valued at GH¢204 billion (CIF), yet only GH¢85 billion was taxable, indicating widespread misclassification and under-invoicing,” he said.
Trade-related illicit financial flows are among the most common channels used globally to move funds illegally across borders, often depriving governments of critical revenue.
To address the challenge, the finance minister announced plans to deploy artificial intelligence-driven pre-arrival inspections for all cross-border shipments. He said the technology would help detect under-valuation, flag high-risk goods and strengthen the capacity of Customs to combat smuggling and other trade abuses.
“This approach will improve safety, protect national security and significantly boost customs revenue,” Forson said. “By integrating automation into port operations, we expect to enhance trade efficiency and close long-standing revenue gaps.”
The minister also highlighted Ghana’s leadership role within the Africa Group in shaping the emerging United Nations Framework on International Tax Cooperation. He said the framework, once adopted, would empower countries to more effectively tax non-resident digital and multinational companies, curb illicit financial flows and recover revenues lost through tax evasion and avoidance.
Efforts to combat illicit financial flows are also gaining momentum across the continent. In October, African governments, regional institutions and civil society groups launched the Anti-Illicit Financial Flows (IFFs) Policy Tracker at the 13th Pan-African Conference on Illicit Financial Flows and Taxation in Johannesburg, South Africa.
The tool is designed to support government institutions, tax administrators and civil society organisations by providing a structured way to track policies and actions aimed at tackling illicit financial flows.
Organisers said the Policy Tracker was developed following extensive engagement with key national institutions, including ministries of finance, revenue authorities, financial intelligence units, central banks, anti-corruption agencies, audit bodies and civil society groups, to ensure it reflects the institutional framework needed to combat IFFs and strengthen accountability.
Former South African President Thabo Mbeki, who chairs the High-Level Panel on Illicit Financial Flows from Africa, was present at the official launch on October 8, 2025.
According to the organisers, the initiative reflects a shared commitment to advancing transparency, accountability and sustainable domestic resource mobilisation across Africa.
“Illicit financial flows continue to drain billions of dollars from African economies each year, weakening public service delivery and slowing progress towards the Sustainable Development Goals,” they said.
The Policy Tracker provides up-to-date, data-driven assessments of government efforts to address tax-based illicit financial flows, helping stakeholders identify policy gaps, monitor reforms and measure their effectiveness.
Developed by Tax Justice Network Africa in collaboration with the African Union Commission and the African Tax Administration Forum, the tool builds on recommendations from major studies, including the High-Level Panel report on Illicit Financial Flows from Africa and recent work on international financial accountability and transparency.
Ghana, alongside Uganda, Côte d’Ivoire, Namibia and Liberia, participated in the pilot phase of the initiative.