Ghana’s FIC CEO Ing. Kwadwo Twum Boafo asserts the necessity of a positive GIABA assessment for the success of the 24-hour economy. The FIC collaborates with key institutions to address deficiencies before the 2026 mutual review. GIABA and EOCO emphasize the ongoing efforts to combat money laundering and financial crimes in the region. Authorities remain dedicated to maintaining investor confidence in Ghana’s economy, thereby promoting growth and stability.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), has stated that a favorable assessment by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) is vital for the success of Ghana’s government initiative to implement a 24-hour economy. He emphasized that investor confidence in Ghana’s economic stability depends significantly on GIABA’s endorsement of the country’s anti-money laundering efforts.
To achieve a positive outcome in the 3rd Round Mutual Review by GIABA scheduled for 2026, the FIC is collaborating closely with other institutions such as the Bank of Ghana, the Ghana Police Service, and National Security. Such cooperation aims to address any shortcomings that may jeopardize Ghana’s standing and help prevent the country from being placed on FATF’s grey or black lists.
Ing. Twum Boafo articulated the necessity of maintaining confidence in the financial sector to ensure the viability of the 24-hour economy policy. He remarked, “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.”
He further acknowledged the ongoing threat of financial crimes, asserting that efforts are continuously made to stay ahead of criminals. He assured the public that the FIC is committed to preventing any potential setbacks in this area.
Edwin W. Harris Jr., the Director General of GIABA, highlighted the significant challenge of money laundering in the region but noted that efforts are being undertaken to combat it effectively. He stated, “The issue of money laundering in our region is a challenge. However, GIABA and member states are working assiduously to combat this illicit crime.”
Furthermore, Abdulai Bashiru Dapilah, the Executive Director of the Economic and Organized Crime Office (EOCO), expressed the importance of inter-agency collaboration in tackling financial crimes. He remarked, “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.”
Overall, authorities in Ghana remain steadfast in their mission to enhance the country’s anti-money laundering regime, which is viewed as critical for securing investor confidence and fostering economic growth.
In conclusion, the proactive measures being taken by Ghana’s FIC, along with the collaborations among various state agencies, are essential for meeting the standards set by GIABA. These efforts aim to secure a positive rating that will bolster investor confidence in Ghana’s economy, particularly for the successful implementation of the 24-hour economy initiative. The recognition of the challenges posed by financial crimes reinforces the ongoing commitment to effective law enforcement and inter-agency cooperation.
Original Source: www.ghanaweb.com