Unchecked illicit financial flow out of Ghana eroding public confidence in state institutions – Bishop Akolgo

Former Executive Director of the Integrated Social Development Centre (ISODEC), Bishop Akolgo says unchecked illicit financial outflows have the tendency of eroding public confidence in state institutions.

His comment follows revelations by Ghana’s Economic and Organised Crime Office that some Gold Export Companies from 2019 to 2021 had facilitated the illicit outflow of over US$1 billion from the country.

Again, according to the Global Financial Integrity, Ghana loses $3 billion annually to trade mis-invoicing only.

According to Bishop Akolgo, the failure of successive governments to plug these loopholes has contributed significantly to the underdevelopment of the country.

Speaking on Joy FM’s Super Morning Show, he added that government’s focus on taxation instead of saving the billions that are illegally flown out of the country could contribute to the people’s disenchantment with the State.

“First and foremost that is money that should have gone into your hospitals, roads, but more importantly it actually erodes our confidence in our institutions.

“When we mention the customs, the financial intelligence centre, transfer pricing unit of the GRA, all these are institutions that we put in place to help us ensure that our international trade is free of manipulation and that we get optimum resources for our development.

“Now if these institutions are not able to do their work and we’re chasing tabletop traders all over the place to collect few pesewas, really, then citizens as I said before, will begin to resign from the state because this your state only glorifies thievery, crooks and spends all its time suppressing the small guys to collect taxes,” he said.

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