Ghana reportedly lost an estimated US$54.1 billion to trade-related illicit financial flows (IFFs) between 2013 and 2022, ranking third among Africa’s top-10 most affected countries, according to a new report by Global Financial Integrity (GFI).
The study, Trade-Related Illicit Financial Flows in Africa, 2013-2022, highlights structural vulnerabilities in Ghana’s trade with international partners. By comparing what countries report as exports against what their trading partners record as imports, the report found that nearly 28 percent of Ghana’s trade may be misinvoiced, mispriced, or unaccounted for — equivalent to almost $3 out of every $10 in international transactions.
While larger economies like South Africa and Nigeria recorded higher absolute losses — $478 billion and $77.7 billion, respectively — Ghana surpassed regional peers including Côte d’Ivoire ($47.7 billion) and Kenya ($47.5 billion).
GFI attributes the high figures to the opacity of Ghana’s major export sectors, including gold, cocoa, and oil, where pricing irregularities and power imbalances with multinational buyers often result in under-invoicing. Trade with developed nations, including G7 countries, accounted for $20.5 billion in losses over the decade, roughly 25 percent of Ghana’s trade with advanced economies, highlighting significant outflows from natural resources to the Global North.
The human impact of these outflows is substantial. Countries with high levels of illicit financial flows tend to spend on average 25 percent less on health and 58 percent less on education than their peers. GFI notes that even partially reclaiming Ghana’s lost wealth could fund schools, clinics, and essential infrastructure.
To combat these losses, the report recommends modernising Ghana’s customs systems with advanced data analytics and risk-based inspections to detect suspicious transactions in real time. Establishing comprehensive beneficial ownership registries is also advised to reveal the true owners of companies and trusts, making it harder for shell entities to hide illicit gains.
The report further encourages the use of blockchain technology or similar platforms to facilitate automatic exchange of trade valuation data, closing information gaps between trading partners. Strengthening regional cooperation is also emphasised, with the African Continental Free Trade Area (AfCFTA) identified as a key mechanism to harmonise trade invoice verification across borders.
Finally, GFI urges governments to enact robust legal enforcement, criminalising trade misinvoicing, imposing meaningful penalties, and protecting whistleblowers who expose tax evasion. The report warns that without decisive action, Ghana’s economic sovereignty and ambitions for inclusive growth remain at risk.
Effective reforms, according to GFI, could transform Ghana from a net exporter of illicit flows into a country that harnesses its wealth for domestic development and socio-economic progress.
