Chief Executive Officer of the Financial Intelligence Centre (FIC), Kwadwo Twum-Boafo, has shed light on the growing exposure to illicit finance, warning that unchecked money laundering could jeopardise the country’s economic credibility and block future access to international funding.
Twum-Boafo explained that the influx of “dirty money” through real estate, imports, and other non-financial channels threatens to push Ghana toward being blacklisted by global financial watchdogs while speaking on Hot Issues on TV3 monitored by MyNewsGh.
He noted that many luxury developments in Accra are being built with untraceable funds, saying, “When you can’t identify who the off-takers are in a multimillion-dollar project, that’s cash-based money laundering. It’s dangerous for the economy.”
According to him, blacklisting would cripple Ghana’s ability to secure loans or attract foreign investment, with long-term consequences for infrastructure, employment, and national development.
“That dirty little money that came in to build a five-storey building could cost us an airport, a hospital, or a major road,” he said.
Twum-Boafo stressed that President Mahama’s vision of transforming Ghana into a sustainable middle-income economy requires strict financial discipline and clean investment.
He said the FIC is collaborating with the Financial Action Task Force and other partners to strengthen surveillance and prevent illicit flows from undermining national progress.
