The situation is equally alarming at the continental level, with Africa suffering an estimated annual loss of $89 billion due to illicit financial flows, as reported by the United Nations Conference on Trade and Development (UNCTAD)

The Tax Justice Network Africa (TJNA) has revealed that Ghana loses around $1.4 billion yearly to illicit financial flows.

According to them, Ghana is highlighted as one of the top countries suffering significant revenue losses through tax evasion, tax exemptions, and systemic tax inefficiencies.

During media engagement with journalists on Illicit Financial Flows and Taxation Summit in Accra, TJNA's Strategic Programmes Director, Francis Kairu, called for swift action to combat illicit financial flows and taxation issues.

- Advertisement -"Our governments must also acknowledge that the problem is a major issue, and I think the biggest challenge in our generation now is the issue of illicit financial flow. Ghana is one of the countries that loses the most because you have natural resources, you have a huge population that is being taxed," he said

Kairu went on to detail the consequences of activities of multinational corporations in Ghana.

- Advertisement -"You also have multinational companies in this country and you are losing over $1.4 billion every year to the activities of these multinationals and illicit financial flows. Ghana is one of the countries that grant tax exemptions and tax holidays every other day," he said.

The situation is equally alarming at the continental level, with Africa suffering an estimated annual loss of $89 billion due to illicit financial flows, as reported by the United Nations Conference on Trade and Development (UNCTAD).

The report identifies Africa as a 'net creditor to the world,' indicating a substantial outflow of capital from the continent.

According to experts, nearly half of the total financial loss is attributed to the underreporting of export values for commodities like gold, diamond, and platinum.