Ghana’s Financial Sector Readies for GIABA Assessment Under FIC Leadership
Ing. Kwadwo Twum Boafo, CEO of the FIC, has highlighted the significance of a positive rating by GIABA for Ghana’s 24-hour economy. He underscored the necessity of investor confidence and announced extensive collaboration with institutions to prepare for the GIABA review in 2026. Edwin W. Harris Jr. from GIABA addressed regional money laundering challenges, while EOCO’s Abdulai Bashiru Dapilah stressed inter-agency efforts to combat financial crimes.
Ing. Kwadwo Twum Boafo, the Chief Executive Officer of the Financial Intelligence Centre (FIC), has emphasized the critical importance of a favorable evaluation from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) for the successful rollout of Ghana’s 24-hour economy initiative. He articulated that the policy’s effectiveness relies heavily on instilling confidence among investors in Ghana’s economic landscape.
The endorsement from GIABA, which operates as a regional body of the Financial Action Task Force (FATF), serves as an affirmation of Ghana’s robust anti-money laundering and anti-terrorism financing frameworks. As a result, the FIC is actively collaborating with various institutions to ensure successful outcomes during the 3rd Round Mutual Review by GIABA, scheduled for 2026.
Ing. Boafo stated that institutions such as the Bank of Ghana, Ghana Police Service, National Security, and the Economic and Organized Crime Office (EOCO) are diligently working to rectify any existing deficiencies that might lead to Ghana being placed on the FATF grey or black lists.
He expressed the need for confidence in the financial sector, asserting, “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.”
Furthermore, he underscored the continuous efforts to stay ahead of criminal activities: “We should know that the criminals never stop operating so it is an ongoing fight and we are here to make sure we are always ten steps ahead of the criminals.”
Edwin W. Harris Jr., the Director General of GIABA, recognized the escalating issue of money laundering within the region and reassured that both GIABA and its member states are taking all necessary steps to combat this challenge. He noted, “The issue of money laundering in our region is a challenge. However, GIABA and member states are working assiduously to combat this illicit crime.”
The EOCO’s Executive Director, Abdulai Bashiru Dapilah, emphasized the significance of inter-agency collaboration in addressing money laundering. He stated, “People engage in tax fraud, and some bring in money without passing through the necessary channels. 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.”
In summary, the proactive measures being undertaken by Ing. Kwadwo Twum Boafo and his FIC team, along with collaborative efforts from other agencies, are pivotal in ensuring a favorable outcome from GIABA’s forthcoming assessment. The confidence in Ghana’s financial sector is paramount for the successful implementation of the 24-hour economy initiative, and the ongoing fight against money laundering remains a priority for enhancing investor trust and economic growth.
Original Source: www.ghanaweb.com
