Ing. Kwadwo Twum Boafo, CEO of the FIC, stresses the importance of GIABA’s positive assessment for Ghana’s anti-money laundering regime to bolster investor confidence in the country’s economy and support the 24-hour economy initiative. Various agencies are collaborating to prepare for a successful review by GIABA in 2026, while addressing growing money laundering challenges in the region.
Ing. Kwadwo Twum Boafo, CEO of the Financial Intelligence Centre (FIC), has emphasized the significance of receiving a positive assessment from the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA) for Ghana’s anti-money laundering efforts. He stated that a GIABA endorsement is critical for boosting investor confidence in Ghana’s economy and the successful implementation of the government’s 24-hour economy initiative.
Boafo highlighted the collaborative effort among various institutions to ensure success in the upcoming GIABA 3rd Round Mutual Review in 2026. Key agencies such as the Bank of Ghana, Ghana Police Service, National Security, and the Economic and Organized Crime Office (EOCO) are actively working to rectify any issues that might jeopardize Ghana’s standing with the Financial Action Task Force (FATF).
He remarked, “President Mahama’s pivot is the 24-hour economy…we are doing our best to ensure that failure isn’t an option.” This illustrates the urgency and focus required to secure financial trust and further economic initiatives, aiming to avoid grey or black-listing by FATF.
Edwin W. Harris Jr., Director General of GIABA, acknowledged the persistent challenges of money laundering in the region. He reassured that GIABA, alongside member states, is resolutely combatting this illicit crime to foster investment and economic growth.
EOCO’s Executive Director, Abdulai Bashiru Dapilah, emphasized inter-agency cooperation in addressing financial crimes. He stated that collaborations with the FIC and financial institutions are critical to fighting money laundering, mentioning that EOCO has successfully recovered over GHS 200 million and various assets through these efforts.
Ghana’s success in combating money laundering is crucial for boosting investor confidence and supporting the 24-hour economy initiative, according to FIC CEO, Ing. Kwadwo Twum Boafo. With collaborative efforts from various agencies, Ghana aims to achieve a favorable rating from GIABA in its upcoming mutual review. Both GIABA and EOCO leaders expressed commitment to addressing the challenges posed by financial crimes in the region to facilitate economic growth.
Original Source: www.ghanaweb.com
