Ghana losses about $1.4bn each year to illicit financial flows – Tax Justice Network Africa

The Tax Justice Network Africa (TJNA) is reporting that Ghana loses about $1.4 billion annually due to illicit financial flows.

The losses stem from tax evasion, exemptions, and inefficiencies in the tax system.

Speaking at the African Parliamentary Network on Illicit Financial Flows and Taxation Summit, TJNA's Francis Kairu emphasized the need for better implementation of tax laws to address this issue. He highlighted the significant revenue loss from multinational companies and tax exemptions.

Africa as a whole loses nearly $89 billion annually to illicit financial flows, primarily from undervaluing exports of commodities like gold, diamonds, and platinum.