A renowned economist and consultant on Illicit Financial Flows (IFFs), Bishop Akolgo has noted with concern that Ghana is not doing enough to put a stop to the practice.

According to him, the country has not been able to carry out the necessary audits of the companies that are critical in uncovering illicit financial flows.

Bishop Akolgo made the comments during a capacity building training for investigative journalists in the fight against illicit financial flows organised by the Governance for Inclusive Development Program GIZ and co-funded by the UK Foreign, Commonwealth Development Office and held in Akosombo Volta Hotel.

“We're not doing enough because so far we have not been able to carry out all the necessary audits of the companies who are critical in uncovering illicit financial flows.”

Bishop Akolgo said that there is a need for government to urgently stop illicit financial flows and payout resources for national development.

Bishop Akolgo also noted that export, import, under-invoicing, over-invoicing, international resource sectors, the companies that partner with GNPC to exploit petroleum or use in the mining sector, need to ensure that they don't engage in any base erosion and profit shifting.

He noted that the Ghana Revenue Authority must be up and doing and must be resourced and powered to be able to audit all these companies for signs and evidence of illicit financial flows.

Bishop Akolgo said "all the companies who engage in this act should be made public, So that we can name and shame them and a possible prosecution to follow all the studies that have been done from 2000 to date, and have come up with various findings about sources, quantities of digital finance flows."

He noted that enough needs to be done to put a stop to the illicit financial flows which is happening within the country and Africa as a whole.

“We're not doing enough, because so far we have not been able to carry out all the necessary audits of the companies who are critical in uncovering illicit financial flows.”

“We have not yet taken them on and every single minute this is happening. We need to tackle this agenda to free up resources for national development,” he said. 

Bishop Akolgo noted that there is a need for periodic checks on potential culprits, individuals and companies of illicit financial flows who were not taken on or dealt with because the issues according to him are real and must be dealt with seriously.

He noted that if government can concentrate on making sure that illicit financial flows are stopped, then the country may not need to go to International Monetary Fund for a bailout.