FIC Raises Alarm Over Money Laundering Threats to Ghana’s Economy
By Praisebell Rosemond Larbi
The Financial Intelligence Centre (FIC) has expressed deep concern about the persistent threat money laundering (ML) poses to Ghana’s economic stability and integrity, warning that the country’s growing financial system is increasingly vulnerable to exploitation by criminals.
According to the 2025 Anti-Money Laundering (AML) Report, Ghana’s strategic location in West Africa, coupled with the rising sophistication of its financial sector, has made the nation an attractive hub for illicit financial activities.
“Various predicate offences, including drug trafficking, corruption, fraud, and organized crime, contribute to the ML landscape. The financial sector, real estate market, and informal economy are particularly exposed to these threats. Additionally, cross-border activities, such as the use of shell companies and international remittances, obscure detection and hinder prevention,” the report stated.
Strengthening the AML/CFT Framework
The FIC noted that the Government of Ghana, together with law enforcement agencies (LEAs) and competent authorities, continues to strengthen the Anti-Money Laundering, Countering the Financing of Terrorism, and Proliferation Financing (AML/CFT/CPF) framework. These reforms aim to mitigate the risks associated with illicit financial flows, which not only undermine economic growth but also erode investor confidence and weaken the integrity of financial institutions.
Fraud as a Key Predicate Offence
Fraud, one of the major predicate offences of money laundering, remains a significant challenge despite notable improvements. Defined under the Criminal Offences Act, 1960 (Act 29), as amended, fraud involves forgery, falsification, or other unlawful acts intended to deceive and defraud.
Between 2019 and 2023, the FIC investigated 27,043 fraud-related cases, of which 635 individuals were charged with money laundering. Out of these, 531 cases were prosecuted and 111 convictions were secured.
The report observed that overall fraud offences investigated decreased during the period, a development attributed to improved preventive mechanisms. Factors contributing to the decline include stronger legislation, enhanced compliance systems, public awareness campaigns, advances in digital security, and closer collaboration among regulatory and enforcement bodies.
Nonetheless, prosecutions of fraud cases actually rose between 2019 and 2022, a trend the report credited to intensified interagency cooperation and specialized training provided to law enforcement and the judiciary.
The Way Forward
The FIC emphasized the need for sustained vigilance, continuous investment in investigative technologies, and broader collaboration among stakeholders to consolidate recent gains. It also stressed that the fight against money laundering and its predicate offences requires both institutional resilience and active public support to protect Ghana’s financial system from abuse.
