Dr Eric Boachie Yiadom, a senior lecturer at the University of Professional Studies, Accra (UPSA), has argued that the most reliable path to curbing tax revenue leakages lies in the strategic deployment of technology across critical sectors, especially the petroleum and mineral value chains.

Speaking at a public dialogue on tackling tax revenue leakages hosted by the Faculty of Accounting and Finance at UPSA, Dr Yiadom pointed to Strategic Mobilization Ghana Ltd (SML) as a practical case study, commending the firm’s role in deploying real-time monitoring systems to improve transparency and boost state revenue collection.

“We have historically had discrepancies in the revenue reporting between the lifting volumes and the taxable volumes by National Petroleum Authority (NPA) and Ghana Revenue Authority (GRA).

“Before the engagement of SML in May 2020, there was a discrepancy of about 3.2 billion litres. After SML’s engagement, within four months, that figure dropped to 260 million litres — a reduction of 91.9 percent,” he stated.

He described the real-time surveillance and reconciliation systems deployed by SML as akin to placing a “second eye” on petroleum flows, comparing it to the functions of an internal auditor in corporate governance.

According to him, SML’s use of ultrasonic flow meters, AI-powered surveillance, and automated reconciliation systems offers a second layer of verification to data supplied by the National Petroleum Authority (NPA).

Dr Yiadom, said he personally visited SML’s facilities to verify the company’s operations, adding that the engagement of SML must be judged by its outcomes, rather than speculative or politically tinged narratives.

“You see, when you read a report, you have to go beyond what the report is saying, to find out things by yourself,” he remarked, referring to public criticisms and findings from third-party audits, including KPMG. “Some of these reports are based on their primary source to and find out whether there is a claim to support what SML is saying, or there is no claim to support it,” he said.

Dr Yiadom also defended the controversial risk-reward payment model under which SML operates, describing it as fiscally prudent for the government, particularly in innovative sectors where results can be directly measured.

“Risk-reward basis means that the company should bear all the costs. Then, you will only be paid based on your performance. If your performance does not bring any addition, you will get zero, and all the investment will go to zero. The government will not have to pay a dime for the investment made by the company,” he noted.

The structure, he argued, protects public funds by linking compensation to measurable performance, while simultaneously encouraging private investment in high-risk monitoring infrastructure.

On the back of these initiatives, Dr Yiadom welcomed SML’s recent foray into the upstream petroleum and solid minerals sectors, describing them as logical and much-needed extensions of the firm’s work in the downstream petroleum value chain.

Dr Yaa Serwaa Sarpong, Director of Support Services at SML Ghana, offered a preview of the company’s upstream monitoring capabilities during the same event.

She said the system replicates the downstream monitoring architecture and provides the Ghana Revenue Authority (GRA) and other state agencies with real-time insight into crude oil production and offtake volumes.

“In real time, Ghana will be able to know exactly what is going on upstream. We know how much petroleum products, how much that has been extracted and sold, and is being taken offshore,” she said.

She added that the system will be deployed across Ghana’s three Floating production storage and offloading platforms (FPSOs) and includes production flow meters, tank-level sensors, and offtake meters to capture data on each litre of crude extracted, stored, and sold.

The system is designed to enable reconciliation between production, storage, and export volumes—an area previously prone to opacity and under-reporting.

Hamdan Abubakar, Head of Engineering at SML, provided further insight into the upstream system, stating: “With this deployment, we are able to tell the quantity of products that have been lifted. Every litre of crude oil that is being produced and stored will be captured.”

In addition to the petroleum sector, SML is developing a technology solution for monitoring solid minerals, particularly gold, from mining sites to refineries. The system uses scanning and AI analytics to assess the purity and composition of gold bars, calculate royalties, and track movement through the value chain.

“We are able to track the gold and, when the gold gets to the refinery and the report gets back, we are able to tell details of the report,” Mr. Abubakar noted. “With our AI system, we are able to calculate the royalties that are supposed to be paid from that gold bar,” he added.

The company’s upcoming ‘SML Gold Nova’ is designed to be operated in partnership with the GRA and the Minerals Commission. It is expected to go live in the coming weeks, pending full onboarding of industry players.

Dr Yiadom concluded by encouraging students, academics, and professionals to engage critically and constructively with data and policy developments, and to support the integration of technology across all high-revenue sectors.

“If there is a way we can make it better, if we can criticise and improve it, let us criticise and rescue our nation, rather than criticize and destroy it,” he said.

MzGee is a media personality

Turning 40 isn’t just a milestone—it’s a mirror. And for media personality MzGee, the reflection comes with raw honesty, resilience, and lessons forged in fire.

The Gee O’clock host, who celebrated her 40th birthday in early April, used the moment to offer a heartfelt message to her listeners. Speaking from experience and hard-won wisdom, MzGee laid out four life lessons that continue to guide her steps—lessons about trust, humility, discipline, and self-worth.

1. Never put your trust in man

“People are bound to disappoint you,” she said. “Even those who’ve shown you loyalty may one day let you down—not always out of malice, but life happens. Circumstances change. People change.”

MzGee shared how placing her trust in people has, at times, led to heartbreak. But one constant has remained: her faith. “Man can fail you, but God won’t. That’s the only guarantee I’ve held on to.”

2. Live within your means

In a world where pressure to perform and portray a glamorous life is ever-present, MzGee’s approach is refreshingly grounded. “You can’t pressure me,” she said firmly. “If I don’t need it, I won’t buy it. And if I can’t afford it, I won’t chase it.”

She credits her father’s financial discipline for this mindset, recalling his saying: “He who goes borrowing, goes sorrowing.” MzGee believes peace of mind is worth more than showmanship. “I may not live luxuriously, but I sleep well. That’s the luxury.”

3. Never despise humble beginnings

MzGee’s journey hasn’t always been easy. From living comfortably in Nigeria to selling sachet water in Ghana just to afford school fees, she knows what it means to start from the bottom. And she doesn’t forget.

“Don’t look down on someone because they’re struggling today,” she cautioned. “No condition is permanent. Some of the most successful people I know didn’t look like it initially.”

4. You can’t please everyone—so stop trying

For someone in the public eye, opinions are everywhere—but MzGee has learned to drown out the noise. “There will always be someone who doesn’t like you, no matter what you do. Don’t give a hoot,” she said with a laugh. “I can’t fit into everybody’s narrative—and I’m okay with that.”

A new decade, same authentic voice

As she steps into her 40s, MzGee isn’t chasing validation. She’s owning her truth, telling her story, and hoping others will find strength in it.

“Stop waiting for someone to rescue you,” she told her audience. “Sometimes, you have to be your own rescue.”

Watch her presentation below:

BB

Ghana’s local currency, the cedi, has recorded marginal gains against major trading currencies, particularly the US dollar, at some forex bureaus.

In its daily update, the Central Bank noted that the cedi is trading at a buying price of GH¢14.89 and a selling price of GH¢14.90 to a dollar.

The British pound is being bought at GH¢19.83 and sold at GH¢19.86, while the euro trades at a buying price of GH¢16.93 and a selling price of GH¢16.95.

Checks by GhanaWeb Business on April 25, 2025, at 08:00 AM indicate that the cedi is trading at GH¢15.90 to the dollar, while the pound is trading at GH¢21.10at some major forex bureaus across the country.

Additionally, the euro is trading at GH¢18.20 on the retail market.

To curb the cedi’s depreciation, the Bank of Ghana sold over $200 million in the last quarter of 2024.

Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below:

The Bank of Ghana (BoG) has explained that the evolving global financial landscape and the growing utilisation of digital platforms have increased risks in the banking sector and as such put combating financial fraud in focus.

According to the central bank, fraudsters are continuously developing sophisticated techniques and exploring vulnerabilities in the financial system to take advantage of unsuspecting customers, necessitating a proactive and comprehensive approach to combating fraud in the banking system.

The BoG said that as part of its role in regulating and supervising the banking and payment systems, it assesses fraud typologies and trends across banks, Savings and Deposit Taking Institutions (SDIs) and Payment Service Providers (PSPs).

To execute this role, the BoG said it collects data on attempted and successful fraud incidents in accountable institutions and publishes the annual fraud reports.

“It is therefore mandatory for all banks, SDIs and PSPs to report fraud cases to the BoG as and when it happen and submit a monthly ‘Nil return’ when no fraud is recorded. These reports provide an insight on fraudsters’ modus operandi, fraud typologies and trends while highlighting measures to mitigate fraud activities,” the BoG said in a report.

It added that “The negative impact of fraud in the banking sector is not limited to financial losses but also the significant reputational risks posed to financial institutions and loss of public trust in the banking sector.

This reinforces the need for financial institutions to enhance internal controls, employee training and customer financial literacy schemes. The BOG remains committed to enhancing collaboration, engaging
stakeholders and implementing regulatory measures to mitigate risks associated with fraud and fraudulent activities to safeguard financial stability in Ghana.”

The report by the Bank of Ghana revealed that in 2024, banks reported a total count of 716 fraud cases.

This indicates a 26% drop from the count of 969 cases in 2023.

According to the report, this downward trend in fraud cases can be attributed to the improvement of internal controls within the banking sector.

The report stated that fraud prevention and detection remain a key element of BoG’s effort in maintaining financial integrity. It is therefore mandatory for all banks to report fraud cases to the BoG as and when they occur.

The data obtained from the industry showed improvement within the bank and SDI sectors.

The report said although banks and SDIs showed a decline in the number of cases reported in 2024 as compared to 2023, the count of fraud in the Payment Service Providers (PSP) sector increased in 2024.

The data also shows a decline in the value at risk of the Specialised Deposit-Taking Institutions (SDI) sector in 2024 as compared to 2023.

Overall, the aggregate data collated from the 1three sub-sectors indicate that, the count of fraud cases increased to 16,733 in 2024 from 15,865 in 2023, reflecting a 5% rise. These cases correspond to total value at risk of approximately Gh¢99 million in 2024 as compared to Gh¢88 million in 2023, indicating an increase of 13%.

Analysis of the 2024 data showed notable increases in forgery and manipulation of documents, and impersonation/identity theft. The data however suggested significant decreases in cyber/e-mail fraud, fraudulent withdrawals and cash  theft/suppression.

The attempted fraud cases in banks and SDI sectors decreased by 18% in 2024 as compared to 2023. However, this resulted in an 11% increase in the total value at risk associated with these cases in 2024, relative to 2023. The total values at risk stood at approximately GH¢80 million and GH¢72 million in 2024 and 2023 respectively. Notably, the total values at risk recorded across all fraud types declined in 2024, with the exception of forgery and manipulation of documents, which increased 7-fold compared to the 2023 figure of GH¢7.47 million. This fraud type also accounted for 67% of the total value at risk recorded for banks and SDIs in 2024.

The rate of recovery of potential losses has become a challenge for banks and SDIs due to prolonged legal proceedings that eventually lead these institutions to stop pursuing the cases.

The PSP sector also recorded a value at risk of GH¢19 million involving 15,673 cases in 2024. In percentage terms, the value at risk and number of cases increased by 18% and 7% respectively from figures recorded in 2023.

The International Monetary Fund (IMF) has called on Ghana and other African economies to reinforce fiscal discipline and deepen structural reforms as global headwinds threaten growth.

Speaking at a press conference during the IMF-World Bank Spring Meetings, Managing Director Kristalina Georgieva warned that while Africa’s long-term prospects remain strong, immediate policy tightening is needed to navigate looming economic shocks.

While Africa has been home to some of the world’s fastest-growing economies in recent years, Ms Georgieva cautioned that low-income and conflict-affected nations risk falling further behind due to the indirect effects of weakening global demand.

The IMF has already revised down growth projections for the continent.

Impact

The impact of current economic shocks varies across Africa. Oil-exporting nations like Nigeria face budget pressures from falling crude prices, while oil importers, including Ghana, benefit from lower energy costs.

However, Ghana’s recent decision to raise interest rates for the first time in nearly three years—contrasting with Egypt’s rate cut—reflects the differing policy needs across African economies.

Ms Georgieva outlined key recommendations for African governments. First, she emphasised the need to strengthen fiscal policies by broadening tax bases, curbing evasion, and using technology to improve revenue collection.

“There is no excuse for inaction,” she said, urging governments to build financial buffers against future shocks.

On monetary policy, she advised central banks to prioritise domestic conditions over regional trends. The Bank of Ghana’s recent rate hike, aimed at taming inflation, aligns with this approach.

“Policymakers must assess their own inflationary pressures and act accordingly,” she said.

Trade integration

The IMF chief also stressed the importance of good governance and regional cooperation. Corruption and instability in one country, she noted, cast a shadow over the entire continent.

She urged deeper trade integration under the African Continental Free Trade Area (AfCFTA) and praised ongoing efforts to remove infrastructure barriers to commerce.

For Ghana, the IMF’s recommendations reinforce the need for fiscal discipline and structural reforms.

The country’s economic challenges, including high inflation and debt, require sustained policy adjustments while leveraging opportunities within AfCFTA.

Ms Georgieva expressed optimism about Africa’s long-term potential, citing its vast natural resources, young population, and growing markets.

“A more unified and collaborative Africa can become a global economic powerhouse,” she said.

She concluded that as global uncertainty persists, African nations must act decisively to safeguard their economies. For Ghana, this means balancing short-term stability with long-term growth strategies in an increasingly volatile world.

The Narcotics Control Commission (NACOC) has stated that the recent surge in drug-related seizures, particularly a series of high-profile cocaine interceptions, is indicative of the increasing efficiency of its operations.

In recent weeks, the Commission has arrested several individuals in connection with suspected cocaine trafficking.

The most recent incident occurred on Wednesday, 23rd April, when four Ghanaian nationals were detained following the interception of a cargo consignment at the Swiss Port.

Authorities discovered 73 slabs of a concealed substance believed to be cocaine, with an estimated weight of 89.74 kilogrammes. The consignment was reportedly being readied for export to the Netherlands.

Commenting on the situation during an interview with Citi FM on Thursday, 24th April, Deputy Director General of NACOC, Alexander Twum Barimah, addressed public concerns regarding the scale and frequency of the seizures.

He noted that these developments reflect a positive shift in the Commission’s capacity and strategic leadership.

“I can only say that now the country or the institution has quality leaders, who are actively working to ensure that the right things are done,” he remarked.

“The arrests of such persons confirm that we are working, and that they don’t have their easy way they had in the past. Now we have quality and relentless leaders who are working hard to ensure we get this thing off our borders,” he added.

Mr Twum Barimah reaffirmed the Commission’s resolve to clamp down on drug trafficking and prevent Ghana’s ports and borders from being exploited by illicit networks.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

President John Dramani Mahama has ordered the immediate promotion of all qualified deputy directors of education, according to Education minister Haruna Iddrisu.

The instruction comes after the Ghana National Association of Teachers (GNAT) threatened to go on strike on April 30 over junior-ranked teachers’ delayed advancements.

Speaking at the launch of a sanitary pad distribution initiative for schoolgirls on Thursday, April 24, The minister promised that promotions would be given out regardless of whether formal postings or office space were available at the time.

“One of your major concerns, the president raised to me, is that in his campaign rounds, many of you who are deputy directors of education struggle to move the ladder above you to become directors because of the unavailability of office spaces.

“President John Dramani Mahama has directed the Ghana Education Service and the Ministry of Education to give all those deputy directors a legitimate promotion. And even without office, they will still serve in their capacities as directors of GES,” he stated.

The Free Pad intervention, on the other hand, is in line with President John Dramani Mahama’s overarching goal of advancing gender equality and guaranteeing that all children, regardless of gender or background, have access to high-quality education.

Meanwhile, President Mahama previously emphasised the urgent necessity to overcome the obstacles girls encounter because of menstruation. In his inaugural State of the Nation Address, he emphasized the significance of eliminating such barriers.

It is anticipated that the initiative will lessen the financial strain on families, increase girls’ attendance at school, and improve their general health and wellbeing.

By guaranteeing that girls have access to necessary menstrual hygiene supplies, the project seeks to establish a more welcoming and encouraging learning environment.

Education Minister, Haruna Iddrisu says President Mahama has directed that Deputy Directors of Education who have been unable to rise to the rank of Directors of Education because of the unavailability of office space, be granted their promotions. #CitiNewsroom pic.twitter.com/0muCB50U1F

— CITI FM 97.3 (@Citi973) April 24, 2025

KA

Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below:

The banking sector in Ghana has experienced a notable 26 per cent decline in fraud cases in 2024, according to a new report from the Bank of Ghana.  

The report said fraud incidents dropped from 969 cases in 2023 to 716 in 2024.  

It attributed the trend to the strengthening of internal control mechanisms within banking institutions, which have played a crucial role in mitigating fraudulent activities.  

However, despite the overall decline, certain fraud typologies have surged.

Automated Teller Machines (ATM), Point of Sale (POS) and Card fraud recorded an 80 percent increase, rising from 218 cases in 2023 to 415 in 2024.  

Remittance fraud also doubled from five reported cases to ten within the same period.  

The report linked the rise in ATM/POS/Card fraud and remittance scams to the growing adoption of digital financial products aimed at promoting financial inclusion.  

However, it suggested that some customers’ limited understanding of the digital financial landscape could make them more vulnerable to these fraud types.  

To address these challenges, the report stressed the need for banks to enhance security features on electronic payment channels and intensify public sensitisation campaigns.  

It also noted a significant reduction in other fraud typologies.

Cash suppression, for instance, saw a dramatic 77 per cent decline, with cases falling from 87 in 2023 to 20 in 2024.  

The report emphasized that the substantial decline highlights the effectiveness of enhanced internal control measures in combating specific types of fraud.

It urged banks to stay vigilant and continuously strengthen their control mechanisms to further reduce fraudulent activities in the sector.

Source: GNA

The Minister of Transport has submitted a memo to Cabinet to seek approval for the review of the age limit required of users of motorcycles for commercial purposes, otherwise known as “Okada”. 

Following stakeholder consultations in the transport sector, the Ministry has decided to amend the Legislation and reduce the permissible age limit for ‘Okada’ riders from 25 years to 21 years. 

Mr Joseph Bukari Nikpe, the sector minister, made the announcement at a meeting with chief executive officers in the transport and logistics sector, convened by the Chartered Institute of Logistics and Transport (CILT) Ghana on Tuesday. 

They discussed challenges and opportunities in the sector and made recommendations for policy guidance. 

The Government is taking steps towards legalising and regulating commercial motorcycle transport by amending the Road Traffic Regulations, 2012 (LI 2180), which bars the use of motorcycles and tricycles for commercial purposes. 

The new legislation sought to maintain the age limit permissible for one to drive a commercial vehicle at 25 years – but the proposal was firmly opposed by the Okada Riders Association. 

Mr Nikpe said concerns about the age limit in the proposed amendment of the law delayed the amendment processes. 

“Within the stakeholders’ consultations that we have had, everyone is recommending that we should look at the age limit of 25 and bring it down to 21…if it is approved by Cabinet, we will take it on board so that the law will be amended in that totality,” he said. 

The Minister commended the CILT Ghana for promoting professional standards in the transport and logistics sector and pledged to work closely with the Institute to address the challenges there. 

Mr Cletus Kuzagbe, Prefect, Fellows Guild of CILT Ghana, said the Government must ensure that the law on the commercialisation of motorcycles was “very well regulated” when the implementation commenced. 

For instance, there should be restrictions on the highways and the police must enforce the law strictly to ensure full control. 

“We should look at restricting them (Okada riders) to certain areas whiles they are taken off the busy areas so that traffic will flow,” Mr Kuzagbe said. 

Chief Teete Owusu-Nortey, CILT Global President, urged the members to engage in forward-thinking conversations to transform the sector to meet the demands in the wake of global trade uncertainties. 

Mr Mark A. Amoamah, President of CILT Ghana, called for more collaboration among stakeholders to achieve the full potential of Ghana’s transport and logistics industry. 

“We firmly believe that by fostering a spirit of collaboration and knowledge sharing, we can collectively deliberate on pertinent issues affecting the transport, shipping and logistics business and investments in Ghana,” he said. 

Source: GNA 

The Bank of Ghana has reported a sharp 33% increase in staff involvement in fraudulent activities across the banking and specialised deposit-taking sector for the year 2024.

According to its latest annual fraud report, 365 employees were implicated in various acts of financial misconduct—up from 274 recorded in 2023.

The report, which covers banks and specialised deposit-taking institutions (SDIs), attributes much of this rise to persistent internal lapses and oversight challenges.

Cash theft or suppression remained the predominant form of internal fraud, accounting for three-quarters of the incidents. Of the total implicated staff, 274 were found to be directly involved in the concealment or unlawful appropriation of cash.

Despite the seriousness of these offences, only 43% of those involved were dismissed. The Bank of Ghana notes that lengthy and often complex legal processes discourage many institutions from pursuing comprehensive disciplinary action.

“The Bank of Ghana expressed concern about the consistent and steady increase in regulated financial institutions’ staff involvement in fraudulent activities,” the report stated.

It further urged banks and SDIs to “tighten recruitment screening processes and ensure the diligent prosecution of offenders.”

Beyond employee misconduct, the report highlighted a broader trend of increasing fraud within the financial services sector.

A total of 16,733 fraud cases were recorded in 2024, marking a 5% rise from the previous year. While incidents within traditional banks showed a marginal decline, cases surged within the SDI and Payment Service Provider (PSP) segments.

Most concerning was the significant rise in the value at risk from forgery and document manipulation, which ballooned to GH¢53.5 million—almost eight times the GH¢6.9 million reported in 2023.

Losses due to identity theft also saw a staggering increase, rising nearly ninefold.

Despite the volume and scale of these fraudulent activities, only GH¢3 million of the estimated GH¢83 million at risk was successfully recovered, underscoring the sector’s ongoing challenges with enforcement and asset retrieval.

The report concludes with a call for the institutionalisation of a “zero tolerance” culture towards internal fraud and urges ongoing collaboration between financial institutions, regulators, and law enforcement to mitigate the growing threat of financial crime.

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Ghana is being fed praise when what it really needs is scrutiny. That was the searing verdict from Bright Simons, Vice President of IMANI Africa, in an interview on Joy News’ PM Express Business Edition.

With Ghana exiting the IMF programme earlier than expected, he warned against celebrating too soon, too loudly, and with too little substance.

“We’ve turned the IMF into a blesser and an endorser of performance,” he said.

“But that’s not what the country needs. Ghana needs watchdogs, not cheerleaders.”

Bright Simons was uncompromising in his assessment of the structural limitations of the International Monetary Fund.

“It’s an intergovernmental organisation.

So it’s unrealistic to expect it to be a serious critic of government,” he noted. “How can it scrutinise the same people who sit on its board?”

He described the IMF’s role as inherently conflicted, designed more to reassure global investors than to hold governments accountable.

“The IMF has strong incentives to say the program is doing well,” Simons said. “Because they helped design it. That makes it hard for them to be too negative.”

He added that the Fund’s strategy is built around optimism.

“They have to signal to the investor community that things are looking good. That’s how they attract more money into Ghana.

“But if you’re signalling good news to investors, how can you be telling the public the truth when things aren’t going well?”

That, he said, is precisely why civil society must step up.

“There’s a gap now. Our domestic surveillance mechanism is broken. Civil society’s ability to influence the elites in Ghana, especially the business elites, is limited. But we need to fill that gap. We can’t rely on the IMF to do that for us.”

He accused Ghana’s leaders of exploiting IMF praise for political optics rather than genuine reform.

“The Minister will say, ‘The IMF says we are great.’ Kristalina [Georgieva] will come and praise the President. And then they plaster it everywhere,” he said.

“We, the citizens, have to become less willing to be taken in by such theatrics.”

Bright Simons argued that IMF programmes, while sometimes useful, are no substitute for serious local reform.

“Anyone relying entirely on IMF surveillance is not mature enough. We need stronger internal systems. More independent voices. More courageous institutions.”

He was particularly concerned that Ghana’s early IMF exit sends the wrong signal — that the job is done, when in fact, it’s barely started.

“We’re not out of the woods. But ending the programme lets government say ‘We made it!’ Meanwhile, we’re walking away from targets we’re not ready to meet.”

His message to Ghanaians? Be sceptical. Demand more.

“We shouldn’t let endorsement replace accountability. We must question. Investigate. Verify. Otherwise, it’s just performance, politics over purpose.”

DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.

Documents obtained by GhanaWeb indicate that over 1,300 companies were cited by the Ghana Revenue Authority (GRA) for perpetrating fraud using the Import Declaration Forms (IDF) regime between 2021 and 2024.

To ensure accurate tax calculations, compliance with import regulations, and facilitate the clearance of goods through customs, the Ministry of Trade and Industry issues IDFs to importers.

As a regulatory requirement for customs reconciliation, the document, among other things, indicates the type, quantity, and cost of goods and aids commercial banks in transferring funds on behalf of importers for the purchase of their goods.

However, available details indicate that this regime has become an avenue for tax evasion, under-invoicing, and money laundering by some importers.

As detailed in GRA documents obtained by this portal, the Authority audited 548 companies between 2021 and 2024, with a cumulative total of GH¢355,858,268.71 in collections and GH¢656,206,006.21 in penalties, bringing their total assessed liability to GH¢1,012,064,266.91.

The documents further revealed that the GRA referred 537 importers to the Economic and Organised Crime Office (EOCO) for further investigation into potential tax evasion and money laundering between 2021 and 2023.

However, according to the GRA, 222 importers were deemed not worth auditing because their financial transfers were below the USD 100,000 threshold.

Meanwhile, a list of the companies involved, obtained by GhanaWeb, indicates that several firms, primarily in the private sector, were implicated in this scandal.

Some of the companies include frozen dairy products manufacturer FanMilk Ghana, Three Hills Ghana Limited, Trust Link Ventures Limited, bus sales and servicing firm Yutong Ghana Limited, top agro-business and manufacturing firm Wilmar Africa, Adonko Bitters Limited and Franko Trading Enterprise

Others are Kantanka Automobile Company Limited, Trassaco Estates Development Company Limited, alcoholic and non-alcoholic beverage manufacturer Kasapreko Company Limited and construction firm Kofi Job Company Limited.

While the GRA documents do not specifically state the infractions each listed company may have engaged in, an April 2021 release by the Authority noted that, upon noticing the misuse of IDFs by importing companies, the GRA formed a multi-agency team comprising the Ministry of Trade and Industry, the GRA, the Financial Intelligence Centre (FIC), and the Economic and Organised Crime Office (EOCO) in the first quarter of 2020 to investigate the issue.

According to the GRA, an initial analysis of 2019 data from commercial banks against customs data uncovered approximately 10,000 unreconciled documents from over 2,000 companies, with funds transferred amounting to approximately $1.8 billion.

The report noted that further questioning of importers resulted in startling revelations, including the use of IDFs by some importers to clear goods different from the specific goods for which foreign exchange was obtained.

The report also revealed that companies imported goods valued less than those stated on their IDFs (under-invoicing).

The companies were also cited for single transfers of funds for multiple imports and multiple recipients, as well as transfers made on behalf of importers by forex/informal sector operators.

The GRA also noted that the probe revealed alarming incidents of bank staff engaging in the transfer of funds for clients who were not importers.

Meanwhile, GhanaWeb sources indicate that a post clearance audit by the Ghana Revenue Authority has found some of the companies guilty and imposed penalties on them.

Legal consequences for money laundering, under-declaration, and other IDF-related offences

In Ghana, importers involved in under-invoicing, under-declaration, and money laundering through Import Declaration Forms (IDFs) are subject to sanctions under several legal frameworks, primarily the Customs Act, 2015 (Act 891) and the Anti-Money Laundering Act, 2020 (Act 1044).

These laws are enforced by the Ghana Revenue Authority (GRA) Customs Division, the Financial Intelligence Centre (FIC), and the Economic and Organised Crime Office (EOCO). IDFs, issued by the Ministry of Trade and Industry (MOTI), are critical for import approvals and fund transfers, and their misuse is closely monitored.

Under-invoicing, where importers declare a lower value for goods, and under-declaration, involving misrepresentation of goods’ quantity or type, are addressed under the Customs Act, 2015 (Act 891). Section 87 stipulates that submitting false declarations or undervalued documents, such as IDFs, to evade duties incurs a penalty of up to three times the evaded duty or a fine not exceeding GH¢10,000, or both.

For specific goods like paper products, the GRA may impose a penalty of 300% of the evaded duty, with banned goods subject to seizure. Section 84 permits seizure and forfeiture of goods involved in such offences. Section 88 allows for criminal prosecution for deliberate false declarations, with penalties including imprisonment for up to three years, a fine, or both.

Money laundering through IDFs, such as using inflated import values to transfer funds abroad, is governed by the Anti-Money Laundering Act, 2020 (Act 1044). Section 3 defines money laundering as converting or concealing proceeds of unlawful activities.

Convicted individuals face fines of 100% to 500% of the proceeds, imprisonment for at least seven years, or both, while corporate entities face fines of at least 300% of the proceeds.

Section 23A allows the FIC to freeze accounts or assets linked to suspected money laundering for up to one year. Section 45 permits confiscation of illicit proceeds. Section 30 mandates accountable institutions, such as banks and clearing agents, to report suspicious IDF-related transactions within 24 hours, with non-compliance resulting in fines.

Guilty importers may be banned from obtaining future IDFs or face import restrictions. Banks processing IDF transactions are also mandated to verify import legitimacy, with sanctions under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930) for non-compliance.

Relevant legal provisions include Sections 84–88 of the Customs Act, 2015 (Act 891) for false declarations and penalties, and Sections 3, 23A, 30, and 45 of the Anti-Money Laundering Act, 2020 (Act 1044) for money laundering offences, asset freezing, reporting, and confiscation. The Value Added Tax Act, 2013 (Act 870), Sections 35–37, addresses VAT compliance on imports, with penalties for evasion.

GRA details measures to combat IDF infractions

In a response dated February 28, 2025, to a Right to Information (RTI) request by the Convenor of the Movement for Truth and Accountability, Joseph Bediako, the GRA listed measures it has implemented to address infractions by importers.

The GRA noted that its Post Clearance Audit Department (PCA) has integrated IDF audits into its general audit programme. The Authority also asked the Ministry of Trade and Industry, along with other stakeholders, to ensure that the same IDs used for transferring funds to foreign suppliers are utilized for clearing associated imports.

The GRA also required banks to verify that funds transferred to foreign suppliers are accounted for by submitting corresponding customs clearance documents. Additionally, the Authority noted that Seagull Limited has been contracted to develop a system to consolidate data from all institutions involved in the “IDF 2 Project” to curb abuses of IDF usage by importers.

Penalties and sanctions against culpable companies

In the response to the RTI, the GRA outlined penalties and sanctions imposed on culpable companies in line with legal provisions.

“Importers who fail to declare acceptable customs values or declare lower customs values for the purposes of valuation and duty assessment commit an offence pursuant to Sections 121(2)(o) and 123(1)(f) of the Customs Act, 2015 (Act 891). A pecuniary penalty of 300% of the amount of short collection is imposed and recovered from defaulting importers in accordance with Sections 121(3) and 123(2)(a) of the Customs Act, 2015 (Act 891).

“Some affected importers took advantage of the Penalty and Interest Waiver Act, 2021 (Act 1065) and the Penalty and Interest Waiver Act, 2022 (Act 1081), and had their penalties waived during the period. Penalties that fell outside these periods were recovered in line with Sections 121(3) and 123(2)(a) of the Customs Act, 2015 (Act 891),” the response stated.

MFTA raises alarm over missing companies, discrepancies in GRA response

Meanwhile, Joseph Bediako and the Movement for Truth and Accountability (MFTA) have raised concerns over what they say is the omission of some companies from the GRA’s list of companies cited for infractions.

According to the group, while the GRA’s April 8, 2021, press release cited over 2,000 companies for infractions involving fund transfers amounting to approximately $1.8 billion, the Authority’s response to MFTA’s 2025 RTI request, demanding details and actions taken to recover revenues lost by the state, provided details for only 1,307 companies, failing to account for approximately 693 companies.

This, according to MFTA, raises concerns about transparency and accountability in the operations of the GRA in relation to the 693 unaccounted companies.

Investigative agencies’ corroboration

Meanwhile, further documents obtained by GhanaWeb indicate that the Financial Intelligence Centre, as far back as December 2020, acknowledged its investigation into IDF infractions, including under-invoicing, under-declaration, and money laundering.

“… kindly note that subjects already exist in our database and the matter is receiving the necessary attention,” a response by the FIC to a demand by MFTA for an investigation into alleged issues of money laundering by importers stated.

Similarly, the GRA document referencing the referral of 537 companies to EOCO for investigation indicates that the investigative body is also aware of the issues at hand.

Meanwhile, watch GhanaWeb’s tour of Odweanoma Paragliding Field below:

By Albert Oppong-Ansah

Accra, April 24, GNA – At sunrise and sunset many Ghanaian households strike the match to burn charcoal or wood to heat water and prepare meals.

Behind the familiar crackle of flames lies a glowing crisis: household air pollution, deforestation, and the rising cost of traditional fuels.

As Ghana seeks cleaner, safer alternatives, bioethanol fuel is emerging as a game-changer in the clean cooking revolution.

A Renewable Flame

Bioethanol is a renewable, alcohol-based fuel produced through the fermentation of organic materials like sweet sorghum, cassava peels, maize stalks, sugarcane molasses, and food waste.

When burnt in clean cookstoves, it emits little to no smoke, offering a healthier and environmentally friendly cooking solution.

“Bioethanol offers a triple win—for the environment, public health, and energy access. It is one of the most scalable solutions to Ghana’s clean cooking challenge,” says Benjamin Boakye, the Executive Director of Africa Centre for Energy Policy in a recent study.

A Country in Need of Change

Seven out of 10 households in Ghana rely on solid fuels such as firewood and charcoal for daily cooking, according to data by the Ghana Statistical Service.

This practice is not only a leading cause of indoor air pollution—linked to respiratory illnesses, especially among women and children—but also a major driver of deforestation and greenhouse gas emissions, says Dr Emmanuel Y. Tenkorang, an Associate Professor at the Department of Environment, Governance and Sustainable Development, the University of Cape Coast.

“We found out that most homes use charcoal and the danger is that some homes do not have kitchens. In most cases, it is just the corridor that has been converted into a cooking area, using thick plastic to cover so often the fumes easily travel to the main house,” he adds.

According to the Ghana’s Ministry of Health, indoor air pollution is responsible for more than 18,000 premature deaths annually.

The country loses about 135,000 hectares of forest every year, much of it to fuelwood extraction.

“Switching to clean fuels like ethanol could drastically reduce these losses while improving lives,” notes Prof. Tenkorang.

A 2023 study by the Energy Commission estimated that Ghana has the potential to produce over 200 million litres of bioethanol annually from agro-waste alone—enough to supply clean fuel to nearly five million households if harnessed effectively.

The Untapped Potential of Bioethanol Production

A quiet transformation is taking root in Ghana’s clean energy sector as researchers and local partners work to establish sweet sorghum as a reliable raw material for bioethanol production.

After months of agronomic trials and feasibility assessments, the initiative has successfully identified suitable sweet sorghum varieties and is now preparing to construct a dedicated 81-litter per day bioethanol refinery to convert the crop’s sugary stalks into clean cooking fuel.

Led by the Ecolinks in collaboration with researchers and private sector actors, the project marks a significant step toward reducing dependence on wood fuels and promoting locally sourced renewable energy.

“The main focus for last season was to test the crop under different climatic conditions. We had a good outcome because even in the midst of the dry spell which affected cereals especially maize. The sweet sorghum did great. ”Mr Isaac Seidu Atayure, a project Officer at Ecolinks says.

For this cropping season, the team is opening it up to farmers and testing additional varieties from Advanta international and ICRISAT.

A viable sweet sorghum variety that grows well in southern, middle and northern Ghana has been identified.

“The project will be operating on two models; one is to cultivate sweet sorghum on our production sites and the other is to engage Out-growers to grow sweet sorghum for us to buy. The initial phase is to develop 4000ha under both models to feed our refinery,” says Mr Atayure..

“Sweet sorghum is an excellent feedstock for bioethanol production and unlike cassava it is not a stable food crop. Our model allows farmers to grow their food crops while ensuring a regular supply of feedstock for our refinery. We see sweet sorghum as a new revenue source for farmers to tap into,” he says.

Government welcomes initiatives that will explore the potential in bioethanol which include that of Eco links.

Mr Seth Mahu, the Renewable Energy Director at the Ministry of Energy and Green Transition, tells the GNA that the government supports biofuel production and adequate provision has been made for its development in the country.

Aside from it being a substitute for clean cooking, he says the country has made provision for biofuel to be blended with conventional fuel to reduce the carbon level and make it viable

Mr Mahu explains that a national biofuel policy is being developed, with stakeholder consultations already conducted in some regions to guide feedstock choice, production standards, land use, and ensure food security is protected.

Persons with deep knowledge in the sector like Mr Benjamin Boakye, say the potential is huge but manufacturers and governments must heighten research on the most efficient ethanol-based cookstoves to replace the existing ones with design and operational flexibility challenges.

Mr Johnson Penn, Chief Executive Officer of EcoLinks, is also suggesting to the government to provide incentives, including tax exemptions on bioethanol fuel and stoves, to make clean cooking solutions affordable and accessible for low-income households.

For now, the flame is small—but with the right support, it could light the way for millions of Ghanaians toward a healthier, greener tomorrow.

[email protected]

GNA
Edited by SOF
24 April 2025