Ghana forfeited an estimated US$54.1 billion to trade-related illicit financial flows between 2013 and 2022, ranking third among the 10 African countries most affected, according to a new report by Global Financial Integrity (GFI). The findings point to deep-seated structural weaknesses in Ghana’s trade relationships with global partners.
The report, Trade-Related Illicit Financial Flows in Africa, 2013–2022, analysed discrepancies between countries’ reported exports and their partners’ recorded imports. GFI estimates that nearly 28% of Ghana’s trade may be misinvoiced, mispriced or unaccounted for—equivalent to almost US$3 out of every US$10 in the country’s international trade.
Although South Africa (US$478 billion) and Nigeria (US$77.7 billion) recorded higher absolute losses, Ghana’s outflows exceeded those of regional peers such as Côte d’Ivoire (US$47.7 billion) and Kenya (US$47.5 billion).
GFI attributes Ghana’s elevated losses to limited transparency in key export sectors, including gold, cocoa and oil, where pricing irregularities and unequal bargaining power with multinational buyers enable under-invoicing.
Trade with developed economies, including G7 countries, accounted for US$20.5 billion in losses over the decade—about 25% of Ghana’s trade with advanced economies—indicating a significant transfer of wealth from natural resources to the Global North.
The social costs are considerable. Countries experiencing high illicit financial flows typically spend 25% less on healthcare and 58% less on education than comparable nations. In Ghana’s case, recovering even a portion of the US$54.1 billion could finance schools, health facilities and critical infrastructure that remain underfunded.
To curb these losses, the report urges Ghana to modernise its customs systems through advanced data analytics and risk-based inspections capable of identifying suspicious transactions in real time. It also recommends establishing comprehensive beneficial ownership registries to expose the true owners of companies and trusts, reducing the use of shell entities to conceal illicit gains.
GFI further advocates for the use of blockchain or similar technologies to facilitate automatic exchange of trade valuation data between countries, helping to close information gaps. Enhanced regional cooperation is also emphasised, with the African Continental Free Trade Area (AfCFTA) identified as a key platform for harmonising trade invoice verification and detecting discrepancies across borders.
The report concludes by calling for stronger legal enforcement, including the criminalisation of trade misinvoicing, the imposition of meaningful penalties, and the protection of whistleblowers who expose tax evasion.
Without decisive reforms, GFI warns, Ghana’s economic sovereignty and inclusive growth ambitions remain under threat.
Effective action, however, could shift the country from a net exporter of illicit outflows to one that channels its wealth into sustainable domestic development.