A post-doctoral researcher has presented compelling findings on the economic dimensions of Illicit Financial Flows (IFFs), specifically focusing on trade mispricing in selected commodities.
Using a comprehensive approach, including value chain analysis and identification of risk factors, Angela Alu's research shed light on the alarming trend of undervaluation in gold exports.
The data revealed that between 2011 and 2017, a staggering $3.8 billion, approximately 11% of total gold exports, was undervalued.
This came to the fore in a dissemination workshop titled 'Curbing IFFs to Finance Development,' held at AH Hotel in East Legon, Accra, on Thursday, November 16.
Conclusions drawn from the research emphasised varying levels of trade mispricing, encompassing both over-invoicing and undervaluation.
In response to these findings, the workshop proposed crucial policy recommendations.
Key recommendations include the imperative need to enhance the data capabilities of institutions involved in the production and export of these goods.
The workshop advocates for increased cooperation between different entities in the sector to harmonize the data collected.
Furthermore, the importance of fostering academia and industry collaborations for further research was underscored to address the complex issue of illicit financial flows effectively.
This groundbreaking research highlights the significance of addressing trade mispricing to ensure fair economic practices, emphasising the necessity for collaborative efforts among institutions and stakeholders in Ghana's trade sector.
Latest Stories
-
About 95% of PWDs in Obuasi have source of livelihood – MCE
3 mins -
Immigration Service intercepts 54 gallons of fuel
5 mins -
Election 2024: Roman Fada selected as flagbearer for Ghana Freedom Party
14 mins -
Bawumia to launch Ghana’s credit scoring system on Nov. 7
17 mins -
Alan to combat galamsey with strategic youth-centred business model
21 mins -
Agona Swedru chiefs commit to ending child marriage within their jurisdiction
34 mins -
Sunyani Traditional Council endorses Bawumia – NAPO government
37 mins -
Adutwum defends double track in Free SHS, citing research and positive outcomes
42 mins -
‘Prevent and condemn illegal pressure on Judiciary’ – AG to GBA
46 mins -
Mahama alleges biased development allocation by NPP
48 mins -
Do not rely solely on foreign investments for your operations, business told
52 mins -
Boeing strike ends as workers accept new contract
2 hours -
GAF will not relent in its quest to counter external threats – GOC Southern Command
2 hours -
Election 2024: Bawumia reiterates commitment to promote sustainable mining practices
2 hours -
Ensign Global College promotes health and community well-being at Ngmayem Festival 2024
2 hours