Financial crimes are widespread across key sectors of Ghana’s economy, with fraud and tax evasion affecting banking, international trade, real estate and major commodity industries, according to the Global Organised Crime Index.

In its assessment of financial crimes in Ghana, the report identifies substantial losses to the state and growing concerns about cyber-enabled fraud.

“Financial crimes, including various types of fraud and tax evasion, are pervasive in Ghana, affecting various sectors such as banking, import/export, real estate and industries such as fishing, gold and cocoa,” the report states.

The assessment highlights tax evasion involving companies, noting its impact on public finances.

“Cases of tax evasion have also emerged, involving companies engaged in economic crimes against the state, resulting in substantial losses.”

The excerpt does not name the companies involved or provide a monetary value for the losses.

The report also points to cases of online Ponzi schemes and banking fraud, alongside criminal charges involving prominent individuals.

“Cases of online Ponzi schemes and banking fraud have also been reported, and high-profile individuals have faced charges of breach of trust and bribery,” it says.

On funds allocated to Ghana’s pandemic response, the assessment notes efforts by agencies to pursue those implicated in their misuse.

“The misuse of funds designated for Ghana's COVID-19 efforts has prompted collaboration between different agencies to prosecute the officials and private actors involved.”

The report further identifies Ghana as a base for individuals and networks engaged in internet fraud.

“Ghana is a known hub for individuals and networks perpetrating online fraud, including romance scams,” it states.

It adds that the growth of technology-enabled financial crime continues to pose a concern.

“Meanwhile, the rise of cyber-enabled financial crimes, particularly online romance scams, remains a concern.”

The assessment presents financial crime as a challenge spanning both traditional economic activities and digital platforms, with implications for public revenue, businesses and individuals.