Ghana pledges to help AU check illicit financial flows

Vice President   Amissah  Arthur  confering  with  the  former  South  African  Presiodent  Mr Tambo Mbeki .Photo. Vincent Dzatse.

Vice President Amissah Arthur confering with the former South African Presiodent Mr Tambo Mbeki .Photo. Vincent Dzatse.

Vice President Kwesi Amissah-Arthur has assured that Ghana will collaborate with the African Union to fight illicit financial flows out of the continent.

He said the government had empowered the Intelligence Centre to deal decisively with the problem.

Mr. Amissah-Arthur gave the assurance when Mr Thabo Mbeki, former South African President, led a 10-member delegation from the High Level Panel on Illicit Financial Flows out of Africa to call on him.

The High Level Panel has already submitted its report to the African Union, making some important recommendations aimed at combating the illegal financial movement out of the continent and transfer pricing.

The panel is currently in the West African sub-region soliciting the views of member states on the recommendations.

Vice President Amissah-Arthur said Ghana had always frowned on such activities as money laundering and abusive transfer pricing, and was fully supported of the course of the panel to combat illicit financial flows from the continent.

Mr Mbeki, on his part, stated that the panel was soliciting the opinions of member countries on the recommendations of the report, adding that the assessments from the member countries would go a long way to help curb the debilitating problem of illicit financial outflows from Africa.

He said the effects of the illicit outflows caused a drain on a country’s foreign exchange reserves, reduced tax collection, cancelling out of investment inflows and worsening poverty. GNA

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