Trade-based financial crime costs Ghana its 2018 revenue target

Trade-based financial crime at Ghanaian ports was responsible for the country missing its 2018 revenue target according to the Ghana Revenue Authority (GRA).

Official data indicates the authority’s customs division failed to collect the equivalent of more than US$400 million, of which 70 per cent is accounted for by trade-based criminality.

Stakeholder engagement

Commissioner of customs at the GRA, Isaac Crenstil, says the authority is tackling the problem.

“From the beginning of the year, we decided to engage all the stakeholders so that we are able to put in all the necessary customs controls,” he says.

Officials complicit

The GRA clearly recognises that customs officials may be participants in trade-based financial crimes.

Crenstil said the GRA has resolved that any staff found conniving with freight forwarders or others to dodge taxes will be reported to the special prosecutor.

The GRA has also resolved to tackle the issue of trade-based financial crime so that the authority does meet its 2019 revenue targets according to Crentsil.


Categories: Trade Based Financial crimes News

%d bloggers like this: