Ghana’s Attorney-General and Minister for Justice, Godfred Yeboah Dame, has called for stronger accountability measures within financial institutions, stressing that banks must play a pivotal role in combating financial and economic crime.

Speaking at the 41st Cambridge International Symposium on Economic Crime on Monday, September 2, Mr. Dame underscored the need to disrupt the financial networks that enable criminal enterprises. “An effective way of depriving criminals of the fruits of their wrongdoing is by dealing with the sources of funding for their subversive enterprises,” he stated.

He warned that when financial institutions neglect their duty to uphold transparency and due diligence, they inadvertently enable illicit financial flows. “The trust and confidence of the people in financial systems are abused when those entrusted to ensure compliance derelict their responsibilities,” he said, adding that confidentiality and secrecy—especially in offshore jurisdictions—often become tools for concealing the proceeds of corruption.

The Attorney-General emphasized that tracing and recovering assets obtained through crime is a complex but crucial endeavor. “It requires the active participation of forensic accountants, lawyers, real estate agents, IT experts, and other professionals, all guided by strong ethical standards,” he said. Tools like geolocation technology, he noted, are essential for identifying and monitoring concealed assets.

Citing former U.S. Senator Alan K. Simpson, Mr. Dame said: “If you have integrity, nothing else matters. If you do not have integrity, nothing else matters.” He reinforced that transparency is the key to dismantling the protective layers surrounding illicit wealth.

Asset Recovery as a National Imperative

The Attorney-General argued that the primary motivation behind financial crime is the accumulation of illicit wealth and unfair advantage. “Thus, effectively tracing and recovering criminal assets cuts off the incentive to commit such crimes,” he asserted. “Asset tracing is, in my view, the end game in dealing with economic and financial crime.”

In countries like Ghana, he added, the concealment of criminal proceeds undermines public trust and robs the state of much-needed revenue for development. “Recovering these assets allows law enforcement agencies to directly contribute to the national purse, making them generators of revenue,” he said.

Legislative Reforms to Boost Transparency and Recovery

Mr. Dame highlighted key legislative efforts undertaken by Ghana to tackle economic crimes. The Economic and Organised Crimes Office Act, 2011 (Act 804) established EOCO to investigate organised crime and recover illicit assets. The Act empowers EOCO with property tracking, seizure powers, and tax fraud investigation authority.

Additionally, the Office of the Special Prosecutor (Act 959), established in 2017, has robust mechanisms for asset tracing, confiscation, and uncovering hidden ownership of criminally obtained assets.

Another significant tool in Ghana’s anti-corruption arsenal is the Companies Act, 2019 (Act 992). The Act mandates disclosure of beneficial ownership and introduces verification mechanisms to prevent shell companies and fraudulent entities from operating under the radar. “These measures significantly bolster investor confidence and enhance Ghana’s global standing as a trustworthy business destination,” Mr. Dame added.

Conclusion

The Attorney-General’s address highlighted Ghana’s firm stance on fighting economic crime through legal reform, institutional accountability, and international cooperation. “Transparency and integrity must be at the heart of our financial systems,” he concluded. “Only then can we effectively combat financial crime and build a just and prosperous society.”