Oxfam in Ghana has renewed its commitment to curbing illicit financial flows (IFFs) across Africa, describing them as a major drain on national revenues that weakens development and deepens dependence on external borrowing.
The organisation warned that unless capital leakages are addressed, public finances will remain constrained, forcing continued reliance on loans and donor support.
‘‘At the core of Oxfam Ghana’s advocacy is a conviction that the Government must give value for the taxes paid by individuals and businesses, curbing illicit financial flows to bolster trust and legitimacy in the fiscal system.’’
These calls were amplified during the 2025 West Africa Media Excellence Conference and Awards (WAMECA) in Accra, where experts explored the intersection between technology, compliance, and financial governance.
The event’s theme, “Guaranteeing Africa’s Financial Independence: The Role of FinTechs in Combating Illicit Financial Flows,” underscored how digital innovation can both advance and endanger financial integrity if not properly regulated.
Speaking on a panel at the event, Mohammed Mahamud, Programme and Policy Manager for Accountable Governance at Oxfam Ghana, described IFFs as one of the gravest threats to Africa’s economic sovereignty.
“The major contributor to illicit financial flows is base erosion and profit shifting, which is mostly perpetuated by multinational corporations,” he cautioned.
“If Africa is to achieve true financial independence, curbing income flows out of the continent must be central.”
Other panellists echoed his concerns, highlighting the dual role of technology as both an enabler of transparency and a target for abuse.
Deputy Director-General of the Cyber Security Authority, Dr. Jamal Tonzua, called for stronger multi-stakeholder collaboration among governments, regulators, tech associations, and international partners to counter financial and cybercrimes.
“We have the Chamber of Block chain Technology and many tech associations involved,” he said.
“These are multi-stakeholder processes, we must think about the end user and ensure deterrence and enforcement within telecom and digital systems.”
Head of Sales at BRIJ Fintech Ghana, Nana Ama Oforiwaa Antwi, on her part urged FinTech firms to view compliance as a shared responsibility rather than a regulatory burden.
She cited sectors such as unlicensed betting companies and certain NGOs as being particularly vulnerable to misuse.
“FinTech companies must be cautious and refuse engagements that expose them to the risk of facilitating illicit financial activity,” she advised.
Beyond advocacy, Oxfam Ghana’s actions extend to capacity building and media empowerment.
In partnership with the Media Foundation for West Africa (MFWA), it has supported the launch of a Media Guide on Illicit Financial Flows, Progressive Taxation, and Domestic Revenue Mobilisation.
The guide provides ethical standards, investigative tools, and real-world case studies to equip journalists to uncover wrongdoing and raise public awareness about the impact of financial leakages on development.
Oxfam Ghana maintains that tackling IFFs is not just an economic necessity but a moral and governance imperative one, essential to Africa’s quest for financial independence and equitable growth.
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