Ghana’s digital economy is on a remarkable growth trajectory, currently valued at $1 billion and projected to increase to $5 billion by 2030. Driven by the ICT sector, which contributes 3.9% to the country’s GDP, this burgeoning industry has demonstrated resilience even amid global challenges such as the COVID-19 pandemic.
Key government initiatives, including investments in national fiber networks and digital ID systems, are accelerating Ghana’s transformation into a tech-driven economy. These efforts aim to enhance connectivity, improve service delivery, and foster a digitally literate workforce capable of sustaining the digital sector’s momentum.
A standout feature of Ghana’s digital landscape is the mobile money ecosystem, which has positioned the country as a leader in sub-Saharan Africa. With over 30 million registered mobile money accounts and annual transactions exceeding $36 billion, this innovation is reshaping traditional payment systems while fostering financial inclusion for millions of Ghanaians.
However, the growth of Ghana’s digital economy presents challenges, particularly in addressing illicit financial flows (IFFs). Dr. Bishop Akologo, Executive Director of Technology Integration Point Ventures (TIPV), noted that inadequate regulatory capacity has allowed organizations and individuals in the digital space to evade taxes, leading to significant revenue losses for the country.
Speaking at a two-day training for journalists in the Upper East Region on IFFs, organized by the Media Foundation for West Africa (MFWA) with funding from Oxfam in Ghana and the Danish Ministry of Foreign Affairs, Dr. Akologo underscored the need for robust oversight to secure Ghana’s digital future.
“The argument is that with the digital economy comes the challenge of limited capacity to respond to new ways of conducting business, including cybersecurity and taxation of online activities,” he explained. “Wherever value is created, taxes must be paid. For instance, if Uber generates revenue in Ghana, it must pay taxes here, regardless of whether the company is registered locally. This principle should apply to all organizations.”
William Nlanjerboh Jalulah, Programmes Manager at MFWA, emphasized the importance of equipping journalists to report effectively on IFFs due to their significant impact on global and local economies.
“As part of the United Nations’ Agenda 2030, all member states are required to address illicit financial flows. As an organization working with the media, we believe building the capacity of journalists is crucial for highlighting these critical issues,” Jalulah stated.
The MFWA plans to replicate similar training sessions across the country. Additionally, the foundation has launched a series of forums to draw national attention to the impact of IFFs. The first forum, held on December 3, 2024, featured former Auditor-General Daniel Yaw Domelovo, who spoke on “Curbing Illicit Financial Flows in Ghana.”
Source: A1Radioonline.Com | 101.1MHz | Mark Kwasi Ahumah Smith | Bolgatanga
