Ghana’s Fight Against Financial Crimes Strengthened with Inauguration of New FIC Board

The new board, composed of highly qualified professionals from diverse institutions, is expected to provide strategic oversight, policy direction, and institutional guidance to the FIC in executing its mandate more effectively.

In a major step to bolster Ghana’s resilience against financial crime, Finance Minister Dr. Cassiel Ato Forson has formally inaugurated a new seven-member Board of Directors for the Financial Intelligence Centre (FIC). The inauguration marks a renewed commitment by the Government of Ghana to combat money laundering, terrorism financing, and other illicit financial activities that threaten the integrity of the country’s financial system.

The new board, composed of highly qualified professionals from diverse institutions, is expected to provide strategic oversight, policy direction, and institutional guidance to the FIC in executing its mandate more effectively.

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Composition of the New Board

The newly appointed board members are as follows:

• Mr. Mike Kofi Afflu – Chairperson

• Mr. Albert Kwadwo Twum Boafo – Chief Executive Officer, FIC

• Ms. Grace Mbrokoh-Ewoal – Representative from the Ministry of Finance

• Ms. Elizabeth Ama Yankah – Representative from National Security

• Dr. Kwasi Osei Yeboah – Member

• A representative from the Ministry of the Interior (a Senior Police Officer)

• A representative from the Attorney-General’s Department

This blend of expertise from finance, security, law enforcement, and legal affairs is designed to foster a multi-agency approach to countering financial threats to national security.

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FIC's Role in Ghana’s Financial Security

The Financial Intelligence Centre (FIC) serves as Ghana’s central agency responsible for receiving, analyzing, and disseminating financial intelligence related to suspected money laundering, terrorist financing, and other related offenses. It also ensures compliance with anti-money laundering (AML) and countering the financing of terrorism (CFT) regulations by financial and non-financial institutions.

In recent years, the FIC has played a critical role in safeguarding Ghana’s financial ecosystem through:

• Investigations into high-profile financial fraud cases;

• Collaborating with international financial intelligence units (FIUs);

• Strengthening reporting obligations of banks, law firms, casinos, and real estate agents;

• Enhancing digital monitoring systems to track illicit transactions.

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Rising Sophistication of Financial Crime

Dr. Ato Forson underscored the urgency of the board's mandate in light of evolving and increasingly complex financial crimes. With digital technology creating new avenues for illicit financial flows, the need for strong governance, strategic intelligence sharing, and swift enforcement has become paramount.

“The FIC is a critical institution in Ghana’s national security architecture. The inauguration of this new board comes at a time when financial crimes are becoming more sophisticated, transcending borders and undermining public trust in our financial institutions,” he said.

The Minister called on the board to pursue innovative approaches, enhance inter-agency collaboration, and lead policy reforms that would ensure Ghana remains compliant with regional and international AML/CFT standards.

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Strategic Objectives and Expectations

With the new board in place, expectations are high for a renewed drive to reinforce legal frameworks and operational capabilities. Some of the key areas the Board is expected to focus on include:

• Oversight of Ghana’s AML/CFT National Strategy;

• Enhancing cooperation with regional and global partners such as GIABA (Inter-Governmental Action Group against Money Laundering in West Africa) and the Egmont Group of FIUs;

• Ensuring timely submission of Suspicious Transaction Reports (STRs);

• Promoting capacity building for investigators and financial compliance officers;

• Leading public-private engagement on financial crime risks and mitigation.

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Safeguarding Ghana’s Reputation and Investment Climate

The work of the FIC and its board also has implications for Ghana’s global financial standing. Effective regulation and crime prevention are prerequisites for maintaining foreign investor confidence, avoiding blacklisting by international financial watchdogs, and protecting Ghana’s access to international financial systems.

Failure to meet global AML/CFT expectations can result in reputational damage, higher costs of borrowing, and restrictions in trade and investment.

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A National Mandate with International Scope

As cross-border money laundering and terror financing continue to pose threats globally, Ghana’s FIC operates within an international intelligence-sharing framework. The board will be instrumental in aligning Ghana's financial crime response with global protocols under organizations like the Financial Action Task Force (FATF).

The collaborative presence of security agencies, legal entities, and financial regulators on the board underscores Ghana’s intention to mount a robust and united front against financial malfeasance.

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The inauguration of the new FIC Board is not only a governance milestone but also a signal of Ghana’s seriousness in tackling financial crime in all its forms. As the country continues to modernize its financial infrastructure and expand its global economic partnerships, ensuring the integrity of its financial systems is more critical than ever.

With a capable and diverse board now at the helm of the FIC, stakeholders remain hopeful that Ghana will deepen its efforts in safeguarding national and financial security, enforcing compliance, and deterring economic crime.

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