Ghana ranked 9th in Africa as most financially secretive country - Report

A Financial Secrecy Index released by Tax Justice Network has shown that Ghana placed 9th as the most financially secretive country in Africa.

Ghana, however, ranked 70th with a Financial Sector Index Share of 0.49% globally.

The report noted that in the FSI value - which measures how much financial secrecy the jurisdiction supplies, Ghana scored 167.

"The FSI Value is a measure of how much financial secrecy the jurisdiction supplies, resulting from the combination of the jurisdiction’s Secrecy Score and Global Scale Weight," a myjoyonline report sighted by GhanaWeb Business stated.

In terms of percentage, Ghana scored 53% in secrecy, 27% for banking secrecy, 50% in trust and foundations register, 15% in recorded company ownership and 50% in other wealth ownership.

The report indicated that Ghana scored 0% for limited partnership transparency and 100% for legal entity transparency.

According to Tax Justice Network, "the Financial Secrecy Index is a ranking of jurisdictions most complicit in helping individuals to hide their finances from the rule of law."

It further said financial secrecy facilitates tax abuse, enables money laundering and undermines the human rights of all.

The index identifies the world’s biggest suppliers of financial secrecy and spotlights the laws that governments can change to reduce their contribution to financial secrecy.

Meanwhile, Angola was ranked the 1st in Africa as the most financially secretive country followed by Algeria, Liberia, Kenya, and Nigeria.

ESA/NOQ

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