Unmask hidden wealth through currency exchange — GFL to gov't

The Ghana Federation of Labour (GFL) has urged the government to implement a nationwide currency exchange as a strategic measure to combat corruption and expose hidden wealth allegedly hoarded by individuals from the previous administration.

According to GFL Secretary General Abraham Koomson, this initiative would involve introducing new currency notes while rendering the existing ones obsolete, compelling individuals to exchange old notes through the formal banking system.

Explaining the rationale behind the proposal, Mr. Koomson stated, “Those who have accumulated wealth through illicit means, such as corruption, tax evasion, or other financial crimes, often hide their wealth in cash.

“By introducing new currency notes, authorities can flush out these individuals, forcing them to bring their hidden wealth into the formal banking system.”

Speaking to journalists in Tema over the weekend, Mr. Koomson addressed the nation’s economic challenges, referencing President John Dramani Mahama’s recent State of the Nation Address, which highlighted the reckless use of state resources by elements of the previous government.

He stressed that to effectively tackle corruption and restore confidence in the banking sector—damaged by what he described as a politically motivated financial sector cleanup under former President Nana Addo Dankwa Akufo-Addo and Vice President Dr. Mahamudu Bawumia—the government must introduce new currency notes with enhanced security features and designs.

Under this proposed system, individuals would be required to exchange their old notes by a set deadline, ensuring all transactions are conducted through formal banking channels.

“Those exchanging old notes must do so through the formal banking system, allowing authorities to track and monitor transactions,” he explained.

As part of the process, individuals would be questioned about the source of their wealth and whether they had met their tax obligations. “As individuals exchange their old notes, they are questioned about the source of their wealth and whether they have fulfilled their tax obligations, which will provide an opportunity for authorities to investigate and prosecute cases of corruption and financial crimes.”

Mr. Koomson emphasized that this initiative would help uncover hidden wealth, allowing the government to collect taxes owed and increase public revenue.

“As hidden wealth is uncovered, governments can collect taxes owed, boosting revenue and supporting public services, while those who have accumulated wealth through illicit means would be exposed to help reduce economic inequality and promote a more just society.”

Describing the currency exchange as a bold step toward transparency, Mr. Koomson reiterated that the initiative would be beneficial if the government had the necessary resources to implement it.

"We should raise the issue of printing new notes if there's money because some people have hoarded the Cedi currency and don't know how to bring them out," he stated.

Additionally, he suggested that setting a deadline for currency exchange would aid the Operation Recover All Loot (ORAL) campaign, which seeks to retrieve allegedly stolen funds. This move, he argued, would force individuals to come forward and declare their wealth, making it easier to track illicit financial activities.