Ghana’s Financial Intelligence Centre (FIC) has launched an investigation into McDan Group, a prominent local conglomerate, over alleged suspicious financial transactions.
The agency has demanded comprehensive records of the company’s financial activities between 2020 and 2024, citing potential breaches of anti-money laundering laws.
In a confidential letter dated April 22, 2025, the FIC invoked Sections 36 and 37 of the Anti-Money Laundering Act, 2020 (Act 1044), compelling McDan Group to submit detailed documentation within seven days. The request includes all electronic fund transfers, copies of cheques issued to third parties, and information on financial institutions used for transactions during the specified period. Failure to comply could result in penalties under Section 37(4) of the law.
The probe marks the latest in a series of high-profile investigations by the FIC, which has intensified efforts to curb financial misconduct under its current leadership. Earlier this year, the agency froze accounts linked to New Patriotic Party Chairman Bernard Antwi Boasiako and his mining firm, Akonta Mining, as part of a crackdown on illicit financial flows.
McDan Group, with interests spanning logistics, aviation, and mining, has not publicly commented on the investigation. The company’s inclusion in the FIC’s scrutiny list highlights the agency’s expanding focus on corporate entities amid rising concerns over money laundering and tax evasion. Ghana’s financial sector has faced mounting pressure to align with global transparency standards, particularly as international institutions emphasize tighter controls to prevent revenue leakage.
The FIC’s actions reflect a broader governmental push to strengthen oversight of high-risk sectors, though past enforcement has occasionally drawn criticism for perceived selectivity. Analysts note that while such investigations signal progress in accountability, their long-term impact depends on consistent application of laws and judicial follow-through.
As Ghana seeks to bolster investor confidence, the outcome of this case may influence perceptions of the country’s commitment to combating financial crime. The FIC reiterated its mandate to enforce compliance “without prejudice,” underscoring the role of robust financial governance in sustaining economic stability.
