EOCO retrieves GHC 27.55 million from criminals in the last 10 months

According to EOCO, the recovered amount “is a record high for EOCO compared to an average of about five (5) Million Ghana Cedis in previous years.”

COP Maame Yaa Tiwaa Addo-Danquah disclosed that her outfit intends to improve on its recoveries, sensitization programmes on Cybercrimes, gaming and outreach programmes to markets, communities and religious institutions in 2023.

She added that the GHC 27.55 million would have been lost to the state if not for the hard work of the organization she heads.

The gargantuan recoveries come at a time when Ghana is currently hoping for a possible $3 billion bailout from the International Monetary Fund while skyrocketing fuel prices, a rising cost of living and a depreciating cedi intensifies the prevailing hardship by the day.

In the 2023 budget statement, Ghanaians had expected that the government would announce some measures to ease their suffering. But it rather announced a freeze on all public sector employment, increased the VAT rate by 2.5% and removed the GHC 100 threshold for the controversial e-levy, all of which policies analysts say will worsen the hardship that the citizens are grappling with.

Meanwhile, an international credit rating agency, Moody’s has downgraded Ghana from Caa2 to Ca.

“The Ca rating reflects Moody’s expectation that private creditors will likely incur substantial losses in the restructuring of both local and foreign currencies debts planned by the government as part of its 2023 budget proposed to Parliament on 24 November 2022.

“Given Ghana’s high government debt burden and the debt structure, it is likely there will be substantial losses on both categories of debt in order for the government to meaningfully improve debt sustainability,” Moody’s said in a statement on Tuesday, November 29, 2022.

The government of Ghana has not responded to the latest downgrade yet.