The Financial Intelligence Centre (FIC) of Ghana has launched an inquiry into the financial activities of McDan Group, a major Ghanaian conglomerate, over concerns related to large money movements spanning a four-year period.
In a confidential letter dated April 22, 2025, and addressed to the Managing Director of McDan Group, the FIC formally requested detailed information concerning electronic fund transfers and cheque payments made by the company between January 1, 2020, and December 31, 2024.
McDan has up to this week to furnish FIC with all the information on the suspicious transactions.
The letter, referenced OC00020170-2025-v.> – 4113, signals the beginning of what appears to be a deep dive into the company’s financial operations.
The request falls under Sections 36 and 37 of Ghana’s Anti-Money Laundering Act, 2020 (Act 1044), which empowers the FIC to demand information from institutions and businesses where financial irregularities or suspicious transactions are suspected.
According to the letter, intelligence gathered by the Centre suggests that McDan Group may have received and paid out significant sums of money to multiple entities during the specified timeframe.
Specifically, the FIC is demanding:
A comprehensive list of all electronic fund transfers conducted by McDan Group during the period under review.
Copies of all cheques issued to third parties from January 2020 to December 2024.
The names of all financial institutions used to execute the payments in question.
In line with Section 37(4) of Act 1044, the FIC has stipulated that McDan Group must furnish the requested information within seven (7) days of receiving the notice.
The FIC serves as Ghana’s national center for receiving and analyzing reports of suspicious financial transactions and ensuring compliance with anti-money laundering and counter-financing of terrorism regulations.
It operates under strict confidentiality and plays a critical role in safeguarding the integrity of Ghana’s financial system.
McDan Group, founded by Ghanaian business magnate Daniel McKorley, has diversified interests across industries such as logistics, aviation, real estate, and oil and gas.
The company has grown to become one of Ghana’s most recognizable brands, and its executive chairman, McKorley, is often cited as a leading figure in Ghana’s private sector development.
BY Issah Olegor
