Mahama says Panama paper leaks is a good thing

Mahama says Panama paper leaks is a good thing

President John Dramani Mahama has described the Panama paper leaks as a good thing arguing that it forces  developed countries to look on their side to make sure that there is a safe haven where people can carry money.

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Commenting on the leaks for the first time during an interaction with the Ghanaian diaspora in UK president Mahama said the debate of tax havens has become topical: ''So this whole Panama papers thing is a good thing, because it is forcing the developed countries to look on their side and make sure that there is no safe haven where people can hide money...Even currently in Ghana, if you move any money through the banking systems that exceeds something amount, it must be reported to the financial intelligence sector."

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A huge leak of documents lifted the lid on how the rich and powerful use tax havens to hide their wealth. The files were leaked from one of the world's most secretive companies, a Panamanian law firm called Mossack Fonseca.

The leak claims to expose the offshore holdings of 12 current and former world leaders and provides data on the financial activities of 128 other politicians and public officials from different countries. The investigation involving about 370 journalists from more than 100 media organizations that dug into the files found the names of former President John Kufour’s and former UN Secretary General, Kofi Annan’s sons.

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