The Government of Ghana has announced a renewed commitment to reforming its gold sector as the country prepares for a critical international evaluation of its anti-money laundering and counter-terrorism financing frameworks.
Speaking at a high-level stakeholder engagement, Deputy Minister for Finance, Thomas Nyarko Ampem—representing the substantive Minister, Cassiel Ato Forson—warned that Ghana risks being grey-listed by the Financial Action Task Force (FATF) if it fails to meet global standards.
He emphasized that reforms in the gold industry are essential as the country gears up for its second mutual evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA). The assessment, scheduled for next year, will determine Ghana’s compliance with international anti-money laundering (AML) and combating the financing of terrorism (CFT) obligations.
Ghana’s gold sector, which accounted for 64% of total exports in the first half of 2025 and contributes approximately 7% to the nation’s GDP, remains a focal point due to persistent challenges such as illegal mining and widespread gold smuggling.
A recent report by SwissAid revealed that over 229 tonnes of gold—valued at more than $11.4 billion—were illicitly smuggled out of Ghana between 2019 and 2023. In 2022 alone, an estimated 60 tonnes of gold were smuggled, positioning Ghana as the second-highest source of illicit gold flows in Africa, behind Mali.
In response, Mr. Ampem called for a unified and coordinated approach involving financial institutions, regulatory bodies, and law enforcement agencies. “Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” he stated.
He added, “Delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold trading hub.”
The Deputy Minister commended the Financial Intelligence Centre (FIC) for leading Ghana’s recent National Risk Assessment and acknowledged the support of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in building the country’s financial investigative capacity.
Also present at the meeting was Mr. Keith McMahon, the United Kingdom’s Deputy High Commissioner to Ghana, who reaffirmed the UK government's support for Ghana’s reform agenda. He emphasized that enhanced transparency and governance in the gold sector are crucial not only for Ghana’s economic stability but also for safeguarding the integrity of the global financial system.
The upcoming GIABA mutual evaluation will serve as a key benchmark for Ghana’s progress in combatting financial crimes and could influence the country’s standing in the global financial community.
Source: Citinewsroom
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