The Government of Ghana has committed to enhancing reforms within the gold sector as it gears up for a significant international assessment of its anti-money laundering initiatives.
During a high-level stakeholder meeting, Deputy Minister for Finance, Thomas Nyarko Ampem, representing the Minister for Finance, Cassiel Ato Forson, cautioned that Ghana risks potential grey-listing by the Financial Action Task Force (FATF) if it does not comply with international standards.
He emphasized the importance of reforms in the gold sector as Ghana prepares for its second Mutual Evaluation of the Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) conducted by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Ghana’s gold sector, which constituted 64% of total exports in the first half of 2025 and contributes approximately 7% to the GDP, is currently under scrutiny due to challenges such as illegal mining and extensive gold smuggling.
A recent report by SwissAid disclosed that over 229 tonnes of gold, valued at more than $11.4 billion, were illicitly exported from Ghana between 2019 and 2023, with up to 60 tonnes smuggled in 2022, marking the second highest in Africa after Mali. The Minister urged a coordinated effort from financial institutions, regulators, and law enforcement, calling for their participation in a collaborative action plan.
“Our shared responsibility is to ensure that today’s discussions lead to concrete advancements,” he stated.
He noted that, “Implementing this agenda will safeguard domestic revenue, protect livelihoods, and enhance Ghana’s standing as a reputable gold hub on the international stage.”
He praised the Financial Intelligence Centre (FIC) for spearheading Ghana’s recent National Risk Assessment and acknowledged the contributions of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in bolstering financial investigation capabilities.
Mr. Keith McMahon, the Deputy High Commissioner of the UK to Ghana, also spoke to the assembly and reaffirmed the UK government’s ongoing support for Ghana in anticipation of the GIABA assessment. “The United Kingdom is steadfastly aligned with Ghana in its endeavors to enhance transparency and governance within the gold sector.
This is crucial not only for the economic stability of Ghana but also for the integrity of the global financial system,” he stated. The mutual evaluation, which will be carried out by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), is set to take place next year.
