Ghana has pledged to intensify reforms in the gold sector as the country prepares for a critical international review of its anti-money laundering systems.
Speaking at a high-level stakeholder meeting on behalf of the Finance Minister, Dr. Cassiel Ato Forson, Deputy Finance Minister Thomas Nyarko Ampem cautioned that Ghana risks potential grey-listing by the Financial Action Task Force (FATF) if it fails to meet required international standards.
He noted that reforms in the gold are central to Ghana’s readiness for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Ghana’s gold sector, which accounted for 64% of total exports in the first half of 2025 and contributes about 7% to GDP, has come under scrutiny due to persistent concerns over illegal mining and large-scale smuggling.
A recent SwissAid report revealed that more than 229 tonnes of gold, valued at over $11.4 billion, were smuggled out of Ghana between 2019 and 2023, with as much as 60 tonnes smuggled in 2022 alone—the second-highest figure in Africa after Mali.
Hon. Nyarko Ampem urged financial institutions, regulators, and law enforcement agencies to work together on a joint action plan.
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress. Delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold hub,” he said.
He also commended the Financial Intelligence Centre (FIC) for leading Ghana’s latest National Risk Assessment and acknowledged the contributions of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in strengthening financial investigations.
The UK’s Deputy High Commissioner to Ghana, Keith McMahon, reaffirmed Britain’s partnership in the reform process.
“The United Kingdom stands firmly with Ghana in its efforts to strengthen transparency and governance in the gold sector. This is essential not only for Ghana’s economy, but for global financial integrity,” he indicated.
The mutual evaluation, to be conducted by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), is scheduled for next year.
Source: Starrfm.com.gh
