The Deputy Minister for Finance, Mr. Thomas Nyarko Ampem has formally launched a Joint Action Plan (JAP), uniting the country’s key regulatory and enforcement bodies to combat money laundering and terrorist financing within its lucrative extractive industries.
Speaking at the ceremony on Tuesday in Accra, the minister stated that the Joint Communiqué directly targets the vulnerabilities in the gold sector, with a specific focus on artisanal and small-scale mining.
He said the initiative aims to bring the nation into full compliance with global Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards.
“If left unchecked, these risks undermine not only the credibility of the sector but also the stability of our broader economy,” he said.
Mr. Ampem described the communiqué as a demonstration of Ghana’s resolve to protect its financial system.
He noted the urgency of the action was pointed to Ghana’s upcoming 2026 evaluation by the global financial crime watchdog, the Financial Action Task Force (FATF).
“Ghana cannot afford to be blacklisted, the costs would be too severe: higher borrowing rates, reduced investment flows, pressure on the cedi, and reputational damage. That is why this Joint Action Plan is critical,” he added.
The Joint Action Plan, which emerged from a high-level roundtable in August, sets out clear responsibilities, timelines, and milestones for institutions involved in the gold value chain.
It mandates regular inter-agency coordination, monthly follow-up meetings, and progress reporting to ensure accountability and results.
For the government, the endorsement of the communiqué is only the first step.
“The true measure of our commitment will be in the effective implementation of the Joint Action Plan with sustained effort and unity of purpose, I am confident that together we will succeed”, he said.
Representatives of the partner institutions pledged their commitment to the reform agenda, noting that enhanced compliance will not only protect Ghana’s financial system but also boost investor confidence in the extractive sector.
The signing ceremony brought together major stakeholders including the Bank of Ghana, Financial Intelligence Centre, Ghana Gold Board, Minerals Commission, Ministry of Lands and Natural Resources, the Office of the Registrar of Companies, the Economic and Organised Crime Office (EOCO), the Criminal Investigation Department (CID) of the Ghana Police Service, and the Customs Division of the Ghana Revenue Authority (GRA). Ghana’s international partners, notably the British High Commission and the UK-Ghana Gold Programme, were also represented.
Joyce Adwoa Animia Ocran, ISD
