Ghana Intensifies Gold Sector Reforms Ahead of Critical Money Laundering Review

The Deputy Minister for Finance, Mr. Thomas Nyarko Ampem, has noted that the government of Ghana has pledged to strengthen gold industry reforms as it prepares for a critical international examination of its anti-money laundering efforts.

Speaking at a high-level stakeholder meeting on behalf of the Minister for Finance on Tuesday in Accra, he stated that Ghana faces potential grey-listing by the Financial Action Task Force (FATF) if it fails to meet international standards.

“Reforms in the gold sector were critical as Ghana prepares 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),” he said.

He said Ghana’s gold sector, which accounted for 64% of total exports in the first half of 2025 and contributes about 7% to GDP, is under scrutiny due to issues such as illegal mining and large-scale gold smuggling.

A recent SwissAid report revealed that over 229 tonnes of gold, worth more than $11.4 billion, were smuggled out of Ghana between 2019 and 2023 and up to 60 tonnes were smuggled from Ghana in 2022, the second highest in Africa after Mali.

Mr. Ampem called for a united effort from financial institutions, regulators, and law enforcement agencies, urging them to contribute to a joint action plan. “Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” he said.

He added that success in this endeavour would “protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold hub.”

The government 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).

On his part, the UK’s Deputy High Commissioner to Ghana, Mr. Keith McMahon, reiterated the UK government’s continued support for Ghana ahead of the GIABA assessment.

“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 added.

The mutual evaluation, to be conducted by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), is scheduled for next year.

Joyce Adwoa Animia Ocran, ISD