Gov’t Pledges to Intensify Reforms in Gold Sector Ahead of Crucial Anti-Money Laundering Assessment
The Government of Ghana has pledged to intensify reforms in the gold sector as the country braces for a crucial international assessment of its anti-money laundering regime.
At a high-level stakeholder meeting in Accra, Deputy Minister for Finance, Thomas Nyarko Ampem, speaking on behalf of Finance Minister Cassiel Ato Forson, warned that Ghana risks potential grey-listing by the Financial Action Task Force (FATF) if it fails to meet global standards.
He stressed that reforms in the gold trade were central 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).
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” Mr Ampem said, adding that “delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold hub.”
The gold sector, which contributed 64% of total exports in the first half of 2025 and about 7% of GDP, remains under scrutiny over illegal mining and large-scale smuggling.
A recent report by SwissAid revealed that more than 229 tonnes of gold worth over $11.4 billion were illicitly exported from Ghana between 2019 and 2023. In 2022 alone, an estimated 60 tonnes were smuggled, the second highest volume in Africa after Mali.
The Minister called for coordinated action from financial institutions, regulators, and law enforcement agencies to implement a joint action plan. He commended the Financial Intelligence Centre (FIC) for leading Ghana’s latest National Risk Assessment and acknowledged the support of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in strengthening investigative capacity.
Also addressing the forum, the UK’s Deputy High Commissioner to Ghana, Keith McMahon, reaffirmed Britain’s backing for Ghana’s reform efforts.
“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,” Mr McMahon said.
The GIABA mutual evaluation is scheduled for next year.
