UK Pledges Support as Ghana Faces GIABA Assessment Amid Gold Sector Scrutiny
The United Kingdom has reaffirmed its commitment to support Ghana as the country prepares for a critical evaluation of its anti-money laundering regime by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
This comes as the Government of Ghana pledged to intensify reforms in the gold sector, which accounted for 64% of total exports in the first half of 2025 and contributes around 7% to GDP, but remains under scrutiny due to 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. The report noted that up to 60 tonnes were illicitly exported in 2022 alone, making Ghana the second-highest source of smuggled gold in Africa after Mali.
UK backs Ghana’s reform agenda
Speaking at a high-level stakeholder meeting in Accra, the UK’s Deputy High Commissioner to Ghana, Keith McMahon, said the UK remains committed to helping Ghana strengthen governance in the gold sector.
“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 stated.
Finance Ministry warns of grey-listing risks
Deputy Minister for Finance, Thomas Nyarko Ampem, who represented the Minister for Finance, Dr. Cassiel Ato Forson, cautioned that Ghana risks potential grey-listing by the Financial Action Task Force (FATF) if it fails to meet international standards.
He underscored that reforms in the gold sector are critical as Ghana heads into its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by GIABA.
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” Mr. Ampem said, stressing the need for coordinated action among financial institutions, regulators and law enforcement agencies.
He added that delivering on the reform agenda would help safeguard domestic revenue, protect livelihoods and reinforce Ghana’s reputation as a responsible gold hub.
Strengthening institutions
The Deputy Minister also commended the Financial Intelligence Centre (FIC) for spearheading Ghana’s recent National Risk Assessment, and acknowledged the support of the UK-Ghana Gold Programme as well as the Economic and Organised Crime Office (EOCO) in strengthening financial investigation and enforcement capacity.
