The government has promised to step up changes in the gold industry as it gets ready for an important global review of its measures against money laundering.
During a senior stakeholders’ gathering, Deputy Minister of Finance Thomas Nyarko Ampem, speaking on behalf of Finance Minister Cassiel Ato Forson, cautioned that Ghana could be placed on the FATF’s grey list if it does not adhere to global benchmarks.
He emphasized that changes within the gold industry are essential as Ghana gets ready for its second AML/CFT peer review conducted by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).
The gold industry in Ghana, responsible for 64% of overall exports during the first six months of 2025 and contributing roughly 7% to the country’s GDP, faces increased attention because of challenges like unauthorized mining activities and significant gold trafficking.
A new SwissAid study found that more than 229 tons of gold, valued at over $11.4 billion, was illegally taken out of Ghana between 2019 and 2023, with as many as 60 tons being moved out in 2022—the second-largest amount in Africa following Mali.
The Minister advocated for a unified approach among banking entities, supervisors, and police forces, encouraging their participation in a shared strategy. “It is our common duty to make sure that today’s discussion leads to real advancements,” he stated.
He stated, “Implementing this plan will safeguard local income, maintain ways of life, and enhance Ghana’s global image as a reliable center for gold.”
He praised the Financial Intelligence Centre (FIC) for spearheading Ghana’s latest National Risk Assessment and recognized the assistance provided by the UK-Ghana Gold Programme and the Economic and Organized Crime Office (EOCO) in enhancing financial investigative skills.
Mr. Keith McMahon, the United Kingdom’s Deputy High Commissioner in Ghana, spoke at the event and emphasized the British government’s ongoing backing for Ghana prior to the GIABA evaluation.
“The United Kingdom strongly supports Ghana’s initiatives aimed at enhancing transparency and management within the gold industry. This is crucial not just for Ghana’s economic stability, but also for maintaining international financial standards,” he stated.
The joint assessment, which will be carried out by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), is planned for the following year.
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