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Govt Launches Gold Sector Overhaul

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Thomas Nyarko Ampem

The government has revealed intentions to enhance changes within the gold industry as the nation prepares for an important global assessment of its measures against money laundering.

During a senior stakeholders’ gathering in Accra, Thomas Nyarko Ampem, the Deputy Minister of Finance, addressed the audience on behalf of Finance Minister Cassiel Ato Forson, cautioning that Ghana could be included in the Financial Action Task Force’s (FATF) grey list should it not meet international requirements.

He emphasized that simplifying the gold trade is crucial as Ghana gets ready for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) peer review conducted by the Intergovernmental Action Group Against Money Laundering in West Africa (GIABA).

Gold continues to be the nation’s primary export, making up 64% of overall exports during the first six months of 2025 and adding roughly 7% to the GDP. Nevertheless, worries regarding unauthorized mining activities and extensive smuggling have triggered alarms.

According to a new SwissAid study, over 229 tons of gold worth $11.4 billion was illegally taken out of Ghana from 2019 through 2023. Specifically in 2022, 60 tons were trafficked out of the nation, positioning Ghana as the second-biggest supplier of stolen gold in Africa, following Mali.

Mr. Ampem advocated for enhanced cooperation between banking entities, oversight bodies, and law enforcement organizations to tackle this issue, encouraging all involved parties to pledge support for a unified countrywide strategy.

“Our shared duty is to make sure that current discussions lead to real advancements,” he said, noting that changes will help maintain local income, preserve employment opportunities, and strengthen Ghana’s reputation as a reliable center for gold.

He commended the Financial Intelligence Centre (FIC) for leading the latest National Risk Assessment, and recognized the contribution of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in enhancing investigation capabilities.

The United Kingdom’s Deputy High Commissioner in Ghana, Keith McMahon, emphasized the importance of maintaining transparency within Ghana’s gold sector, highlighting that this effort is crucial both for the nation’s economic growth and the credibility of the worldwide financial network.


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