The Ghanaian government is rolling out tougher measures to regulate the gold industry as the country braces for a crucial international assessment of its anti-money laundering systems.
Speaking at a stakeholder meeting in Accra on August 29, Deputy Finance Minister Thomas Nyarko Ampem, representing Finance Minister Cassiel Ato Forson, cautioned that Ghana could be placed on the Financial Action Task Force (FATF) grey list if it fails to meet global compliance standards.
Gold, which accounts for about 64% of Ghana’s exports and 7% of GDP, has come under intense scrutiny due to illegal mining and gold smuggling. A recent SwissAid report revealed that between 2019 and 2023, more than 229 tonnes of gold worth over $11.4 billion were smuggled out of Ghana. In 2022 alone, nearly 60 tonnes slipped through unchecked — the second-highest figure in Africa after Mali.
Ampem urged regulators, financial institutions, and security agencies to take a united approach. “Our responsibility is to ensure that today’s discussions turn into real action,” he said, noting that effective implementation would protect state revenues, secure jobs, and strengthen Ghana’s image as a trusted gold hub.
The UK has also thrown its weight behind Ghana’s reforms. Keith McMahon, the UK’s Deputy High Commissioner to Ghana, reaffirmed Britain’s support, saying transparency in the gold trade is vital for Ghana’s economy and global financial stability.
The Intergovernmental Action Group against Money Laundering in West Africa (GIABA) is expected to carry out Ghana’s second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) evaluation in 2026 — a test that could shape the country’s credibility in the global financial system.
