The Government of Ghana has announced fresh measures to tighten regulation of its gold sector as the country prepares for a decisive international review of its anti-money laundering regime.
At a stakeholder meeting in Accra on August 29, Deputy Finance Minister Thomas Nyarko Ampem, speaking for Finance Minister Cassiel Ato Forson, warned that Ghana risked being placed on the Financial Action Task Force (FATF) grey list if it failed to meet global standards.
Gold sector under spotlight
Ampem stressed that reforms in the gold trade were central to Ghana’s preparations for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
The gold industry is Ghana’s economic backbone, accounting for 64 percent of total exports in the first half of 2025 and contributing around 7 percent to GDP. But the sector has come under sharp scrutiny over illegal mining and persistent gold smuggling.
A recent report by SwissAid revealed that more than 229 tonnes of gold, valued at over $11.4bn, were illicitly exported from Ghana between 2019 and 2023. The report found that in 2022 alone, up to 60 tonnes were smuggled, the second-highest in Africa after Mali.
Call for coordinated action
The deputy minister urged financial institutions, regulators and security agencies to work collectively on a joint action plan.
‘Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,’ he said, adding that effective delivery would safeguard state revenue, protect livelihoods and bolster Ghana’s reputation as a responsible gold hub.
He praised the Financial Intelligence Centre (FIC) for leading the latest National Risk Assessment and acknowledged the role of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in boosting financial investigations.
UK backs Ghana reforms
Also addressing the meeting, the UK’s Deputy High Commissioner to Ghana, Keith McMahon, reaffirmed London’s support for Accra’s reform agenda.
‘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,’ he said.
The GIABA mutual evaluation is scheduled for 2026 and is expected to play a pivotal role in determining Ghana’s standing in the global financial system.
