Ghana’s Ministry of Finance, speaking at a high-level stakeholder meeting, signalled an escalation of reforms targeting the gold sector as the country prepares for its second anti-money laundering and combating the financing of terrorism (AML/CFT) mutual evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA). Deputy Minister for Finance Thomas Nyarko Ampem, on behalf of Finance Minister Cassiel Ato Forson, warned that failure to meet international standards could expose Ghana to potential grey-listing by the Financial Action Task Force. The ministry framed the gold sector as a key risk area, citing illegal mining and large-scale smuggling alongside the sector’s economic importance, including 64% of total exports in the first half of 2025 and around 7% of GDP. It referenced a SwissAid report estimating that more than 229 tonnes of gold worth over USD 11.4 billion were smuggled out of Ghana between 2019 and 2023, including up to 60 tonnes in 2022. The minister called for a coordinated response from financial institutions, regulators and law enforcement and urged contributions to a joint action plan, while noting the Financial Intelligence Centre’s leadership on the National Risk Assessment and support from the UK-Ghana Gold Programme and the Economic and Organised Crime Office. GIABA’s mutual evaluation is scheduled for 2026, with the UK’s Deputy High Commissioner to Ghana reiterating continued UK support ahead of the assessment.

Original source View in tracker