Gov’t plans tighter gold sector controls ahead of global review
The Government of Ghana has announced plans to tighten oversight of the gold sector as it prepares for a crucial international review of its anti-money laundering and counter-terrorist financing measures.
At a high-level stakeholder meeting in Accra, Deputy Minister for Finance, Thomas Nyarko Ampem, speaking on behalf of Finance Minister Cassiel Ato Forson, warned that Ghana risks possible greylisting by the Financial Action Task Force (FATF) if it fails to comply with international benchmarks.
He explained that strengthening transparency in the gold industry is central to demonstrating Ghana’s commitment to global financial integrity.
He stressed that reforms in the gold sector are urgent as Ghana prepares for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Ghana’s gold industry plays a pivotal role in the economy, contributing about 7 per cent to GDP and accounting for 64 per cent of total exports in the first half of 2025.
However, the sector has been plagued by illegal mining, under-declaration, and large-scale smuggling.
A recent SwissAid report revealed that more than 229 tonnes of gold, valued at over USD11.4 billion, were illicitly exported between 2019 and 2023.
In 2022 alone, up to 60 tonnes of gold were smuggled, making Ghana the second-largest source of illicit flows in Africa after Mali.
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress. Delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s reputation as a responsible gold hub,” Mr Ampem said.
He commended the Financial Intelligence Centre (FIC) for spearheading Ghana’s recent National Risk Assessment and acknowledged the partnership of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in enhancing financial investigation capabilities.
UK Deputy High Commissioner to Ghana, Keith McMahon, also addressed the gathering and reaffirmed Britain’s support for Ghana. “
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 also for global financial stability,” he noted.
