Thomas Nyarko Ampem
Government has announced plans to step up reforms in the gold sector as the country braces for a critical international review of its anti-money laundering regime.
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 being placed on the Financial Action Task Force’s (FATF) grey list if it fails to comply with global standards.
He underscored that streamlining the gold trade was essential 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).
Gold remains the country’s most important export, accounting for 64 percent of total exports in the first half of 2025 and contributing about seven percent of GDP. However, concerns over illegal mining and large-scale smuggling have raised red flags.
A recent SwissAid report disclosed that more than 229 tonnes of gold valued at $11.4 billion were illicitly exported from Ghana between 2019 and 2023. In 2022 alone, 60 tonnes were smuggled out of the country, making Ghana the second-largest source of smuggled gold in Africa after Mali.
Mr. Ampem called for stronger collaboration among financial institutions, regulators, and security agencies to address the challenge, urging stakeholders to commit to a coordinated national action plan.
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” he stated, adding that reforms would safeguard domestic revenue, protect jobs, and bolster Ghana’s image as a trusted gold hub.
He praised the Financial Intelligence Centre (FIC) for spearheading the recent National Risk Assessment, and acknowledged the role of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in boosting investigative capacity.
The UK’s Deputy High Commissioner to Ghana, Keith McMahon, reaffirmed Britain’s support, stressing that strengthening transparency in Ghana’s gold industry was vital not only for the country’s economy but also for the integrity of the global financial system.
A Daily Guide Report