Support Comes As Ghana Prepares For Anti-Money Laundering Review
The UK’s Deputy High Commissioner to Ghana, Keith McMahon, has reaffirmed the UK government’s support for Ghana as the country faces a key anti-money laundering assessment.
The assurance comes after Ghana pledged to intensify reforms in its gold sector ahead of evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
Gold contributes about 7% to Ghana’s GDP and 64% of exports, but the sector faces issues of illegal mining and smuggling. A SwissAid report revealed that 229 tonnes of gold, worth over $11.4 billion, were smuggled between 2019 and 2023, with 60 tonnes leaving illegally in 2022 alone.
Deputy Finance Minister Thomas Nyarko Ampem warned Ghana could face Financial Action Task Force (FATF) grey-listing if it fails to meet global standards. He stressed the importance of reforms as Ghana undergoes its second anti-money laundering and counter-terrorism financing review.
Government called for a coordinated approach involving regulators, financial institutions, and law enforcement. Officials said the reforms will protect revenue, safeguard livelihoods, and preserve Ghana’s reputation as a responsible global gold hub.