Ghana at Crossroads as it Faces Crucial Anti-Money Laundering Scrutiny by GIABA Next Year

Ghana is preparing for a crucial international review of its anti-money laundering and counter-terrorism financing measures, which comes with high stakes for the country.

Government officials are warning that failure to meet global standards could land the country on the Financial Action Task Force (FATF) grey list.

Deputy Minister for Finance, Thomas Nyarko Ampem, speaking on behalf of Finance Minister Cassiel Ato Forson at a high-level stakeholder meeting, emphasized that the stakes are high as Ghana prepares for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation.

The evaluation will be conducted by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA) next year.

In order not to be found on the bad side of the international standards, the deputy finance minister stressed that reforms in the gold sector will be central to the evaluation.

This, he says, is because of the country’s challenges with illegal mining and large-scale smuggling. Gold, which accounted for 64% of Ghana’s total exports in the first half of 2025 and contributes around 7% of GDP, has come under increasing international scrutiny.

A recent SwissAid report revealed that over 229 tonnes of gold, valued at more than $11.4 billion, were smuggled out of Ghana between 2019 and 2023, with as much as 60 tonnes smuggled in 2022 alone, the second highest in Africa after Mali.

Experts warn that grey-listing could damage Ghana’s reputation, increase scrutiny on financial transactions, discourage foreign investment, and weaken confidence in the country’s financial system.

“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 international reputation as a responsible gold hub.” Thomas Ampem-Nyarko noted.

He therefore called for a coordinated response from financial institutions, regulators, and law enforcement agencies to draw up a joint action plan that addresses gaps identified in Ghana’s financial oversight.

At the high-level meeting, the Financial Intelligence Centre (FIC), UK-Ghana Gold Programme, and the Economic and Organised Crime Office (EOCO) were commended for ongoing efforts to strengthen investigative and regulatory capacities.

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