Ghana has signed an inter-agency agreement to strengthen anti-money laundering and counter-terrorist financing controls in its gold sector, intensifying efforts to curb financial crime risks as the country prepares for a critical mutual evaluation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
The agreement was signed on Wednesday, February 4, 2026, at a high-level ceremony chaired by Deputy Finance Minister Thomas Nyarko Ampem at the Ministry of Finance, bringing together key regulatory, law enforcement and intelligence institutions under a coordinated national strategy focused on risks linked to Artisanal and Small-Scale Gold Mining (ASGM).
Ampem described the pact as a shift from planning to accountability, stating it marks a deliberate move from technical discussions to senior-level affirmation, consolidation and ownership of agreed reforms. He emphasized that the presence of agency heads reflects shared commitment to a robust framework for combating money laundering, terrorist financing and proliferation financing in the gold sector.
The accord builds on the Gold Sector Anti-Money Laundering, Counter-Terrorist Financing and Proliferation Financing (AML/CFT/PF) Joint Action Plan, the product of more than one year of technical work. It commits signatory institutions, including the Bank of Ghana (BoG), the Financial Intelligence Centre (FIC), the Ghana Gold Board (GoldBod), the Minerals Commission and the Office of the Registrar of Companies (ORC), to sustained action across three pillars: legal and regulatory reform, law enforcement and financial intelligence, and due diligence and beneficial ownership.
Additional signatories include the Ministry of Lands and Natural Resources, the Economic and Organised Crime Office (EOCO), the Criminal Investigation Department (CID) of the Ghana Police Service, and the Customs Division of the Ghana Revenue Authority (GRA).
Ampem stated the agreement was designed to extend beyond the current GIABA assessment, jointly affirming that reforms are nationally owned, institutionally embedded and designed to endure beyond the mutual evaluation.
The pact is underpinned by several measures already in place, including the creation of a dedicated AML/CFT/PF desk at GoldBod, the operationalization of the ORC beneficial ownership sanctions regime, which has begun penalizing non-compliant gold firms, and the rollout of application programming interface (API) integration to enable real-time data sharing between the ORC and GoldBod.
Ampem noted the communiqué provides clear evidence of inter-ministerial coordination and senior-level commitment, which are central to international assessments of effectiveness. He added that it establishes a framework for managing gold sector financial crime risks in a way that enhances revenue mobilization, investor confidence and sound economic governance.
Ghana faces a possible onsite evaluation period in March 2026, with plenary discussion scheduled for November 2026, according to the Financial Action Task Force (FATF) assessment calendar. The upcoming evaluation represents Ghana’s third round assessment under GIABA standards.
Ghana’s third mutual assessment, currently in progress, will help identify areas for improvement, according to Kwadwo Twum Boafo, Acting Chief Executive Officer of the FIC and GIABA National Correspondent for Ghana.
Ghana was removed from the FATF grey list in June 2021 after demonstrating significant progress in addressing strategic anti-money laundering and counter-terrorist financing deficiencies. The country underwent its second round mutual evaluation with an onsite visit from September 19 to October 4, 2016, with the report published in April 2018.
The deputy minister emphasized that the Ministry of Finance would retain oversight through its Mining and Industry Unit within the Real Sector Division, tasked with ensuring continuity and implementation of the reforms.
Ampem warned that Ghana cannot afford to be blacklisted, noting the costs would be severe, including higher borrowing rates, reduced investment flows, pressure on the cedi and reputational damage. He described this as the reason the Joint Action Plan is critical to national interests.
The UK-Ghana Gold Programme, which provided technical assistance to support inter-agency collaboration, was acknowledged for its role in the process. Ampem expressed confidence that the agreement sends a strong and credible signal of Ghana’s resolve to protect the integrity of the country’s gold sector.
Gold remains a leading source of foreign exchange earnings, government revenue and livelihoods for thousands of Ghanaians. The artisanal and small-scale mining sector produced 90 tonnes of gold in 2025, representing 53 percent of Ghana’s total gold export earnings and generating over nine billion United States dollars in foreign exchange, according to GoldBod data.
The Joint Action Plan emerged from a high-level roundtable in August 2025 and sets out clear responsibilities, timelines and milestones for institutions involved in the gold value chain. It mandates regular inter-agency coordination, monthly follow-up meetings and progress reporting to ensure accountability and results.
The vulnerabilities within the gold sector, particularly its prominence as a target for illicit activities, pose risks to both the credibility of the sector and the stability of Ghana’s broader economy if left unchecked, according to the Ministry of Finance.
Representatives of partner institutions pledged commitment to the reform agenda, noting that enhanced compliance will protect Ghana’s financial system and boost investor confidence in the extractive sector.
