The United Kingdom has reiterated its commitment to supporting Ghana as the country prepares for a crucial evaluation of its anti-money laundering framework by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).
This assurance was given by the UK’s Deputy High Commissioner to Ghana, Mr. Keith McMahon, following Ghana’s pledge to intensify reforms in the gold sector, which remains central to the upcoming assessment.
Ghana’s gold industry, which contributed about 64% of total exports in the first half of 2025 and accounts for 7% of GDP, is under international scrutiny due to persistent challenges such as illegal mining and large-scale smuggling.
A recent SwissAid report revealed that more than 229 tonnes of gold, worth over $11.4 billion were illicitly exported from Ghana between 2019 and 2023. In 2022 alone, up to 60 tonnes were smuggled, making Ghana the second-highest source of smuggled gold in Africa after Mali.
Speaking at a high-level stakeholder meeting in Accra, Mr. McMahon underscored the importance of reform, stating: “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 for global financial integrity.”
Representing the Minister for Finance, Deputy Minister Thomas Nyarko Ampem warned that Ghana risks being placed on the Financial Action Task Force’s (FATF) grey list if it fails to align with international standards.
He stressed that reforms in the gold sector are critical ahead of the country’s second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by GIABA.
“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” Mr. Ampem said, calling for stronger coordination among financial institutions, regulators, and law enforcement.
He emphasized that achieving reform would safeguard domestic revenue, protect livelihoods, and strengthen Ghana’s global reputation as a responsible gold hub.
The Deputy Minister also commended the Financial Intelligence Centre (FIC) for leading Ghana’s recent National Risk Assessment and acknowledged the vital support of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in strengthening financial investigation and enforcement.
With gold remaining Ghana’s leading export earner, the outcome of the GIABA evaluation will be a defining moment for the country’s financial integrity and its position in the global fight against money laundering.
