Ghana will soon be removed from the list of countries that are deficient in anti-Money Laundering and Terrorism Financing, the European Commission has announced.

At a meeting between President Akufo-Addo and the President of the European Council, Charles Michel as well as the European Commission, the European Union acknowledged efforts made, by Ghana, in implementing the action plan of the International Country Risk Guide in record time.

The Commission, thus congratulated Ghana for the reforms embarked on, as well as the sustainable, robust systems deployed towards being taken off the list, a statement from the Office of the President stated.

“It is expected that the Financial Action Task Force, the global money laundering, and terrorist financing watchdog will in June 2021, announce that Ghana has been taken off its list of high risk, third world countries with strategic deficiencies in Anti Money Laundering and Countering of Terrorism Financing.”

Again at the meeting with the Vice President of the European Commission, Valdis Dombrovski, the European Commission mentioned the selection of Ghana as a possible manufacturing hub for Covid-19 vaccines, the statement added.

This according to the commission follows the initiatives already taken by the government of President Akufo-Addo towards domestic manufacturing of the vaccines.

The taskforce teams from the EU and Ghana will thus meet shortly to discuss the modalities towards the realization of this initiative, which in principle could be supported by the European Investment Bank.

Ghana, 11 countries placed on list of countries with weak Anti-Money Laundering deficiencies

On May 7, 2020, the European Union announced that it has put 12 countries on the list of places with weak or deficiencies in Anti Money Laundering and Terrorism financing laws.

These include Bahamas, Barbados, Botswana, Cambodia, Ghana, Jamaica, Mauritius, Mongolia, Myanmar, Nicaragua, Panama and Zimbabwe.

In Ghana’s situation, the action or directive was supposed to start from October 2020.

According to the EU, these weaknesses identified in these countries posed a serious risk to their financial system, hence the action. Based on recommendations from the Financial Action Task Force, the Union went ahead to put Ghana on the list.