The Government of Ghana has pledged to intensify reforms in the gold sector as it prepares for a crucial international evaluation of its anti-money laundering efforts.

At a high-level stakeholder meeting, Deputy Minister for Finance,  Thomas Nyarko Ampem who spoke on behalf of the Minister for Finance, Cassiel Ato Forson warned that Ghana faces potential grey-listing by the Financial Action Task Force (FATF) if it failed to meet international standards.

He stressed that reforms in the gold sector were critical as Ghana prepares for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA).

Ghana’s gold sector, which accounted for 64% of total exports in the first half of 2025 and contributes about 7% to GDP, is under scrutiny due to issues such as illegal mining and large-scale gold smuggling.

A recent SwissAid report revealed that over 229 tonnes of gold, worth more than $11.4 billion, were smuggled out of Ghana between 2019 and 2023 and and up to 60 tonnes smuggled from Ghana in 2022, the second highest in Africa after Mali.

The Minister called for a coordinated response from financial institutions, regulators, and law enforcement, urging them to contribute to a joint action plan.

“Our collective responsibility is to ensure that today’s dialogue translates into tangible progress,” he said.

He indicated that, “Delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold hub”.

He commended the Financial Intelligence Centre (FIC) for leading Ghana’s recent National Risk Assessment and acknowledged the support of the UK-Ghana Gold Programme and the Economic and Organised Crime Office (EOCO) in strengthening financial investigation capabilities.

Mr. Keith McMahon, the UK’s Deputy High Commissioner to Ghana, also addressed the gathering and reiterated the UK government's continued support to Ghana ahead of the GIABA assessment.

“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,” he indicated.

The mutual evaluation, to be conducted by the Intergovernmental Action Group against Money Laundering in West Africa (GIABA), is scheduled for next year.