Ghana has taken a decisive step to tighten controls against money laundering and terrorist financing in its gold sector, with the signing of a landmark inter-agency agreement chaired by Deputy Minister for Finance, Thomas Nyarko Ampem.
The high-level ceremony at the Ministry of Finance brought together heads of regulatory, law enforcement, and intelligence institutions, marking what officials described as a coordinated national strategy to tackle financial crime risks, particularly in artisanal and small-scale gold mining (ASGM). The move comes as Ghana undergoes a crucial mutual evaluation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
In his opening remarks, Mr. Ampem said the agreement represented a shift from planning to accountability. “Today marks a deliberate move from technical discussions to senior-level affirmation, consolidation, and ownership of agreed reforms,” he stated, stressing the government’s commitment to safeguarding the integrity of the gold sector.
The pact builds on the Gold-sector AML/CFT/PF Joint Action Plan, which has been in development for over a year. It commits signatory agencies—including the Bank of Ghana, Financial Intelligence Centre, Ghana Gold Board (GoldBod), Minerals Commission, and the Office of the Registrar of Companies (ORC)—to sustained action across three key pillars: legal and regulatory reform, law enforcement and financial intelligence, and due diligence and beneficial ownership.
Mr. Ampem emphasized that the agreement is designed to endure beyond the GIABA assessment. “We are jointly affirming that these reforms are nationally owned, institutionally embedded, and designed to endure beyond the Mutual Evaluation,” he said.
Among the notable achievements underpinning the pact are the establishment of a dedicated AML/CFT/PF Desk at GoldBod, the operationalisation of ORC’s beneficial ownership sanctions regime—which has already penalised non-compliant gold companies—and the initiation of API integration for real-time data sharing between ORC and GoldBod.
The Deputy Minister highlighted that the communiqué demonstrates inter-ministerial coordination and senior-level commitment, which are central to international assessments of effectiveness. He added that the framework would help manage financial crime risks in ways that boost revenue mobilisation, investor confidence, and sound economic governance.
The Ministry of Finance reaffirmed its leadership role, with the Mining and Industry Unit of the Real Sector Division mandated to provide structured oversight and ensure continuity of reforms.
Acknowledging the UK-Ghana Gold Programme for its technical support, Mr. Ampem said the agreement sends “a strong and credible signal of Ghana’s resolve” to protect its gold sector and strengthen its position in the global fight against financial crime.
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