As Ghana prepares for its second Anti-Money Laundering/Combating the Financing of Terrorism (AML/CFT) mutual evaluation by GIABA, the United Kingdom has reaffirmed its support for Ghana’s efforts to enhance transparency and governance in the gold sector.
Strengthening Gold Sector Oversight
In a joint press briefing, Ghana’s government outlined its commitment to intensify reforms across the gold industry, a critical sector accounting for 64% of total exports in early 2025 and contributing around 7% of the country’s GDP. Key challenges cited include illegal mining, smuggling, and weak regulatory controls.
Mr. Thomas Nyarko Ampem, Deputy Finance Minister, emphasized the urgency of reform, calling on regulators, financial institutions, and enforcement agencies to collaborate on a unified action plan. He said:
“Delivering on this agenda will protect domestic revenue, preserve livelihoods, and strengthen Ghana’s international reputation as a responsible gold hub.”
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UK’s Commitment to Support and Integrity
Addressing stakeholders, Keith McMahon, UK Deputy High Commissioner to Ghana, reaffirmed the UK’s unwavering backing:
“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.”
This backing aligns with longstanding UK-Ghana collaboration on anti-corruption through initiatives like the UK-Ghana Gold Programme, which partners with Ghana’s Economic and Organised Crime Office (EOCO) and the Financial Intelligence Centre (FIC) to combat illicit gold flows and improve investigative capacity.
The Stakes: Combating Smuggling and Money Laundering
A SwissAid report revealed staggering losses — 229 metric tonnes of gold valued at $11.4 billion were smuggled from Ghana between 2019 and 2023, with up to 60 tonnes smuggled in 2022 alone—making Ghana Africa’s second-largest source of illicit gold after Mali.
These trends not only erode Ghana’s revenue base but also pose risks to national security and economic resilience—especially as the country readies for GIABA’s mutual evaluation.
Institutional Architecture: Ghana Gold Board Launched
In March 2025, Parliament passed the poignant GoldBod Act, establishing the Ghana Gold Board (GoldBod) to centralize gold trading and curb smuggling. With a $279 million revolving fund, GoldBod is mandated to purchase, assay, and export gold—especially from licensed small-scale miners—enhancing traceability and foreign exchange retention.
A Coordinated Front for Reform
With GIABA’s evaluation looming, Ghana’s reforms and institutional upgrades—coupled with unwavering UK support—signal determination to realign the gold sector with global AML/CFT standards. The strategic collaboration underscores Ghana’s resolve to reclaim lost revenue, restore integrity, and fortify its standing as a responsible global gold supplier.
