The Authorities of Ghana has pledged to accentuate reforms within the gold sector because it prepares for a vital worldwide analysis of its anti-money laundering efforts.
At a high-level stakeholder assembly, 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 Monetary Motion Job Power (FATF) if it failed to satisfy worldwide requirements.
He careworn that reforms within the gold sector have been essential as Ghana prepares for its second Anti-Cash Laundering/Combating the Financing of Terrorism (AML/CFT) mutual analysis by the Intergovernmental Motion Group towards Cash Laundering in West Africa (GIABA).
Ghana’s gold sector, which accounted for 64% of whole exports within the first half of 2025 and contributes about 7% to GDP, is underneath scrutiny attributable to points similar to unlawful mining and large-scale gold smuggling.
A latest SwissAid report revealed that over 229 tonnes of gold, price greater than $11.4 billion, have been smuggled out of Ghana between 2019 and 2023 and and as much as 60 tonnes smuggled from Ghana in 2022, the second highest in Africa after Mali.
The Minister referred to as for a coordinated response from monetary establishments, regulators, and legislation enforcement, urging them to contribute to a joint motion plan.
“Our collective duty is to make sure that right this moment’s dialogue interprets into tangible progress,” he stated.
He indicated that, “Delivering on this agenda will defend home income, protect livelihoods, and strengthen Ghana’s worldwide popularity as a accountable gold hub”.
He recommended the Monetary Intelligence Centre (FIC) for main Ghana’s latest Nationwide Threat Evaluation and acknowledged the help of the UK-Ghana Gold Programme and the Financial and Organised Crime Workplace (EOCO) in strengthening monetary investigation capabilities.
Mr. Keith McMahon, the UK’s Deputy Excessive Commissioner to Ghana, additionally addressed the gathering and reiterated the UK authorities’s continued help to Ghana forward of the GIABA evaluation.
“The UK stands firmly with Ghana in its efforts to strengthen transparency and governance within the gold sector. That is important not just for Ghana’s financial system, however for world monetary integrity,” he indicated.
The mutual analysis, to be performed by the Intergovernmental Motion Group towards Cash Laundering in West Africa (GIABA), is scheduled for subsequent 12 months.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
DISCLAIMER: The Views, Feedback, Opinions, Contributions and Statements made by Readers and Contributors on this platform don’t essentially characterize the views or coverage of Multimedia Group Restricted.
Source link
