Ghana has taken a significant step to protect the integrity of its gold sector with the signing of a landmark inter-agency agreement aimed at strengthening anti-money laundering and counter-terrorist financing controls.
The agreement, chaired by the Deputy Minister for Finance, Thomas Nyarko Ampem, brings together key state institutions to confront financial crime risks in one of the country’s most critical economic sectors.
In his opening remarks, Mr. Ampem described the agreement as a turning point in Ghana’s approach to financial crime risk management in the gold sector.
“Today marks a deliberate move from technical discussions to senior-level affirmation, consolidation, and ownership of agreed reforms.”
Thomas Nyarko Ampem, Deputy Minister for Finance
He added that the presence of senior officials demonstrated a shared resolve to build a strong and credible framework for tackling money laundering, terrorist financing, and proliferation financing linked to gold production and trade.
The focus on artisanal and small-scale gold mining (ASGM), a segment often associated with informality and heightened financial crime risks, was highlighted as a key priority under the agreement.
The high-level ceremony, held at the Ministry of Finance, convened heads of regulatory authorities, law enforcement agencies, and intelligence bodies.
The move comes at a crucial time as Ghana undergoes a mutual evaluation by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA), a process that assesses the country’s effectiveness in combating money laundering, terrorist financing, and related threats.
Building on a Year of Technical Work
The inter-agency pact builds on the Gold-sector AML/CFT/PF Joint Action Plan, which reflects more than a year of coordinated technical work across government institutions.
By signing the agreement, participating agencies have committed to sustained action across three core areas: strengthening legal and regulatory frameworks, enhancing law enforcement and financial intelligence, and improving due diligence and beneficial ownership transparency.
Signatories include the Bank of Ghana, the Financial Intelligence Centre, the Ghana Gold Board (GoldBod), the Minerals Commission, and the Office of the Registrar of Companies (ORC).
Together, these institutions are expected to close regulatory gaps and improve oversight throughout the gold value chain.
Mr. Ampem made it clear that the agreement was not designed merely to satisfy international assessors during the ongoing GIABA evaluation. Instead, he said the reforms are intended to be nationally owned and sustainable.
“We are jointly affirming that these reforms are nationally owned, institutionally embedded, and designed to endure beyond the Mutual Evaluation.”
Thomas Nyarko Ampem, Deputy Minister for Finance
This emphasis on continuity reflects concerns that reforms driven solely by external assessments often lose momentum once evaluations conclude. The Deputy Minister said Ghana is determined to avoid that pattern.
Early Gains Signal Progress
Several concrete achievements already underpin the agreement, signaling that implementation is well underway. Among them is the establishment of a dedicated AML/CFT/PF Desk at GoldBod, aimed at strengthening oversight and compliance within the gold trading space.
Mr. Ampem also pointed to the operationalisation of the ORC’s beneficial ownership sanctions regime, which has already imposed penalties on gold companies that failed to comply with disclosure requirements.
In addition, the initiation of application programming interface (API) integration between ORC and GoldBod is enabling real-time data sharing, a development expected to significantly enhance transparency.
“These are not theoretical commitments,” the Deputy Minister noted, underscoring that enforcement actions and digital integration are already reshaping compliance behavior within the sector.
“This Communiqué provides clear evidence of inter-ministerial coordination and senior-level commitment, which are central to international assessments of effectiveness.”
Thomas Nyarko Ampem, Deputy Minister for Finance
More importantly, he explained, the framework positions Ghana to better manage financial crime risks in the gold sector while enhancing revenue mobilisation, strengthening investor confidence, and promoting sound economic governance.
Ministry of Finance to Provide Oversight
The Deputy Minister reaffirmed the Ministry of Finance’s leadership role in driving the reforms forward. He announced that the Mining and Industry Unit of the Real Sector Division has been mandated to provide structured oversight and ensure continuity across participating institutions.
This oversight mechanism is expected to track implementation, resolve coordination challenges, and maintain momentum as reforms progress from policy commitments to measurable outcomes.
The UK-Ghana Gold Programme, which provided technical assistance throughout the reform process, was acknowledged for facilitating collaboration among agencies.
Mr. Ampem expressed confidence that the agreement demonstrates Ghana’s determination to protect the integrity of its gold sector.
He concluded that the pact “sends a strong and credible signal of Ghana’s resolve” to combat financial crime, safeguard public revenues, and ensure that the gold sector contributes transparently and sustainably to national development.
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