The government has launched a Joint Action Plan (JAP) with major regulatory and enforcement agencies, sealing the commitment with a Joint Communiqué in Accra, to bolster compliance with international Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards within the country’s extractive sector. This coordinated effort is specifically designed to curb illicit financial flows, with a particular focus on the artisanal and small-scale mining industry, especially gold.
The signing ceremony brought together key institutions including the Bank of Ghana, Financial Intelligence Centre, Minerals Commission, Economic and Organised Crime Office (EOCO), the Criminal Investigation Department (CID), and the Customs Division of the Ghana Revenue Authority (GRA). International partners, such as the British High Commission, were also present.
Deputy Minister for Finance, Thomas Nyarko Ampem, speaking on behalf of the Minister for Finance, Dr. Cassiel Ato Forson, described the Joint Communiqué as a powerful demonstration of Ghana’s resolve to safeguard its financial system, strengthen governance in the extractive sector, and fully align with global AML/CFT standards. Dr. Forson cautioned that the vulnerabilities within the gold sector—a leading source of foreign exchange and government revenue—could, if left unchecked, undermine the sector’s credibility and the stability of the broader economy.
Mr. Nyarko-Ampem emphasized that the artisanal and small-scale gold mining sector will face intense scrutiny as Ghana prepares for the crucial 2026 Financial Action Task Force (FATF) Mutual Evaluation. He stressed that Ghana cannot afford the severe economic and reputational damage of being blacklisted, which would include higher borrowing rates and reduced investment.
The JAP, which emerged from a high-level roundtable in August, is comprehensive, mandating clear responsibilities, timelines, and regular inter-agency coordination, including monthly follow-up meetings and progress reporting to ensure accountability. While endorsing the communiqué is a critical first step, the government stated the true measure of commitment will be the effective implementation of the plan.
Partner institutions have pledged their full commitment to this reform agenda, confident that enhanced compliance will boost investor confidence.
Ruth Abla ADJORLOLO
