The government has started a Joint Action Plan (JAP) with important enforcement and regulatory organisations to improve the nation’s extractive industry’s adherence to global AML/CFT (Anti-Money Laundering and Counter-Terrorist Financing) regulations.
Following the signing of a Joint Communiqué in Accra, the action signifies a concerted attempt to stop illegal financial flows in the extractive industry, particularly in small-scale and artisanal mining.
The Bank of Ghana, the Financial Intelligence Centre, the Ghana Gold Board, the Minerals Commission, the Ministry of Lands and Natural Resources, the Office of the Registrar of Companies, the Economic and Organised Crime Office (EOCO), the Ghana Police Service’s Criminal Investigation Department (CID), and the Ghana Revenue Authority’s (GRA) Customs Division were among the key participants in the signing ceremony. Additionally represented were Ghana’s international partners, particularly the UK-Ghana Gold Programme and the British High Commission.
The Deputy Minister for Finance, Thomas Nyarko Ampem, gave the welcome remarks on behalf of the Minister for Finance, Dr Cassiel Ato Forson, and characterised the Joint Communiqué as an indication of Ghana’s determination to protect the integrity of our financial system, improve governance of the extractive industry, and fully comply with international AML/CFT standards.
He asserts that because gold plays such a significant role in Ghana’s economy, its vulnerabilities cannot be disregarded. For thousands of Ghanaians, gold continues to be a major source of government revenue, foreign exchange profits, and livelihoods. But because of its popularity, it is also a target for illegal activity.
“If left unchecked, these risks undermine not only the credibility of the sector but also the stability of our broader economy,” Dr Forson cautioned.
As Ghana enters the 2026 Financial Action Task Force (FATF) Mutual Evaluation, Deputy Minister of Finance Thomas Nyarko-Ampem emphasised that the artisanal and small-scale gold mining industry will be closely examined.
“Ghana cannot afford to be blacklisted. The costs would be too severe: higher borrowing rates, reduced investment flows, pressure on the cedi, and reputational damage. That is why this Joint Action Plan is critical,” he stated.
A high-level conference in August produced the JAP, which lays out precise roles, deadlines, and benchmarks for organisations engaged in the gold value chain.
To guarantee accountability and outcomes, it requires progress reporting, monthly follow-up meetings, and frequent interagency collaboration.
The government’s approval of the communiqué is just the beginning.
“The true measure of our commitment will be in the effective implementation of the Joint Action Plan,” he subsequently informed the attendees.
“With sustained effort and unity of purpose, I am confident that together we will succeed.”
Partner institution representatives vowed to support the reform programme, pointing out that improved compliance will safeguard Ghana’s financial system and increase investor trust in the extractive industry.
Source: newsthemegh.com