The Government of Ghana has unveiled a Joint Action Plan (JAP) with key regulatory and enforcement agencies to strengthen compliance in the extractive sector with international Anti-Money Laundering and Counter-Terrorist Financing (AML/CFT) standards.

The initiative, formalized through the signing of a Joint Communiqué in Accra, marks a coordinated national effort to curb illicit financial flows, particularly within artisanal and small-scale mining operations.

The ceremony brought together major stakeholders, including the Bank of Ghana, Financial Intelligence Centre, Ghana Gold Board, Minerals Commission, Ministry of Lands and Natural Resources, Office of the Registrar of Companies, and the Economic and Organised Crime Office (EOCO). Other institutions present were the Criminal Investigation Department (CID) of the Ghana Police Service and the Customs Division of the Ghana Revenue Authority (GRA). Ghana’s development partners, notably the British High Commission and the UK-Ghana Gold Programme, also participated.

Delivering remarks on behalf of the Minister of Finance, Dr. Cassiel Ato Forson, the Deputy Minister of Finance, Thomas Nyarko Ampem, described the communiqué as a firm demonstration of Ghana’s determination to protect the integrity of its financial system, enhance governance in the extractive industry, and align fully with global AML/CFT benchmarks.

He emphasized that the gold sector, though a cornerstone of Ghana’s economy, also poses significant risks due to its attractiveness to illicit financial activities.

“Gold remains one of our leading sources of foreign exchange, government revenue, and livelihoods. However, if these vulnerabilities are left unaddressed, they threaten not only the credibility of the sector but also the stability of our economy,” he warned.

Mr. Nyarko Ampem noted that as Ghana prepares for the 2026 Financial Action Task Force (FATF) Mutual Evaluation, the artisanal and small-scale mining sector will undergo heightened scrutiny.

“Ghana cannot afford to be blacklisted,” he cautioned. “The consequences—higher borrowing costs, reduced investments, currency pressure, and reputational damage—would be too severe. That is why this Joint Action Plan is so critical.”

Developed from a high-level roundtable held in August, the JAP outlines clear institutional responsibilities, timelines, and performance milestones across the gold value chain. It also mandates regular inter-agency coordination, monthly review meetings, and progress reporting to ensure transparency and measurable outcomes.

For government, the signing of the communiqué represents only the beginning.

“The true test of our commitment lies in the effective implementation of this plan,” Mr. Nyarko Ampem said. “With sustained collaboration and shared purpose, I am confident we will achieve success.”

Representatives from partner institutions reaffirmed their dedication to the reform agenda, stressing that improved compliance will not only protect Ghana’s financial system but also boost investor confidence and sustain growth in the extractive sector.