FATF Status

Ghana is no longer on the FATF List of Countries that have been identified as having strategic AML deficiencies

Latest FATF Statement - 25 June 2020

The FATF welcomes Ghana’s significant progress in improving its AML/CFT regime. Ghana has strengthened the effectiveness of its AML/CFT regime and addressed related technical deficiencies to meet the commitments in its action plan regarding the strategic deficiencies that the FATF identified in October 2018. Ghana is therefore no longer subject to the FATF’s increased monitoring process. Ghana will continue to work with GIABA to improve further its AML/CFT regime.

European Commission list of countries with strategic deficiencies in their AML/CFT regimes

Ghana was removed from the EU Commission list of high risk countries in March 2022.

Compliance with FATF Recommendations

The last follow-up to the Mutual Evaluation Report relating to the implementation of anti-money laundering and counter-terrorist financing standards in Ghana was undertaken in 2022. According to that Evaluation, Ghana was deemed Compliant for 13 and Largely Compliant for 22 of the FATF 40 Recommendations. It remains Highly effective for 0 and Substantially Effective for 1 of the Effectiveness & Technical Compliance ratings.

Corruption remains a significant issue in Ghana, with a score of 43 on Transparency International's Perception of Corruption Index, ranking it 70 out of 180 countries in 2023. Despite having a robust anti-corruption legal framework, enforcement is inconsistent, and political corruption is widespread. The government has initiated measures to enhance transparency, such as establishing the Office of the Special Prosecutor and implementing a Right to Information Act, but challenges persist, particularly in the judicial system and public procurement processes.

Ghana's economy has faced significant challenges in 2023, with GDP growth slowing to 2.9% following a decline from 3.1% in 2022. Inflation peaked at over 54% in December 2022, driven by currency depreciation and global supply chain issues, but has since decreased to 23.2% by February 2024. The economy remains heavily reliant on exports of primary commodities like gold, cocoa, and oil, making it vulnerable to global economic fluctuations.

Ghana's investment climate is currently characterized by efforts to attract foreign direct investment (FDI) in sectors such as agro-processing, mining, and manufacturing, although investor confidence remains low due to challenges like high government debt, corruption, and under-developed infrastructure. The government is prioritizing regulatory reforms to improve the ease of doing business and has proposed amendments to the Ghana Investment Promotion Centre Act to facilitate greater foreign participation in local enterprises. Despite these challenges, Ghana's political stability and abundant natural resources present opportunities for investment.