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 in Ghana is a significant issue, with a score of 43 on Transparency International's Perception of Corruption Index, ranking 70 out of 180 countries in 2023. Despite having a strong anti-corruption legal framework, enforcement is inconsistent, and political corruption remains widespread. The government has made efforts to combat corruption through various initiatives, including the establishment of the Office of the Special Prosecutor and the implementation of a Right to Information Act, but challenges persist in ensuring transparency and accountability in public procurement and judicial processes.

Ghana's economy faced significant challenges in 2023, with GDP growth slowing to 2.9% following a decline from 5.1% in 2021 and 3.1% in 2022. High inflation, peaking at over 54% in December 2022, and external factors such as the war in Ukraine have contributed to economic instability, prompting the government to suspend debt service payments and seek a $3 billion IMF arrangement to support recovery. Despite these difficulties, the economy shows signs of stabilization, with inflation decreasing to 23.2% by February 2024, although it remains heavily reliant on commodity exports and faces ongoing issues such as high government debt and low revenue mobilization.

Ghana's investment climate is currently characterized by efforts to attract foreign direct investment (FDI) in sectors such as agro-processing, mining, and manufacturing, despite facing challenges like low investor confidence, high government debt, and a complex regulatory environment. The government is prioritizing 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. However, recent legislation, such as local content requirements in key sectors, may deter potential investors.