Ghana Country Summary

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 in 2023, ranking it 70 out of 180 countries. Despite having a strong legal framework and initiatives like the establishment of the Office of the Special Prosecutor and the Right to Information Act, enforcement is inconsistent, and political corruption is widespread. Businesses report that bribery is particularly prevalent in the judicial system, and while some large corruption cases are prosecuted, the processes are often lengthy and ineffective.

Ghana's economy faced significant challenges in 2023, with GDP growth slowing to 2.9% from 3.1% in 2022, and inflation remaining high at 23.2% as of February 2024, despite a peak of over 54% in December 2022. The country has been heavily reliant on the export of primary commodities like gold, cocoa, and oil, making it vulnerable to global economic fluctuations. To stabilize its economy, Ghana has engaged with the International Monetary Fund (IMF) for a $3 billion support program, which has shown signs of stabilization, although issues such as high government debt and low revenue mobilization continue to pose challenges.

Ghana's investment climate is currently characterized by a mix of challenges and opportunities. While the government is actively seeking to attract foreign direct investment (FDI) in sectors such as agro-processing, mining, and manufacturing, investor confidence remains low due to issues like high corruption levels, under-developed infrastructure, and complex regulations. Nevertheless, Ghana's abundant natural resources and relative political stability position it as a potentially attractive destination for investment in sub-Saharan Africa.