Ghana Country Summary

FATF Status

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

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.

Crime and corruption in Ghana present significant challenges, with pervasive issues in political corruption and a judicial system often marred by bribery and inefficiency. Despite the government's establishment of anti-corruption frameworks and institutions, such as the Office of the Special Prosecutor and the Economic and Organized Crime Office, enforcement remains inconsistent, and large-scale corruption cases are slow to resolve, undermining public trust and accountability.

Ghana also faces serious criminal activities, including human trafficking, arms trafficking, and drug-related crimes, with organized crime networks often involving both domestic and foreign actors. While the country has made strides in governance and civil society engagement, the effectiveness of its criminal justice system is hampered by corruption and resource limitations, highlighting the need for more robust political will and comprehensive reforms to combat these issues effectively.

Ghana's economy in 2023 faced significant challenges, with GDP growth slowing to 2.9% from 5.1% in 2021, compounded by high inflation rates that peaked at over 54% in December 2022. The International Monetary Fund (IMF) has stepped in with a $3 billion arrangement to support economic recovery, which has shown some stabilization as inflation decreased to 23.2% by February 2024. Despite the government's efforts to attract foreign direct investment (FDI) in sectors like agro-processing and mining, investor confidence remains low due to high debt levels, corruption, and bureaucratic inefficiencies, alongside new local content regulations that may deter potential investors.

Ghana's economy heavily relies on exports of primary commodities such as gold, cocoa, and oil, making it vulnerable to global market fluctuations. The government is actively working to improve the investment climate by reforming regulatory frameworks and enhancing the ease of doing business, including proposed amendments to the Ghana Investment Promotion Centre Act to facilitate foreign participation. However, challenges such as high costs of financial services, a lack of transparency, and underdeveloped infrastructure continue to hinder FDI, despite the country's relative political stability and abundant natural resources that present significant investment opportunities.