Ghana Finally Off the FATF “Gray List”

Accra, June 30th, 2021 - In a significant boost to Ghana’s financial reputation, the country has been officially removed from the Financial Action Task Force (FATF) “gray list”, announced Finance Minister Ken Ofori-Atta.

Restoring Confidence and Attracting Foreign Investment

The removal from the gray list is a major relief for Ghana, as it will restore confidence in the country’s financial environment and attract more foreign direct investment. This achievement comes after Ghana successfully completed its Action Plan, following a report by the International Cooperation Review Group (ICRG).

Background: The Journey to Compliance

Ghana was placed under observation by the ICRG in 2016, after a Second Round of Mutual Evaluation by the Inter-Governmental Action Group against Money Laundering and Terrorist Financing in West Africa (GIABA) revealed significant gaps in its Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) regime.

The Road to Compliance

To address these deficiencies, Ghana developed a 2-year Action Plan spanning 2019-2021 with timelines for implementation. Unfortunately, the European Union also added Ghana to their list of high-risk third countries in October 2020 due to its presence on the FATF gray list.

Key Reforms and Achievements

However, over the last three years, an Inter-Ministerial Committee led by the Ministry of Finance has worked tirelessly to coordinate key reforms to cure strategic AML/CFT deficiencies. The Financial Intelligence Centre (FIC) played a leadership role in achieving this feat, and Mr. Ofori-Atta extended his gratitude to all stakeholders who contributed to Ghana’s removal from the gray list.

A New Era of Confidence

With its removal from the list, the FATF and international community have renewed their confidence in Ghana’s AML/CFT regime, paving the way for increased foreign investment and economic growth. This achievement is a testament to Ghana’s commitment to upholding financial transparency and combating money laundering and terrorist financing.