Bank of Ghana urges agencies to close AML/CFT gaps

The Bank of Ghana is urging financial regulators and law enforcement agencies to address weaknesses in the nation’s anti-money laundering and counter-terrorist financing (AML/CFT) frameworks. This push comes as Ghana prepares for a critical 2026 regional assessment by the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).

While Ghana has established various laws and supervisory structures, the focus has shifted toward effective implementation. Key areas requiring reform include beneficial ownership transparency, risk-based supervision, and improved inter-agency coordination. The International Monetary Fund (IMF) has indicated that the upcoming assessment will likely highlight these specific needs. Strengthening these controls is considered vital for maintaining correspondent banking relationships, investor confidence, and the overall credibility of Ghana’s financial system.