By Jibril Abdul Mumuni/ Rebecca Som
Accra, March 25, GNA – Dr. Steve Manteaw, Co-Chair, Ghana Extractive Transparency Initiative (GHEITI), has urged the proposed Gold Board to comply with international anti-money laundering standards to avoid sanctions and maintain operational credibility.
He said the Gold Board must align with Financial Action Task Force (FATF) regulations, warning that failure to do so could expose Ghana to financial and reputational risks, including travel restrictions and limits on international financial transactions.
Dr. Manteaw made these comments at the Ghana National Association of Small-Scale Miners Initiative workshop, which discussed the prospects and challenges of the proposed Gold Board.
He stressed the importance of regulatory compliance in the extractive sector, saying, “The Gold Board is a laudable initiative, but it must be implemented with meticulous attention to international standards.”
“We cannot afford to establish a system that inadvertently facilitates money laundering or other illicit activities. Compliance with FATF regulations is non-negotiable,” he added.
Dr. Manteaw also raised concerns about the current customer due diligence practices in the small-scale mining sector, which relied mainly on police reports.
He called for a more comprehensive approach that aligned with international guidelines on customer due diligence and suspicious transaction reporting.
“The current due diligence framework is inadequate. We need to implement robust systems that can effectively identify and mitigate potential risks. This includes enhanced scrutiny of beneficial ownership and the implementation of stringent reporting mechanisms,” he said.
Dr. Manteaw underscored the importance of responsible sourcing in line with the Organization for Economic Co-operation and Development’s (OECD) guidelines to ensure ethical and sustainable gold production.
“This includes addressing issues related to environmental reclamation, gender inclusion, and the fair treatment of all stakeholders.
“Responsible sourcing is not just a matter of ethical concern; it is also a matter of economic necessity. International buyers are increasingly demanding transparency and accountability in their supply chains,” he said.
He urged Ghana to demonstrate its commitment to responsible mining practices to remain competitive in the global market.
Dr. Manteaw also called for greater collaboration between government agencies, including the Financial Intelligence Centre, and stakeholders in the mining sector to ensure the Gold Board operates within a strong regulatory framework.
He called on Ghana’s Parliament to thoroughly scrutinize the Gold Board Bill to ensure alignment with international best practices.
“We must learn from past experiences and avoid any regulatory gaps that could expose Ghana to sanctions.
“A proactive and collaborative approach is essential to ensure the Gold Board serves its intended purpose while safeguarding Ghana’s reputation and economic interests,” he said.
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