Accra: Dr. Steve Manteaw, Co-Chair of the 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 emphasized the necessity for the Gold Board to align with Financial Action Task Force (FATF) regulations, warning that non-compliance could expose Ghana to financial and reputational risks, including travel restrictions and limits on international financial transactions.

According to Ghana News Agency, Dr. Manteaw made these comments at the Ghana National Association of Small-Scale Miners Initiative workshop, which focused on the prospects and challenges of the proposed Gold Board. He stressed the importance of regulatory compliance in the extractive sector, stating, “The Gold Board is a laudable initiative, but it must be implemented with meticulous attention to international standards.”

Dr. Manteaw further highlighted concerns about the current customer due diligence practices in the small-scale mining sector, which primarily relied on police reports. He advocated for a more comprehensive approach that aligns 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,” he said.

He also emphasized 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,” Dr. Manteaw added.

Dr. Manteaw urged Ghana to demonstrate its commitment to responsible mining practices to remain competitive in the global market and called for greater collaboration between government agencies and stakeholders. He also called on Ghana’s Parliament to thoroughly scrutinize the Gold Board Bill to ensure alignment with international best practices, warning against regulatory gaps that could expose Ghana to sanctions.

A proactive and collaborative approach, he suggested, is essential to ensure the Gold Board serves its intended purpose while safeguarding Ghana’s reputation and economic interests.