Anti Money Laundering (AML) in Ghana

Money laundering in Ghana is not seen as a major threat. The government of Ghana has only recently initiated a program for establishing a satisfactory Anti Money Laundering (AML) regime.

In 2002, Ghana passed an AML decree to establish a Financial Intelligence Unit (FIU), called the Bank of Ghana Act, 2002.

In February 2007, the country signed an agreement with the United Nations Office on Drugs and Crime (UNODC) to combat money laundering and terrorist financing. The bill marks the first step of this process.

The Economy of Ghana

Ghana is rich with natural resources and, as a result, has roughly twice the per capita output compared to the poorest countries in West Africa. Regardless, Ghana relies heavily on international financial and technical assistance. Gold and cocoa are major sources of foreign exchange. The domestic economy continues to revolve around agriculture, which accounts for about 35% of Gross Domestic Product (GDP) and employs about 55% of the work force, mainly small landholders.

Banking in Ghana

Ghana's financial system is based on a number of banks and non-bank financial institutions. The Bank of Ghana (BOG) is the country’s Central Bank and is responsible for advising the government on the implementation and control of monetary policies. Other financial institutions in the region include commercial and merchant banks, discount houses, insurance companies, leasing companies, venture capital, a mortgage finance institution, and a stock exchange.

Currency in Ghana

The cedi is the official currency in Ghana. One cedi can be divided into one hundred pesewas. The Cedi is issued by the BOG. The notes are available in denominations of ¢500, ¢1000, ¢2000 and ¢5000. Coins are offered in denominations ¢5, ¢10, ¢20, ¢50, ¢100 and ¢500.

Other Key Statistics of Ghana

Time Zone: UTC 0 (5 hours ahead of Washington, DC during Standard Time).

Location: Western Africa, bordering the Gulf of Guinea, between Cote d'Ivoire and Togo.

Population: 23,382,848 (July 2008 est.).

Labor Force: As of 2005, 56% of the population was working in agriculture, 15% in industry and 29% in services. The unemployment rate in 2000 was listed at 11%.

Languages Spoken: Asante Ewe, Fante, Boron (Brong) , Dagomba, Dangme, Dagarte (Dagaba) , Akyem , Ga , Akuapem.

Trade Organizations: Ghana is a member of the World Trade Organization (WTO) and the United Nations (UN).