The Bank of Ghana has issued a strong warning to the public regarding the activities of unlicensed individuals and entities posing as foreign investors. According to the Central Bank, these fraudulent individuals are luring unsuspecting victims with promises of high returns, which is a direct violation of Ghana’s financial laws. In a notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” the Bank stated that these schemes often involve unauthorized deposit-taking activities, strictly prohibited for any entity not licensed under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank emphasized that “it has not licensed any individuals or entities operating such foreign investment schemes” and warned that anyone participating in such ventures is committing an offense. Offenders could face administrative penalties ranging from 500 to 100,000 penalty units, as stipulated under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).
To safeguard themselves, the public is advised to:
- Verify the licensing status of any individual or entity before depositing funds.
- Transact only with financial institutions licensed by the Bank of Ghana.
- Report any suspicious activities to the Bank’s Financial Stability Department or relevant law enforcement agencies for further investigation and possible prosecution.
The Bank also cautioned media houses against promoting these illegal operations, urging radio, television, and online platforms to “verify the legitimacy of financial advertisers before airing their content.” In conclusion, the Bank of Ghana called on all Ghanaians to stay vigilant and avoid falling prey to such fraudulent schemes.
By: Nerteley Nettey
