The Bank of Ghana (BoG) has issued a strong warning to the public against engaging with individuals or entities posing as “foreign investors” who promise unusually high returns on investments. The central bank describes these operations as scams and says they are illegal under Ghanaian law.
According to the BoG, these scammers use various platforms to lure unsuspecting victims into depositing funds with the promise of large payouts. However, such activities constitute illegal deposit-taking, which is a regulated activity under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Only licensed financial institutions are permitted to take deposits from the public, the regulator explained.
The Bank stated unequivocally that it has not licensed any person or entity claiming to be a foreign investor and involved in such schemes. “These individuals and entities are operating unlawfully and will be required to refund all monies collected,” the statement said.
It stated further that violators may face stiff administrative penalties ranging from 500 to 100,000 penalty units, in accordance with Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044). The Bank also called on the public to report such illegal operations to law enforcement agencies for investigation and prosecution.
The BoG urged the public to verify the licensing status of any investor or investment scheme with the Bank of Ghana before depositing funds. It reminded individuals to transact only with licensed financial institutions to ensure legal protection and redress under Ghana’s banking laws.
The central bank further cautioned against promoting or advertising unlicensed investment schemes, particularly on radio, TV, or online platforms. The BoG called on all media outlets to refrain from broadcasting or publishing advertisements by these unlicensed entities, advising them to verify credentials with the central bank before carrying such promotions.
Despite numerous past victims, unsuspecting members of the public continue to fall prey to new and evolving scams.
