The Bank of Ghana has issued a serious warning to the public regarding the activities of unlicensed individuals and entities posing as foreign investors.
The Central Bank has reported that these deceitful parties are luring unsuspecting individuals with promises of substantial returns, which directly contravenes Ghana’s financial regulations.
In a notice titled ‘Scam Alert – Illegal Foreign Investors in Ghana,’ the Bank highlighted that these schemes frequently involve unauthorized deposit-taking practices, which are strictly forbidden for any entity not licensed under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank reiterated that it has not granted licenses to any individuals or entities engaged in such foreign investment schemes and cautioned that participation in these ventures constitutes an offense.
Offenders may incur administrative penalties ranging from 500 to 100,000 penalty units, as outlined in Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).
To protect themselves, the public is encouraged to:
- Verify the licensing status of any individual or entity prior to depositing funds;
- Engage only with financial institutions authorized by the Bank of Ghana;
- Report any suspicious activities to the Bank’s Financial Stability Department or appropriate law enforcement agencies for further investigation and potential prosecution.
The Bank also warned media outlets against endorsing these illegal operations, urging radio, television, and online platforms to ‘verify the legitimacy of financial advertisers before broadcasting their content.’
In summary, the Bank of Ghana has urged all Ghanaians to remain alert and avoid becoming victims of such fraudulent schemes.
