The Bank of Ghana maintains that deeper, action-oriented collaboration among regulators, law enforcement agencies, and the banking sector is critical for effectively combating illicit financial activities and sustaining public confidence in the financial system.
Matilda Asante Asiedu, Second Deputy Governor of the Bank of Ghana, underscored this perspective at the opening of the second Technical Committee workshop for the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB).
She encouraged the committee to progress beyond mere discussions and to form structured multi-agency working groups aimed at analysing the strategies employed by unlicensed financial operators, as well as recommending joint enforcement and preventive actions.
“In the year 2024 alone, the Bank of Ghana received more than 50 complaints concerning unregulated savings, investment, and lending schemes. These entities frequently imitate legitimate financial products while imposing excessive fees and engaging in exploitative practices that undermine public trust.”
Madam Asiedu also suggested that certain COCLAB engagements be elevated to the level of institutional heads to enhance implementation, accountability, and coordination among agencies.
She emphasised that protecting the financial system requires a collaborative approach that involves regulators, security agencies, banks, telecommunications firms, and the media.
“In partnership with the Economic and Organised Crime Office (EOCO), arrests have been executed. Nevertheless, it is clear that these actions alone are inadequate. The ongoing presence of these operators necessitates the development of new strategies, enhanced intelligence sharing, and improved institutional coordination. The integrity, soundness, and stability of our financial system are at risk. The COCLAB Technical Committee is uniquely equipped to spearhead a coordinated response to this challenge,” she stated.
The Bank of Ghana, she remarked, is amplifying these initiatives as Ghana gears up for its third-round Mutual Evaluation by the Inter-Governmental Action Group Against Money Laundering in West Africa, GIABA, which is set for the first quarter of 2026.
As stated by the Second Deputy Governor, showcasing effective inter-agency collaboration and a robust national response to unlicensed financial entities will be essential for Ghana’s evaluation in accordance with international anti-money laundering and counter-terrorist financing standards.
“In order to enhance our collective efforts, I urge COCLAB to contemplate the formation of structured multi-agency working groups to scrutinise the modus operandi of these illicit actors and propose joint enforcement and preventive strategies. Elevating certain COCLAB interactions to the Heads of Institutions’ level would also contribute to ensuring implementation and accountability.”
“Collaboration must progress from mere dialogue to actionable execution. Every stakeholder – including regulators, law enforcement agencies, the banking sector, telecommunications providers, and the media – has a crucial role to fulfil. Only a coordinated and sustained approach will maintain confidence in our financial system.”
