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BoG Steps Up Inter-Agency Crackdown on Unlicensed Financial Institutions
The Bank of Ghana (BoG) has announced plans to significantly deepen its collaboration with key state agencies in a renewed push to dismantle the operations of unlicensed financial institutions operating across the country.
The move, according to the central bank, forms part of a broader strategy to protect Ghana’s financial system from illegal operators whose activities continue to undermine public confidence, expose consumers to losses, and threaten overall financial stability.
Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante Asiedu, disclosed this at a high-level stakeholder meeting that brought together law enforcement agencies, the judiciary, the banking community, and members of the Coordinated Anti-Money Laundering and Counter Financing of Terrorism Committee (COCLAB).
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Addressing participants, Mrs Asante Asiedu acknowledged that while the Bank of Ghana has taken steps in recent years to combat illegal financial activities, the persistence of unlicensed operators shows that existing measures have not been fully effective.
“Working with COCLAB members and other stakeholders, we have issued public warnings, carried out enforcement actions, and collaborated with the Economic and Organised Crime Office (EOCO) to make arrests,” she noted. “However, it is evident that these measures are not sufficient on their own.”
She warned that the continued presence of unlicensed financial institutions poses a grave threat to the integrity of the financial system.
“The trust, soundness, and stability of our financial system are at stake,” Mrs Asante Asiedu stressed. “This is why the COCLAB Technical Committee is uniquely positioned to lead a coordinated and intelligence-driven response to this growing threat.”
According to her, the next phase of the crackdown will be anchored on stronger inter-agency collaboration, enhanced intelligence sharing, and more coordinated enforcement actions. She explained that illegal financial operators often exploit gaps between institutions, making it imperative for regulators, law enforcement bodies, and the judiciary to act in unison.
Beyond enforcement, the Bank of Ghana also plans to intensify public education efforts to protect consumers.
“Many victims of these illegal schemes are ordinary Ghanaians who are unaware that the institutions they deal with are not licensed,” she said, urging the public to always verify the regulatory status of financial institutions before engaging in any transactions.
Mrs Asante Asiedu emphasised that safeguarding the integrity of the financial sector remains a top priority for the central bank, adding that sustained collaboration among stakeholders will be critical to rooting out illegal financial activities.
The renewed resolve by the Bank of Ghana comes amid ongoing concerns about the proliferation of unregulated financial entities, some of which have been linked to fraud, money laundering, and other financial crimes. Authorities say the strengthened approach is aimed not only at enforcement but also at preventing future abuses and restoring confidence in Ghana’s financial system.
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