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The Bank of Ghana (BoG) has issued a strong warning to the public against fraudsters posing as foreign investors and enticing victims with promises of large financial returns.
In a public notice, the central bank said these scammers are operating through various platforms and luring people to deposit money under the guise of high-return investment opportunities.
BoG emphasized that such practices fall under deposit-taking activities, which are strictly regulated under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
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According to the law, only licensed corporate entities approved by the Bank of Ghana are permitted to accept deposits.
The bank clarified that it has not granted any licenses to individuals or groups engaged in these fraudulent “foreign investment” schemes.
The BoG further stated that engaging in unlicensed deposit-taking is a serious offense. Offenders will be required to refund all funds collected and may 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).
The central bank also called on the public to report such individuals or entities to law enforcement authorities for investigation and prosecution in accordance with the law.
Additionally, BoG urged the public to:
- Always verify the licensing status of financial service providers with the Bank of Ghana before making any deposits.
- Place funds only with institutions that are licensed and regulated by the Bank of Ghana for their protection under the banking laws.
- Report suspicious activities to the BoG headquarters.
BoG also directed all media platforms — including radio, TV, and online outlets — not to allow advertisements from unlicensed individuals or companies and to confirm the legitimacy of any financial service providers with the central bank before publishing their promotions.
