The Bank of Ghana has issued a stern warning to the public regarding individuals and groups masquerading as foreign investors, luring unsuspecting citizens with the allure of high investment returns.
In a public announcement dated 9th May 2025 and signed by the Bank’s Secretary, Ms. Sandra Thompson, the central bank highlighted that these so-called investors are operating without the necessary licences and are involved in unlawful deposit-taking activities. “These scammers are using a number of platforms and making promises to induce unsuspecting victims to invest,” the Bank stated in Notice No. BG/GOV/SEC/2025/11.
The Bank emphasised that only entities licensed by the Bank of Ghana are authorised to conduct deposit-taking business, as stipulated in section 4 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Ms. Thompson further clarified that the Bank has not sanctioned any individuals or organisations engaged in these “spurious foreign investments,” and any person or group found participating in such activities will be mandated to return all funds collected from the public. The notice also warned that those involved in these illegal schemes could face penalties under the Anti-Money Laundering Act, 2020 (Act 1044), which includes administrative fines ranging from 500 to 100,000 penalty units.
The Bank encouraged victims and concerned citizens to report such incidents to law enforcement for investigation and potential prosecution.
Ghanaians were urged to verify the licensing status of any individuals or institutions offering financial products or services, either with the Bank of Ghana or other relevant regulatory bodies, prior to making any deposits. The Bank advised that deposits should only be made with financial institutions that are properly licensed and accountable under Ghana’s banking regulations to ensure legal protection.
Additionally, the Bank instructed all media outlets, including radio, television, and online platforms, to refrain from advertising products or services from unlicensed entities. Media organisations have been urged to confirm the licensing status of financial advertisers before disseminating their content.
The public has been strongly advised to steer clear of engaging in or promoting such illegal activities. Anyone with information or concerns is encouraged to reach out to the Bank of Ghana’s Financial Stability Department at its Ridge office in Accra or via email at complaints.office@bog.gov.gh.
