Bank of Ghana Warns Public Against Illegal "Foreign Investor" Scams, Urges Vigilance

The central bank cautioned citizens to avoid engaging with such entities, emphasizing that these operations violate Ghana’s anti-money laundering and deposit-taking laws.  

In a statement signed by Secretary Sandra Thompson, the BoG clarified that these scammers, operating through various online and offline platforms, are unlawfully soliciting deposits from the public—a practice strictly reserved for institutions licensed under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Section 4 of the Act mandates that only corporate bodies approved by the BoG may legally accept deposits.  

“The Bank of Ghana has not licensed any entities or individuals engaged in these spurious ‘foreign investments,’” the notice stressed. Violators face severe penalties, including fines ranging from 500 to 100,000 administrative penalty units under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044), and prosecution requiring full refunds to victims.  

Key Advisories for the Public  
The BoG urged citizens to:  
1. Verify licensing status: Confirm with the BoG or relevant authorities before investing funds.  
2. Use licensed institutions: Deposit money only with BoG-regulated entities to ensure legal protections.  
3. Report suspicious activity: Notify law enforcement immediately under Sections 1–5 of Act 1044.  

Media Accountability 
The central bank also directed radio, TV, and online media outlets to refrain from promoting unverified “foreign investor” schemes. Media organizations are advised to cross-check the legitimacy of advertisers with the BoG before running related content.  

How to Report  
Complaints or information regarding suspected scams should be submitted to:  
The Head of Department, Financial Stability Department  
Bank of Ghana, Bank Square, 42 Castle Road, Ridge, Accra  
Tel: 0302665005; 0596912354; 0501502270  
Email: complaints.office@bog.gov.gh  

The BoG emphasized that participation in such schemes, whether as a victim or collaborator, is illegal. Secretary Thompson reiterated, “The public is advised to exercise utmost caution and report these criminal activities promptly to safeguard their finances and support national efforts against financial fraud.”  

This alert follows growing concerns over sophisticated scams targeting Ghanaian citizens amid rising digital financial transactions. Authorities warn that vigilance and adherence to regulatory guidelines are critical to curbing economic crimes.  

Source: Nana Esi Brew Monney

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