BoG cautions public against fraudulent “foreign investor” schemes
The Bank of Ghana has issued a strong warning to the public regarding scammers posing as “foreign investors” who promise high returns in exchange for deposits. These activities, the Bank notes, contravene sections 8 and 52 of the Anti-Money Laundering Act, 2020 (Act 1044).
In an official press statement signed by the Bank’s Secretary, Sandra Thompson, it was revealed that these scammers are leveraging various platforms to lure unsuspecting individuals into investing with the promise of large financial gains.
The Bank emphasized that such invitations to deposit funds with these so-called “foreign investors” constitute deposit-taking activities as defined under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). According to this law, only a corporate entity licensed by the Bank of Ghana is permitted to engage in deposit-taking operations.
Importantly, the Bank of Ghana clarified that it has not licensed any individuals or entities currently offering these fraudulent “foreign investment” opportunities. Any persons involved in these illegal activities are committing a criminal offence and will be required to refund all monies received. Additionally, offenders may face administrative penalties ranging from 500 to 100,000 penalty units in accordance with Section 53(3) of Act 1044.
The public is also urged to report any such individuals or entities to law enforcement agencies for investigation and prosecution under Sections 1 to 5 of Act 1044.
Public Advisory
The Bank advises the public to take note of the following:
Always verify the licensing status of any individual or entity with the Bank of Ghana or relevant authorities before making any financial deposits.
Only transact with financial institutions that are duly licensed by the Bank of Ghana to ensure protection under Ghana’s banking laws.
Advisory to the Media
The Bank of Ghana further notifies all media outlets—radio, television, and online platforms—not to advertise products or services from such illegal entities. Media houses are encouraged to verify the licensing status of individuals or entities with the Bank before promoting any financial offerings.
Report Suspicious Activity
Individuals are encouraged to report unlawful financial schemes to the Bank of Ghana at the following address:
The Head of Department
Financial Stability Department
Bank of Ghana
The Bank Square, 42 Castle Road, Ridge, Accra
P.O. Box 2674, Accra, Ghana
Contact Information
Tel: 030 266 5005 | 059 691 2354 | 050 150 2270
Email: complaints.office@bog.gov.gh
