Bank of Ghana warns against unregistered foreign investment schemes

The Bank of Ghana (BoG) has warned the public against individuals and groups posing as foreign investors and attracting people with claims of substantial returns on investment.

The Secretary of the Bank, Ms. Sandra Thompson, signed a public notice dated May 9, 2025, of the central bank stating that these so-called investors are operating without legal licenses and are involved in unauthorized deposit-taking activities.

The Bank said in Notice No. BG/GOV/SEC/2025/11 that “These scammers are using a number of platforms and making promises to induce unsuspecting victims to invest.”

The bank notice emphasized that only a legal entity approved by the Bank of Ghana is authorized to conduct financial deposit services, as detailed in the section 4 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

As per  Ms. Thompson, the Bank has not permitted any individual or organizations to engage in such “spurious foreign investments,” and any individual or group found engaging in such acts will be liable to refund all collected amounts from the public.

The notice cautioned that individuals found in any of these illegal schemes would be subject to disciplinary measures under the Anti-Money Laundering Act, 2020 (Act 1044), which includes administrative sanctions ranging from 500 to 100,000 penalty units.

The Bank also urged victims and concerned members of the public to notify the authorities about such incidents for investigation and potential legal actions.

The Bank urged Ghanaians to always check the accreditation of such persons or institutions offering investment services either with the Bank of Ghana or other relevant regulatory agencies, before making any payment.

It also warned that deposits should exclusively be made with financial institutions that are fully authorized and accountable under Ghana’s banking laws for protection under the law.

The Bank also directed all media outlets, radio, television, and online platforms, not to advertise products from unauthorized financial institutions Media organisations have been instructed to validate the licenses of financial advertisers before promoting their services.

The public has been encouraged to should not support or facilitate the promotion of unlawful activities. Anyone with information or concerns is advised to contact the Bank of Ghana’s Financial Stability Department at its Ridge office in Accra or via email at complaints.office@bog.gov.gh.

READ: Gov’t’s fee relief initiative to cover only Legon, KNUST, UCC and other public tertiary institutions – Minister