Bank of Ghana warns public against “Foreign Investor” scammers
In a public notice, the central bank revealed that these scammers are operating across multiple platforms and luring people with false promises of lucrative payouts in exchange for upfront deposits.
The Bank of Ghana (BoG) has issued a strong warning to the public about fraudulent individuals and entities posing as foreign investors offering high-return investment opportunities to unsuspecting victims.
In a public notice, the central bank revealed that these scammers are operating across multiple platforms and luring people with false promises of lucrative payouts in exchange for upfront deposits. The BoG stressed that such activities amount to illegal deposit-taking under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which restricts such business to entities licensed by the Bank of Ghana.
According to the BoG, violators could be subjected to administrative penalties ranging from 500 to 100,000 penalty units, as stipulated under Section 53(3) of the Depositors’ Protection Act, 2016 (Act 1044). Additionally, individuals or groups engaged in these unlawful schemes may be reported to law enforcement for investigation and possible prosecution under Sections 1 to 5 of the same Act.
To avoid falling prey to such scams, the central bank urged the public to verify the licensing status of any financial service provider with the BoG or appropriate regulatory bodies before making deposits. It also emphasized that deposits should only be placed with duly licensed financial institutions, as these are the only entities covered by Ghana’s financial protection laws.
The Bank further called on media houses—radio, television, and online platforms—to refrain from advertising such illegal operations. It advised all media outlets to verify the regulatory status of businesses with the BoG before running any advertisements related to financial investments.
