BoG urges public to save with licensed financial institutions
In a recent notice aimed at promoting financial literacy, the Central Bank stressed the importance of building a consistent savings habit, noting that it is never too early—or too late—to start.
The Bank of Ghana (BoG) has issued a fresh advisory encouraging Ghanaians to safeguard their savings by using only BoG-licensed financial institutions, including banks, rural banks, microfinance companies, and savings and loans firms.
In a recent notice aimed at promoting financial literacy, the Central Bank stressed the importance of building a consistent savings habit, noting that it is never too early—or too late—to start. Regardless of income level, the BoG advised citizens to cultivate the discipline of saving regularly to build financial resilience over time.
“Start saving now to reduce future financial stress,” the statement emphasized. “Accumulated savings can help you face life’s uncertainties and fund future investments.”
The BoG also cautioned those who rely on susu collectors to ensure that they deal only with accredited agents working under a registered financial institution. These agents must be legally licensed by the BoG to operate, the statement clarified.
To protect their funds, depositors were urged to avoid keeping large amounts of money at home, which leaves them vulnerable to theft, fire, and natural disasters. Instead, the bank advised the public to entrust their savings to legitimate financial institutions.
The Central Bank also recommended that individuals stay actively engaged with their banks or susu collectors, monitor their transactions closely, and always demand proof of deposits—whether via SMS alerts, deposit slips, emails, or passbooks.
In conclusion, the BoG encouraged the public to speak with their financial service providers to learn about safe and suitable saving options tailored to their needs.
