The Bank of Ghana has issued a formal warning to the public regarding a surge in unauthorized foreign investment schemes targeting unsuspecting individuals with promises of unusually high returns.
In a notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” the central bank cautioned that certain individuals and entities are operating without proper licensing, in direct violation of the country’s financial regulations.
“These operations typically involve unauthorized deposit-taking activities,” the Bank said, referring to Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which prohibits such practices by unlicensed entities.
The regulator stressed that it “has not licensed any individuals or entities operating such foreign investment schemes” and warned that participation in these ventures constitutes a criminal offense. Under the Anti-Money Laundering Act, 2020 (Act 1044), offenders may face penalties ranging from 500 to 100,000 penalty units.
To mitigate risk, the Bank urged the public to:
- Confirm the licensing status of any financial entity before making deposits;
- Conduct transactions solely with institutions licensed by the Bank of Ghana;
- Report suspicious activity to the Financial Stability Department or law enforcement.
The central bank also addressed media organizations, advising them to scrutinize advertisers and avoid promoting unlicensed financial schemes across broadcast and digital platforms.
The statement closed with a call for public vigilance, emphasizing the importance of due diligence in safeguarding against fraudulent investment offers.
Source:TheDotNews