Bank of Ghana warns public against fake “foreign investors”
In a statement, the central bank cautioned that these fraudsters are using various platforms to entice unsuspecting individuals to deposit money with them, claiming to offer substantial financial gains
The Bank of Ghana has issued a warning to the public about scammers posing as “foreign investors” and promising high returns on investments.
In a statement, the central bank cautioned that these fraudsters are using various platforms to entice unsuspecting individuals to deposit money with them, claiming to offer substantial financial gains.
The Bank of Ghana emphasized that such activities amount to illegal deposit-taking, which is regulated under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). It stressed that only institutions licensed by the Bank are authorized to engage in deposit-taking.
“By this Notice, the Bank of Ghana hereby informs the public that the Bank has not licensed any entities or individuals engaged in such spurious ‘foreign investments’. The said individuals or entities in question commit an offence and shall be penalised and required to refund all funds received,” the statement read.
The central bank warned that offenders could face penalties ranging from 500 to 100,000 administrative penalty units, in line with section 53(3) of the Banks and Specialized Deposit-Taking Institutions (Amendment) Act, 2018 (Act 1044).
It urged the public to report any suspected scammers to law enforcement agencies for investigation and possible prosecution. The Bank of Ghana also advised Ghanaians to only deposit funds with institutions licensed by the regulator to ensure their money is protected under banking laws.
Additionally, the central bank called on media outlets, including radio, television, and online platforms, to refrain from promoting the activities of unlicensed individuals or entities. It advised the media to verify the licensing status of such entities with the Bank of Ghana before airing their advertisements.
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