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Bank of Ghana drops a list of unlicensed deposit-taking entities in Ghana

The Bank of Ghana has cautioned the general public to be wary of some unlicensed deposit-taking entities springing up in the country.

In a statement signed by the Secretary to the Bank of Ghana, Frances Van-Hein Sackey sighted by said  “The Bank of Ghana wishes to inform the general public that the following entities have not been granted license to carry out deposit taking activities in Ghana “

The statement listed the following as the unlicensed deposit-taking entities in Ghana

  1. Global Coin Community Help International Limited (G.C.C.H)
  2. Wealth Drive Ghana Limited (WDG)
  3. Devonshire Place Capital Ghana Limited
  4. TCL Markets Ghana Limited
  5. FX-Crypto Traders
  6. Sonsis Susu Services

Also, the statement added that, “Hence, anyone who does business with these entities does so at his or her own risk and the Bank of Ghana will not be liable for the refund of any deposit lost by a depositor”.

In a related development, as a measure to sensitize the financial sector, the Bank of Ghana, few days ago introduced new directives to regulate the activities of Forex Bureaux in Ghana.

In a statement from the Bank of Ghana to Forex Bureaux and the general public sighted by stated that as part of measures to enforce compliance by all licensed Forex Bureaux with the Forex Bureau Regulations issued in accordance with the Foreign Exchange Act, 2006 (Act 723) and the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended the Bank of Ghana announces for the information of all licensed Forex Bureaux and the General Public the following;

  1. All purchases and sales of forex must be captured electronically and receipted accordingly by licensed Forex Bureaux.
  2. All customers must provide valid national identification or other valid personal ID such as Voter’s ID, Passport or Driver’s License when engaging in forex transactions with Forex Bureau.
  3. All licensed Forex Bureaux must submit the required monthly returns electronically to the Bank of Ghana within five (5) working days after the end of the month.

RELATED ARTICLE: Bank of Ghana gives new directives to Forex Bureaux

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