The Bank of Ghana has issued a strong warning against individuals and entities operating unlicensed foreign investment schemes, stressing the severe legal consequences of engaging in such activities.
In a public notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” the central bank highlighted the growing threat posed by fraudulent actors who are luring unsuspecting individuals with promises of high returns on investments. These schemes often involve illegal deposit-taking operations, which are strictly prohibited under Ghana’s financial regulations.
The Bank of Ghana made it clear that it has not authorized any individuals or entities to operate foreign investment ventures in the country. “Any involvement in such schemes is illegal and individuals or businesses participating in them are in violation of financial laws,” the statement said.
Legal Consequences for Offenders
Under the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), only licensed entities are permitted to engage in deposit-taking activities. Offenders involved in unauthorized investment schemes could face heavy administrative penalties ranging from 500 to 100,000 penalty units, as outlined in the Anti-Money Laundering Act, 2020 (Act 1044).
Protecting the Public
To prevent falling victim to these scams, the Bank of Ghana has advised the public to take extra caution. It urged individuals to:
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Verify the licensing status of anyone offering foreign investment opportunities before making any financial commitment.
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Engage only with institutions licensed by the Bank of Ghana for all financial transactions.
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Report suspicious activities to the Bank’s Financial Stability Department or relevant law enforcement bodies for investigation and action.
The Bank also issued a reminder to media outlets, urging them not to promote or advertise illegal investment operations. It called on radio, television, and online platforms to verify the legitimacy of financial advertisements before broadcasting them to the public.
Public Vigilance Urged
In conclusion, the Bank of Ghana called for heightened awareness and vigilance among Ghanaians to avoid becoming victims of these fraudulent schemes. By staying informed and verifying financial opportunities, individuals can protect themselves from falling prey to such illegal ventures.
