By Issah Olegor
The Bank of Ghana (BoG) has issued a strong public warning against a growing trend of fraudulent investment schemes being orchestrated by individuals posing as foreign investors.
In a statement released on May 9, 2025, the central bank described these operations as illegal and in violation of Ghana’s banking and anti-money laundering laws.
According to the notice—titled “Scam Alert – Illegal Foreign Investors in Ghana”—the BoG revealed that several scammers, often under the guise of international investors, are luring unsuspecting members of the public with promises of high returns in exchange for upfront deposits.
These operations, the BoG clarified, constitute deposit-taking business under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), which requires licensing from the Bank of Ghana.
The central bank stressed that none of the individuals or entities involved in these schemes have been licensed to undertake deposit-taking or investment services in Ghana.
By law, only a corporate body licensed by the BoG is allowed to accept deposits.
As such, the activities of these so-called investors are illegal and punishable under existing legislation.
In particular, the statement cites Sections 8 and 52 of the Anti-Money Laundering Act, 2020 (Act 1044), which empower the BoG to act against suspicious financial activities. Offenders could face penalties ranging from 500 to 100,000 administrative penalty units as provided in Section 53(3) of the same Act.
Furthermore, anyone involved in such unlawful schemes may be prosecuted and forced to refund any monies collected from victims.
The BoG also called on the public to remain vigilant and to verify the licensing status of any person or company offering investment services by contacting the central bank or other relevant authorities.
Ghanaians are advised to only deal with institutions licensed by the BoG, in order to receive the full protection provided under the country’s financial laws.
In an unprecedented move, the BoG issued a directive to all media houses—including radio, television, and online platforms—urging them to refrain from advertising these unlicensed foreign investment entities.
The central bank cautioned that media outlets may be inadvertently aiding fraudsters if they promote such services without first verifying their legitimacy.
This warning comes amid an increase in financial scams targeting individuals through online platforms and social media.
Authorities believe that the rising cost of living and economic hardship may be driving more people to fall prey to get-rich-quick schemes.
The BoG is appealing to the public to report any suspicious investment activity to its Financial Stability Department at The Bank Square.
