Bank of Ghana Warns Public of Unlicensed Foreign Investment Scams

Accra, Ghana - 12 May, 2025 - The Bank of Ghana (BoG) has issued a warning to the public about unlicensed individuals and entities claiming to be foreign investors, promising high returns on investments. These activities are illegal and violate Ghana's financial laws.

The Bank in a public notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” stated, that it has not licensed any individuals or entities operating such foreign investment schemes and warned that participating in these ventures is an offense. 

''...the Bank stated that these schemes often involve unauthorized deposit-taking activities, which are strictly prohibited for any entity not licensed under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).''

 “ the Bank of Ghana has not licensed any individuals or entities operating such foreign investment schemes” 

According to BoG, offenders could face administrative penalties ranging from 500 to 100,000 penalty units, as stipulated under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).

To protect themselves, the public is advised to verify the licensing status of any individual or entity before investing, transact only with licensed financial institutions, and report suspicious activities to the relevant authorities.

The Bank also warned media outlets not to advertise or promote these unauthorized activities urging them to ''verify the legitimacy of financial advertisers before airing their content.''

Read the full notice from the Bank of Ghana below.

Source: Lead News Online