Bank of Ghana cautions public against illegal foreign investors

The Bank of Ghana (BoG) has cautioned the public against scammers who are pretending to be “foreign investors” and promising high sums of investment returns.

A statement released by the BoG on May 9, 2025 noted that these scammers are using a number of platforms and making promises to induce unsuspecting victims to invest.

The Bank says under section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), only a body corporate licensed by the Bank of Ghana may carry out the business of deposit-taking.

The Bank of Ghana informed the public that it has not licensed any entities or individuals engaged in such “spurious foreign investments” and individuals or entities engaged in such activity commit an offence and shall be penalised and required to refund all funds received.

“In addition, such individuals or entities will be liable to 500 – 100,000 administrative penalty units in line with section 53(3) of Act 1044,” the statement said.

BoG advised the public to report any individual or entity that engages in such unlawful practices to law enforcement agencies for investigation and prosecution, in accordance with sections 1, 2, 3, 4 and 5 of Act 1044.

The BoG encouraged the public to verify with the Bank of Ghana or other relevant authorities, the licensing status of an individual or entity before depositing funds.

It urged members of the public to place deposits only with accountable institutions licensed by the Bank of Ghana, in order that they may be accorded the protection available under the banking laws.

The Bank of Ghana served notices to all media outlets including radio, television and online channels not to permit the advertisement of these illegal individuals or entities on their platforms.

“The media is encouraged to verify the licensing status of such individuals or entities with Bank of Ghana, before advertising their products and services. The public is encouraged not to engage in such unlawful activities and to report same to the Bank of Ghana,” portions of the statement read.

Read full statement below

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