The Bank of Ghana has issued a serious warning to the public regarding the activities of unlicensed individuals and entities posing as foreign investors.
In a recent notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” the Central Bank cautioned that these fraudulent actors are luring unsuspecting victims with enticing promises of high returns—actions that violate Ghana’s financial laws.
According to the Bank, these scams frequently 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 made it clear that it has not authorized any individuals or entities to operate such foreign investment schemes, emphasizing that anyone choosing to engage with these ventures is breaking the law.
Participants in such scams could face severe administrative penalties ranging from 500 to 100,000 penalty units, as specified under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044). To protect themselves, the public is strongly advised to take several precautionary measures:
Verify the licensing status of any individual or entity before depositing any funds.
Conduct transactions only with financial institutions that are licensed by the Bank of Ghana.
Report any suspicious activities to the Bank’s Financial Stability Department or relevant law enforcement agencies for further investigation and potential prosecution.
Additionally, the Bank urged media houses to refrain from promoting these illegal operations, calling on radio, television, and online platforms to verify the legitimacy of financial advertisers before airing their content.
In closing, the Bank of Ghana called upon all Ghanaians to remain vigilant and to exercise caution to avoid becoming victims of fraudulent investment schemes. The warning underscores the importance of due diligence in financial dealings as the fight against financial fraud continues.
Source: Apexnewsgh.com
