Bank Of Ghana Warns Of Rising Investment Scams, Urges Public To Verify Licenses

ACCRA – The Bank of Ghana is sounding the alarm over a rise in investment scams targeting the public. In a notice released Friday, May 9, 2025, the central bank warned Ghanaians about individuals and groups falsely presenting themselves as "foreign investors" who promise substantial financial returns.

These scammers are actively seeking deposits from unsuspecting individuals through various platforms. However, the Bank of Ghana clarifies that soliciting and accepting deposits is a regulated activity. According to the Banks and Specialized Deposit-Taking Institutions Act of 2016 (Act 930), only companies officially licensed by the central bank can legally take deposits.

Crucially, the Bank of Ghana confirmed it has not licensed any of the entities or people currently promoting these particular "foreign investment" schemes. Participating in or operating such a scheme is illegal.

Those caught running these unlicensed operations face serious consequences. They will be penalized, forced to return all money collected from victims, and could face hefty administrative fines ranging from 500 to 100,000 penalty units under the Anti-Money Laundering Act 2020 (Act 1044). The central bank also urges that these cases be reported to the police for investigation and prosecution.

How to Protect Yourself 

1. Verify Before Investing: Always check with the Bank of Ghana or other official bodies to confirm if an individual or company offering investments is licensed before handing over any money.
2. Use Licensed Institutions: Only deposit your funds with banks and institutions officially licensed by the Bank of Ghana to ensure you are protected by banking laws.
3. Report Suspicious Activity: If you encounter or suspect such unlawful investment schemes, report them immediately to the Bank of Ghana's Financial Stability Department using the contact details provided in their notice.

The Bank of Ghana has also put media houses on notice, instructing them not to advertise these illegal schemes and urging them to verify licensing credentials before accepting financial service advertisements.