Bank of Ghana Warns Public Against Fraudulent Foreign Investment Schemes

The Bank of Ghana (BoG) has issued a strong warning to the general public to be wary of individuals posing as foreign investors offering high investment returns, describing them as scammers operating illegally.

In a statement released on May 9, 2025, the BoG revealed that these fraudsters are using various platforms to lure unsuspecting individuals into investing in deceptive schemes under the pretense of foreign investment opportunities.

According to the BoG, under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), only entities duly licensed by the central bank are authorized to conduct deposit-taking activities in Ghana. The central bank clarified that it has not licensed any person or organization involved in these so-called foreign investment operations.

The statement emphasized that participation in such unauthorized financial activities constitutes a criminal offense. Offenders will be prosecuted, required to refund all monies collected, and may be subject to penalties as stipulated by law.

“In addition, such individuals or entities will be liable to administrative penalties ranging from 500 to 100,000 penalty units, in accordance with Section 53(3) of Act 1044,” the BoG noted.

The BoG urged the public to report any suspicious or unauthorized investment operations to law enforcement agencies for prompt investigation and prosecution, as outlined in Sections 1 to 5 of Act 1044.

Citizens are advised to verify the licensing status of any individual or institution with the Bank of Ghana before making financial commitments. The BoG stressed the importance of depositing funds only with properly licensed and accountable financial institutions, in order to benefit from the legal protections under Ghana’s banking regulations.

Furthermore, the central bank has directed all media outlets—including radio, television, and online platforms—not to promote advertisements for such illegal schemes. Media houses are encouraged to confirm the regulatory status of advertisers with the BoG prior to airing their products or services.

“The public is urged to avoid engaging in these unlawful activities and to promptly report them to the Bank of Ghana,” the statement concluded.