BoG warns Ghanaians against fake foreign investors promising high returns through illegal schemes

The Bank of Ghana has cautioned the public against individuals and groups posing as foreign investors and enticing people with promises of high returns on investments.

In a public notice dated May 9, 2025, and signed by the Secretary of the Bank, Ms. Sandra Thompson, the central bank stated that these so-called investors are operating without the required licences and are engaged in illegal deposit-taking schemes.

“These scammers are using a number of platforms and making promises to induce unsuspecting victims to invest,” the Bank said in Notice No. BG/GOV/SEC/2025/11.

It stressed that only a body corporate licensed by the Bank of Ghana is permitted to engage in deposit-taking business, as outlined under section 4 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

According to Ms. Thompson, the Bank has not authorised any individuals or entities involved in such “spurious foreign investments,” and any person or group found engaging in such acts will be required to refund all funds collected from the public.

The notice warned that persons involved in these illegal schemes would face sanctions under the Anti-Money Laundering Act, 2020 (Act 1044), which includes administrative penalties ranging from 500 to 100,000 penalty units.

The Bank also encouraged victims and concerned members of the public to report such cases to law enforcement authorities for investigation and possible prosecution.

The Bank urged Ghanaians to always confirm the licensing status of individuals or institutions offering financial products or services, either with the Bank of Ghana or other relevant regulatory agencies, before depositing any money.

It further advised that deposits should only be made with financial institutions that are properly licensed and accountable under Ghana’s banking laws to benefit from legal protection.

The Bank also directed all media outlets, radio, television, and online platforms, not to advertise products or services from unlicensed entities. Media organisations have been asked to verify the licensing status of financial advertisers before running their content.

The public has been encouraged to avoid engaging in or promoting such unlawful activities.

Anyone with information or concerns is advised to contact the Bank of Ghana’s Financial Stability Department at its Ridge office in Accra or via email at complaints.office@bog.gov.gh.