The Bank of Ghana (BoG) has issued a stern warning to the public regarding fraudulent activities disguised as investment opportunities offered by individuals and entities posing as “foreign investors.” These scammers employ various platforms and enticing promises to lure unsuspecting victims into depositing funds with them under the pretense of high returns. The BoG emphasizes that these activities fall under the purview of deposit-taking businesses, which, according to Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930), require a license from the Bank of Ghana. The BoG unequivocally states that it has not granted any license to individuals or entities currently soliciting funds from the public under this guise. Therefore, any entity claiming to be a licensed foreign investor is operating illegally.
The BoG’s warning comes in response to the increasing prevalence of fraudulent investment schemes in the country. These schemes often prey on the public’s desire for quick and significant financial gains, leading them to make hasty decisions without proper due diligence. The central bank urges the public to exercise extreme caution and thoroughly verify the licensing status of any individual or entity before entrusting them with their funds. This verification can be carried out directly with the Bank of Ghana or other relevant regulatory authorities. This crucial step can help protect individuals from falling victim to fraudulent schemes and losing their hard-earned savings.
To further protect the public, the BoG advises individuals to deposit their funds only with reputable and accountable institutions that hold the requisite licenses from the central bank. This ensures that their investments are protected under existing banking laws and regulations. Licensed institutions are subject to regulatory oversight, including periodic audits and adherence to stringent operational guidelines, providing a layer of security for depositors. This mitigates the risk of loss due to fraudulent activities or mismanagement.
The BoG’s notice extends beyond the public and also addresses media houses. The central bank cautions media organizations against disseminating unverified financial advertisements on their platforms. These platforms play a significant role in shaping public perception and influencing investment decisions. By airing or publishing unverified promotional content related to investment schemes, media houses inadvertently contribute to the spread of fraudulent activities. Therefore, the BoG urges media outlets to exercise due diligence by verifying the legitimacy of such advertisements with the Bank before broadcasting or publishing them, contributing to a more informed and protected public.
The BoG’s proactive measures are designed to safeguard the financial interests of the Ghanaian public and maintain the integrity of the financial sector. By raising awareness about these fraudulent schemes and providing clear guidelines for verification and safe investment practices, the central bank aims to empower individuals to make informed financial decisions. This approach reinforces the importance of due diligence and responsible financial behavior, ultimately contributing to a more secure and stable financial environment.
In essence, the BoG’s message is a call for vigilance and caution in the face of enticing investment opportunities. The central bank underscores the importance of verification, due diligence, and responsible financial behavior as critical tools in protecting oneself from fraudulent schemes. By working together – the public, the media, and regulatory authorities – the fight against financial fraud can be strengthened, fostering a more transparent and secure financial landscape for all.
