The Bank of Ghana has issued a strong warning to the public regarding the growing threat of illegal foreign investment schemes. These scams are being run by individuals and companies falsely posing as legitimate investors, luring people with promises of unusually high returns. The Bank clarified that these actors are unlicensed and operating outside the bounds of Ghanaian financial laws.
According to the Bank’s recent notice titled “Scam Alert – Illegal Foreign Investors in Ghana,” many of these fraudulent operations involve unauthorized deposit-taking, which is strictly prohibited unless a license has been granted under Act 930. The Central Bank made it clear that no such license has been issued to these entities or individuals, and participation in these schemes could land both organizers and investors in serious legal trouble.
The penalties for getting involved in these scams are no joke. Offenders could face fines ranging from 500 to 100,000 penalty units, as outlined in Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044). That’s a hefty price to pay for chasing false investment promises.
To protect ourselves, the Bank is urging all of us to double-check the licensing status of any investment company or person before handing over our money. They recommend only dealing with institutions officially recognized by the Bank of Ghana and reporting anything suspicious to their Financial Stability Department or to the police.
Finally, the Bank didn’t leave out the media either. They advised media platforms to be more cautious and verify financial advertisers before promoting them to the public. Overall, this is a wake-up call for everyone in Ghana to stay alert and avoid being duped by these convincing, but illegal, foreign investment offers.
Source: Citinewsroom