BoG Cautions Public Against Fraudulent Foreign Investment Schemes

The Bank of Ghana (BoG) has issued a strong warning to the public about rising scams involving people pretending to be “foreign investors” offering high returns on investments.

These scammers are reportedly using various platforms to lure unsuspecting individuals, promising large amounts of money in exchange for deposits. But the central bank says it has not licensed any of these so-called investors.

In a statement, the BoG reminded the public that collecting deposits from the public—like what these scammers are doing—is a regulated activity under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Only companies that are officially licensed by the BoG are allowed to take deposits.

“The Bank has not licensed any individuals or entities involved in such suspicious foreign investment schemes,” the statement read.

“Anyone caught engaging in this activity is committing an offence and will face penalties, including refunding all funds received.”

The statement also noted that under Act 1044, offenders could be fined between 500 and 100,000 administrative penalty units, and could be reported to law enforcement agencies for prosecution.

The BoG urged Ghanaians to always check the licensing status of any individual or company before handing over money. People should only deposit funds with registered, accountable institutions regulated by the Bank of Ghana.

In a direct appeal to the media, the BoG asked all radio, TV, and online platforms not to advertise these illegal investment schemes. Media houses are encouraged to verify the legitimacy of any financial advertiser before airing their content.

“This is about protecting the public from financial loss,” the statement added.

With scams becoming more sophisticated, the BoG’s message is clear: verify before you invest, and don’t be fooled by promises that seem too good to be true.