Beware of scammers pretending to be “foreign investors” – BoG cautions public

The Bank of Ghana has warned the public about scammers. These scammers pretend to be “foreign investors.” They promise high returns on investments.

The central bank stated that these scammers use various platforms. They aim to trick unsuspecting victims into investing money.

According to a statement, inviting the public to deposit money is illegal. This falls under Section 4 of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Only licensed bodies can conduct deposit-taking business.

The Bank of Ghana clarified that it has not licensed any such entities. Those involved in these scams will face penalties and must refund all funds received.

These individuals or entities could incur fines between 500 and 100,000 penalty units. This is according to section 53(3) of Act 1044. Anyone engaging in these practices should be reported for investigation and prosecution.

The central bank urged the public to verify licensing status before depositing funds. It advised people to only deposit with institutions licensed by the Bank of Ghana for protection under banking laws.

Additionally, the Central Bank asked media outlets not to advertise these illegal entities. The media should verify licensing status with the Bank of Ghana before promoting their products or services.