The Bank of Ghana (BoG) has cautioned the public against falling prey to scammers posing as “foreign investors” and promising lucrative returns.

In a public notice, the Central Bank highlighted the illegality being perpetrated by those individuals and entities, soliciting deposits from unsuspecting victims through various platforms.

The BoG emphasised that the deposit-taking business was strictly regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), and thus accepting deposits without a valid licence was illegal.

The Bank of Ghana cautioned that it had not licensed any individual or entities engaged in “these deceitful foreign investment schemes.”

The penalties attached to this included administrative fines ranging from 500 to 100,000 penalty units, as stipulated in the Anti-Money Laundering Act 2020 (Act 1044), the notice said.

“These individuals or entities will be compelled to refund all monies received from their victims.”

The Bank of Ghana urged the public to exercise extreme caution and verify the licensing status of any individual or entity offering investment opportunities with the Bank of Ghana or other relevant authorities before making any deposits.

The Central Bank advised the public to deposit funds only with accountable institutions licensed by the BoG to ensure their protection and advised them to promptly report any individual or entity involved in those unlawful practices to the law enforcement agencies.

The BoG also called on all media outlets, including radio, television, and online platforms, to refrain from advertising those illegal individuals or entities.

“Media houses are encouraged to verify the licensing status of potential advertisers with the Bank of Ghana before publicising their products and services,” the notice said.