BoG Deputy Governor urges coordinated action against unlicensed financial operators

Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has called for stronger collaboration among law enforcement agencies, regulators, banks, telecommunications companies and the media to curb the growing menace of unlicensed financial operators in the country.

Speaking at a workshop for the Technical Committee of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB) in Accra on December 18, 2025, she noted that Ghana’s rapid digital financial expansion has also opened the door for illicit actors who threaten public trust and financial stability.

She explained that although the economy is showing signs of recovery — with growth at 5.5 per cent, inflation at 6.3 per cent and record levels of consumer confidence — such periods often attract fraudulent operators seeking to exploit the system.

According to Ms Asante-Asiedu, the Bank of Ghana received more than 50 complaints in 2024 alone concerning unregulated savings, investment and lending schemes. Many of these operators, she said, rely heavily on mobile money platforms and social media to promote deceptive loan products that come with excessive charges, abusive debt recovery methods and violations of customer data privacy.

“These entities often imitate legitimate financial products while imposing exorbitant costs and engaging in practices that ultimately erode public confidence in the financial system,” she stated.

To tackle the problem, the deputy governor urged COCLAB to establish structured, multi-agency working groups to study the operations of these illegal entities and propose coordinated enforcement and preventive actions. She also suggested elevating some COCLAB engagements to the level of heads of institutions to ensure accountability and effective implementation of decisions.

She stressed that enhanced cooperation is especially crucial as Ghana prepares for its third-round Mutual Evaluation by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA) in early 2026. Strong inter-agency collaboration, she said, will be vital in demonstrating the country’s compliance with international anti-money laundering and counter-terrorist financing standards.

“Collaboration must go beyond discussion to concrete action. Only a unified and sustained approach will help safeguard confidence in our financial system,” she added.

The workshop, held under the theme “Promoting Financial Integrity through Multi-Stakeholder Collaboration,” brought together representatives from the Judicial Service, the Ghana Association of Banks, the Economic and Organised Crime Office (EOCO), the Cyber Security Authority and other regulatory institutions.