The Bank of Ghana (BoG) is set to ramp up its collaboration with state agencies to tackle the increasing number of unlicensed financial institutions operating in the country.

This intensified effort is part of a comprehensive strategy to address illegal financial operators who pose significant risks to Ghana’s financial stability, the central bank has said.

Matilda Asante Asiedu, Second Deputy Governor of the BoG, revealed this during a stakeholder meeting with representatives from law enforcement, the judiciary, the banking sector, and the Coordinated Anti-Money Laundering and Counter Financing of Terrorism Committee (COCLAB).

According to Mrs. Asiedu, the BoG, alongside COCLAB and other partners, has already implemented measures such as public warnings and enforcement actions, leading to some arrests in collaboration with the Economic and Organised Crime Office (EOCO).

However, she acknowledged that these existing measures have proven insufficient. “However, it is evident that these measures are not sufficient on their own. The persistence of these operators calls for new strategies, deeper intelligence sharing, and stronger institutional coordination,” she stated.

The continued operation of these unlicensed entities is a serious threat, Mrs. Asiedu warned. “The trust, soundness, and stability of our financial system are at stake. The COCLAB Technical Committee is uniquely positioned to lead a coordinated response to this threat,” she added.

The new strategies will prioritize enhanced inter-agency cooperation, intelligence-led enforcement, and increased public awareness campaigns to protect consumers from fraudulent financial schemes.

The BoG is urging the public to diligently verify the licensing status of any financial institution before engaging in transactions, emphasizing the importance of safeguarding the integrity of the financial sector.

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