BoG to Intensify Crackdown on Unlicensed Financial Institutions
The Bank of Ghana (BoG) has announced plans to deepen collaboration with key state agencies to clamp down on the activities of unlicensed financial institutions operating across the country.
According to the central bank, the renewed effort forms part of a broader strategy to decisively tackle illegal financial operators whose activities continue to pose significant risks to the stability and integrity of Ghana’s financial system.
Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante Asiedu, disclosed this at a stakeholder meeting that brought together law enforcement agencies, the judiciary, the banking community, and members of the Coordinated Anti-Money Laundering and Counter Financing of Terrorism Committee (COCLAB).
She explained that the Bank of Ghana, working closely with COCLAB and other stakeholders, has already taken steps to curb the menace, including issuing public warnings and undertaking enforcement actions. These efforts, she noted, have led to arrests in collaboration with the Economic and Organised Crime Office (EOCO).
However, Mrs. Asante Asiedu admitted that existing measures have not yielded the desired results.
“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 said.
She warned that the continued operations of unlicensed financial institutions constitute a serious threat to the country’s financial stability.
“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.
Mrs. Asante Asiedu noted that the new approach will prioritise stronger inter-agency collaboration, enhanced intelligence-led enforcement, and improved public education to protect consumers from falling victim to illegal financial operators.
She further urged the public to always verify the licensing status of financial institutions before engaging in any financial transactions, stressing that safeguarding the integrity of Ghana’s financial sector remains a top priority for the central bank.
