The Bank of Ghana (BoG) is ramping up efforts to crush unlicensed financial operations nationwide by forging tighter ties with key state agencies.
This bold push is central to a sweeping strategy aimed at neutralizing illegal operators whose shadowy activities threaten Ghana’s financial stability.
Second Deputy Governor Matilda Asante Asiedu announced the plan at a high-stakes stakeholder meeting with law enforcement, the judiciary, bankers, and the Coordinated Anti-Money Laundering and Counter Financing of Terrorism Committee (COCLAB).
She highlighted prior actions, like public warnings, enforcement drives, and arrests alongside the Economic and Organised Crime Office (EOCO). Yet, Asiedu conceded these steps fall short.
“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 declared.
Unlicensed entities, she warned, endanger the very trust and soundness of Ghana’s financial system. “The COCLAB Technical Committee is uniquely positioned to lead a coordinated response to this threat.”
Looking ahead, BoG’s playbook emphasizes beefed-up inter-agency teamwork, intelligence-driven crackdowns, and robust public awareness campaigns to shield consumers.
Asiedu called on Ghanaians to always check a financial institution’s licensing status before transacting. Protecting the sector’s integrity, she stressed, is non-negotiable.
Story by: Mercy Addai Turkson #ahotoronline.com