The Bank of Ghana has called for deeper, action-oriented collaboration among regulators, law-enforcement agencies and the banking industry to effectively combat illicit financial activities and safeguard public confidence in the financial system.
Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, made the call at the opening of the second Technical Committee workshop of the Committee for Cooperation Between Law Enforcement Agencies and the Banking Community (COCLAB).
She urged stakeholders to move beyond dialogue and establish structured multi-agency working groups to analyse the tactics of unlicensed financial operators and develop joint enforcement and preventive measures.
“In 2024 alone, the Bank of Ghana received over 50 complaints related to unregulated savings, investment and lending schemes. These entities often mimic legitimate financial products while imposing exorbitant charges and engaging in abusive practices that erode public confidence,” Madam Asiedu disclosed.
The Second Deputy Governor proposed that some COCLAB engagements be elevated to the level of heads of institutions to strengthen coordination, accountability and implementation of agreed actions.
She stressed that protecting the integrity of the financial system requires a unified national approach involving regulators, security agencies, banks, telecommunications companies and the media.
Madam Asiedu noted that although arrests have been made in collaboration with the Economic and Organised Crime Office (EOCO), the persistence of unlicensed operators shows that existing measures are insufficient.
“These operators continue to adapt, which calls for new strategies, deeper intelligence sharing and stronger institutional coordination. The trust, soundness and stability of our financial system are at stake, and the COCLAB Technical Committee is uniquely positioned to lead a coordinated response,” she said.
She added that the Bank of Ghana is intensifying its efforts as Ghana prepares for its third-round Mutual Evaluation by the Inter-Governmental Action Group Against Money Laundering in West Africa (GIABA), scheduled for the first quarter of 2026.
According to her, demonstrating effective inter-agency cooperation and a strong national response to unlicensed financial institutions will be critical to Ghana’s assessment under international anti-money laundering and counter-terrorist financing standards.
“Collaboration must move beyond dialogue to execution. Every stakeholder has a vital role to play, and only a unified and sustained approach will preserve confidence in our financial system,” Madam Asiedu emphasized.
