Bank of Ghana issues warnings on digital fraud and banking regulations

The Bank of Ghana (BoG) has issued several warnings and directives aimed at strengthening the nation's financial stability and protecting consumers from emerging risks in the digital economy.

Addressing digital fraud, the central bank cautioned that financial inclusion without adequate literacy leaves consumers vulnerable to social engineering, Ponzi schemes, and fraudulent investment platforms. Governor Dr. Johnson Pandit Asiama advised customers never to share PINs, passwords, or one-time passwords with third parties and urged the public to verify all investment opportunities. To combat this, the BoG has directed banks to grant fraud management units direct access to CEOs to ensure independence and effectiveness.

In terms of regulation, the BoG identified 20 unlicensed mobile loan applications operating without authorization and warned the public against using them. Additionally, the central bank is introducing new directives for credit risk management and liquidity coverage ratios to bolster the banking sector's resilience as private-sector lending expands.

Regarding physical currency, the BoG warned against the unauthorized repair or rejoining of damaged Cedi banknotes using adhesive tape, noting that such practices undermine currency integrity and can damage processing machines. The bank advised citizens to take mutilated notes to commercial banks for official replacement.