The Bank of Ghana (BoG) says it will intensify collaboration with key state agencies to clamp down on the operations of unlicensed financial institutions across the country.

According to the central bank, the move forms part of a broader strategy to decisively deal with illegal financial operators whose activities continue to pose serious risks to the stability of Ghana’s financial system.

Second Deputy Governor of the Bank of Ghana, Matilda Asante Asiedu, disclosed this at a stakeholder meeting involving law enforcement agencies, the judiciary, the banking community, and members of the Coordinated Anti-Money Laundering and Counter Financing of Terrorism Committee (COCLAB).

She noted that the Bank of Ghana, working with COCLAB members and other stakeholders, has already taken steps to address the problem, including issuing public warnings and undertaking enforcement actions. She added that arrests have been made in collaboration with the Economic and Organised Crime Office (EOCO).

Mrs. Asante Asiedu admitted that the measures have not been sufficient.

“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.

She warned that the continued operations of unlicensed financial institutions pose 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.

She said the new strategies will focus on strengthening inter-agency collaboration, enhancing intelligence-led enforcement, and improving public education to protect consumers from falling victim to illegal financial operators.

She urged the public to verify the licensing status of financial institutions before doing business with them, stressing that safeguarding the integrity of the financial sector remains a top priority.