The Bank of Ghana says deeper, action-oriented collaboration between regulators, law-enforcement agencies and the banking industry is the panacea to combat illicit financial activities and protect 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, known as COCLAB.
She urged the committee to move beyond dialogue and establish structured multi-agency working groups to analyse the tactics of unlicensed financial operators and recommend 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 also proposed elevating some COCLAB engagements to the level of heads of institutions to strengthen implementation, accountability and coordination across agencies.
She stressed that safeguarding the financial system requires a unified approach involving regulators, security agencies, banks, telecommunications companies and the media.
“In collaboration with the Economic and Organised Crime Office (EOCO), arrests have been made. 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. 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 said.
The Bank of Ghana, she noted, is intensifying these 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 the Second Deputy Governor, 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.
“To strengthen our collective efforts, I encourage COCLAB to consider establishing structured multi-agency working groups to analyse the modus operandi of these illicit actors and recommend joint enforcement and preventive measures. Elevating selected COCLAB engagements to the Heads of Institutions’ level would also help ensure implementation and accountability.”
“Collaboration must move beyond dialogue to execution. Each stakeholder – regulators, law-enforcement agencies, the banking industry, telecommunications operators, and the media has a vital role to play. Only a unified and sustained approach will preserve confidence in our financial system.”
