BoG warns Ghanaians against 6 “investment firms”

The banking and financial industry hasn’t experienced a smooth sail in the year 2018. Just as we thought we’ve seen it all, the regulatory body, BoG has yet again fired a warning shot to the general public to be wary of some deposit-taking institutions who are acting ultra vires.

The bank of Ghana issued a notice and listed six institutions who have not been granted the license to carry out deposit-taking activities in Ghana.

Among the listed institutions include:

  • Global Coin Community Help International Limited (GCCH)
  • Wealth Drive Ghana Limited (WDG)
  • Devonshire Place Capital Ghana Limited
  • TCL Markets Ghana Limited
  • Fx-Crypto Traders and
  • Sonsis Susu Services

We at believe that all other regulatory bodies in Ghana must take a cue from BoG and crack the whip on all institutions that are operating without a license and against established principles and laws.

We further advice BoG to take more stringent measures in dealing with all defaulters or institutions acting ultra vires.

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Do you think BoG’s notice comes in as a timely one?

What happens to the deposits that have been taken already by these firms?

Do you know of any other firm that’s operating without a license in Ghana?

Let’s hear from you in the comment section.

Happy New Year! 😊

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