The Bank of Ghana has issued a strong advisory to the public, emphasizing the importance of safeguarding their funds by transacting only with licensed financial institutions. The central bank warns that engaging with unregulated entities puts savings at risk and undermines financial stability. Ghanaians are encouraged to verify the licensing status of financial firms before doing business, as part of ongoing efforts to promote a secure and trustworthy banking environment
In a new advisory as part of its financial literacy campaign, the central bank encouraged the public to prioritize the safety of their savings by using only licensed and reliable financial institutions.
According to the BoG, savings are not just a habit but a financial lifeline that can protect people during emergencies, support investments, and ensure long-term financial stability.
However, for savings to serve their full purpose, the central bank emphasized the importance of securing them against theft, fire, and natural disasters.
To achieve this, the BoG has advised Ghanaians to avoid storing money at home or entrusting it to informal savings collectors who are not affiliated with any regulated entity.
In particular, individuals who contribute through susu schemes were urged to ensure that their collectors are legitimate agents operating under licensed financial institutions.
“If you save with a susu collector who comes to your house or business site to collect contributions, ensure that the person is an accredited agent of a licensed financial institution, duly registered and legally licensed by the Bank of Ghana,” the advisory said.
The central bank also stressed the need for constant communication with financial service providers. It urged savers to actively monitor their savings accounts and electronic wallets, including mobile money platforms, to avoid errors and potential fraud.
“To avoid fraud or mistakes, closely monitor and track your savings and electronic wallets (mobile money accounts), and ensure that you receive acknowledgements of deposits, either through SMS notifications, deposit slips, email, or by having the amount recorded in your passbook,” the BoG advised.
Beyond monitoring accounts, the BoG encouraged the public to regularly engage their banks or financial service providers for up-to-date information on savings products and financial options that meet their needs. This, the bank noted, would help customers make informed choices about interest rates, risk levels, withdrawal terms, and other important factors.
In a country where many people operate outside the formal financial system, the BoG’s reminder is especially timely. Informal savings practices such as unregistered susu schemes, saving cash at home, or relying solely on mobile money accounts without proper documentation remain common, particularly among informal workers, small traders, and rural populations.
But these methods, according to financial experts, expose savers to significant risks including fraud, theft, and loss from disasters like fire and flood. By contrast, licensed financial institutions are regulated, offer deposit insurance in some cases, and provide safer and more reliable avenues for growing personal wealth.
The Bank of Ghana is urging Ghanaians to be vigilant, informed, and proactive about where and how they save their money.
Last Updated on June 18, 2025 by Senel Media
