The Bank of Ghana (BoG) has elevated its stance on financial crime, declaring the integrity of the financial system a matter of national security and calling for deeper coordination between regulators and state security agencies to stay ahead of increasingly sophisticated illegal operators.
Second Deputy Governor Mrs. Matilda Asante-Asiedu made the declaration at an inter-agency security engagement held at Bank Square on Wednesday, April 15, 2026, delivering remarks on behalf of First Deputy Governor Dr. Zakari Mumuni.
“Financial system integrity is a national security concern. When our institutions collaborate effectively, financial crimes become harder, riskier, and less profitable,” she said.
Asante-Asiedu pointed to intelligence-led enforcement operations as the model for tackling cybercrime and illegal financial activities, stressing that no single institution can manage the entire enforcement chain alone. She cited a recent operation in Accra targeting illegal online loan operators that led to the arrest of 420 individuals, including three foreign nationals, attributing the outcome to strengthened coordination among law enforcement agencies, particularly through the Law Enforcement Coordinating Bureau of the Inter-Ministerial Committee against Money Laundering and Related Crimes.
The engagement reflects an escalation in the Bank of Ghana’s enforcement posture. The central bank has ordered all unlicensed mobile loan applications and digital credit providers to regularise their activities by June 30, 2026, or face sanctions including suspension or closure.
The Cyber Security Authority received 377 complaints between January and May 2025, a 65 percent increase from 228 cases reported throughout all of 2024, signalling a resurgence of predatory tactics by unlicensed operators targeting vulnerable borrowers across urban centres including Accra, Kumasi and Takoradi.
Asante-Asiedu underscored the need for regulators and security agencies to operate as a unified force, combining supervision with active enforcement to protect consumers and maintain confidence in Ghana’s formal financial system.
