How to Report a Financial Scam in Ghana: ASJ Step-by-Step Guide

Your Comprehensive Roadmap to Reporting Investment Fraud, Online Scams, and Unlicensed Schemes

Executive Summary

If you have lost money to a financial scam in Ghana — or suspect you are being targeted — you have options. Multiple government agencies are mandated to receive complaints, investigate fraud, and in some cases recover assets. However, each agency has a specific mandate. Reporting to the wrong agency will delay action. Reporting with insufficient evidence may result in no action at all.

This guide provides a step-by-step framework for reporting financial scams to the appropriate authority: the Securities and Exchange Commission (SEC) for unlicensed investment schemes, the Bank of Ghana (BoG) for deposit-taking fraud, the Cyber Security Authority (CSA) for online scams, the Economic and Organised Crime Office (EOCO) for complex cross-border fraud, and the Police CID (Commercial Crime Unit) for criminal prosecution.

The evidence suggests that while asset recovery is never guaranteed, early reporting, comprehensive documentation, and targeting the correct agency significantly improve the chances of investigation and restitution .

Part 1: Before You Report — Gather Your Evidence

Before contacting any agency, gather all evidence related to the scam. The quality of your documentation directly affects the agency’s ability to investigate.

Essential Evidence Checklist

Important: Do not delete anything. Even if you are embarrassed or angry, preserve all records. Scammers often delete their online presence quickly — your saved evidence may be the only record .

Part 2: The Agency Mandates — Who Handles What

Ghana has multiple agencies with overlapping but distinct mandates. Reporting to the correct agency first is critical.

Part 3: Step-by-Step Reporting Guide

Step 1: Verify Licensing Status (First — Do This Before You Report)

Before reporting, confirm whether the entity is actually licensed. This will inform which agency to contact.

SEC Verification Channels :

• Toll-Free Line: 0800 100065

• Main Line: 0302 768970–2

• Email: [email protected]

• Website: sec.gov.gh

Bank of Ghana Verification :

• Phone: 0593974486

• WhatsApp: 0593974486

• Email: [email protected]

If the entity is not licensed, proceed to Step 2.

Step 2: Report to the Primary Regulator

For unlicensed investment schemes (SEC)

The SEC is the primary regulator for capital market activities. Any entity soliciting investments without a licence is operating illegally .

How to report to SEC:

• Toll-Free Line: 0800 100065

• Main Line: 0302 768970–2

• Email: [email protected]

• Website: sec.gov.gh

• Address: SEC Office, Accra (refer to official website for specific location)

What the SEC will do: Issue public warnings, refer cases to law enforcement, and collaborate with other agencies .

For deposit-taking fraud (Bank of Ghana)

If the scheme claimed to be a bank, microfinance institution, or deposit-taking entity, report to the Bank of Ghana.

How to report to BoG :

• Walk-in: 4th Floor, Urban Block, Bank Square, Accra (or any Regional Office)

• Phone: 0593974486

• WhatsApp: 0593974486

• Email: [email protected]

• Post: Head, Financial Stability Department, Bank of Ghana, P. O. Box GP 2674, Accra

For online investment scams (Cyber Security Authority)

If the scam originated online — via social media, WhatsApp, a website, or mobile app — report to the CSA.

How to report to CSA :

• Call or Text: 292 (24-hour hotline)

• WhatsApp: 050 160 3111

• Email: [email protected]

The CSA reported 149 online investment fraud cases between January and August 2024, with losses totalling GH¢1,986,057 — nearly a three-fold increase from 2023 .

Step 3: Report for Criminal Investigation (Police CID — Commercial Crime Unit)

For cases requiring criminal prosecution — especially where you have identified the perpetrators or their physical location — report to the Police CID’s Commercial Crime Unit (CCU).

How to report to Police CID CCU :

• Location: CID Headquarters, Accra (5th floor)

• Contact Officer: Director of CCU, Superintendent Felix Mawusi

• Phone: 020 8119726

• Alternative: Walk in to any regional CID office

What the CCU investigates :

• Fraudulent transactions

• Forgery of documents

• Defrauding by false pretence

• Land and property fraud

• Unlicensed financial operations

Step 4: Report Complex Cross-Border or Crypto Fraud (EOCO)

For sophisticated fraud involving cryptocurrency, international elements, or organised crime, report to the Economic and Organised Crime Office (EOCO).

How to report to EOCO :

• Location: Barnes Road, Adjacent Old Parliament House, High Street, Accra

• Working Hours: Monday–Friday, 8:30 AM – 4:00 PM

• Phone: Refer to EOCO official website for current contact numbers

EOCO has demonstrated success in complex cases, including the recovery of $15,191,730.13 from an international cryptocurrency fraud network .

Part 4: Agency Comparison — Which Path to Choose

Part 5: What Happens After You Report

The Investigation Process

While each agency has specific procedures, most follow a similar pattern :

1. Intake and assessment: The agency reviews your complaint to determine if it falls within its mandate

2. Evidence gathering: Investigators collect transaction records, communication logs, and other documentation

3. Tracing: For online scams, CSA and EOCO trace phone numbers, IP addresses, and wallet addresses

4. Collaboration: Agencies may coordinate with telecoms, banks, or international partners

5. Freezing assets: If assets are identified, the agency may seek court orders to freeze them

6. Arrest and prosecution: For identified perpetrators within Ghana

7. Asset recovery (rare): In some cases, funds may be recovered

Reality Check: What to Expect

• Response times vary: High-volume agencies like SEC receive many complaints; responses may take weeks

• Asset recovery is NOT guaranteed: Even when perpetrators are caught, funds may have been moved or spent

• Your complaint matters: Even if you cannot recover your money, your report helps agencies identify patterns and warn others 

• Follow up: Keep your reference number and follow up periodically

Part 6: The 33 Television Stations Warning — A Case Study

In November 2025, the SEC identified 33 television stations broadcasting advertisements for suspected “money-doubling” investment schemes .

How to use this information: If you saw an investment advertisement on any of these channels, treat it as a red flag. The SEC explicitly warned that none of the advertised schemes were licensed .

Complete list from the SEC notice :

Part 7: The Mekanism Marketing Case — An Example

In February 2026, the SEC issued a public notice against Mekanism Marketing Ltd (also known as “Mekanism”) .

The scheme: The entity was soliciting funds through social media advertisements, promising fixed daily returns tied to vague tasks labelled “Job 1” through “Job 10” .

The SEC’s finding: The scheme was NOT licensed, and the promised returns were “unrealistic and unsustainable” — characteristic of a fraudulent operation designed to lure unsuspecting individuals .

Legal consequences: The SEC warned that operating an investment scheme without a valid licence contravenes the Securities Industry Act, 2016 (Act 929) and the Companies Act, 2019 (Act 992), with offenders liable to both administrative and criminal sanctions .

Lesson for reporters: If you invested with Mekanism or similar schemes, report to the SEC immediately. The SEC disclosed that it is “collaborating with law enforcement agencies to take appropriate action” .

Part 8: The 2024-2025 Surge in Online Investment Fraud

The scale of the problem is significant. The CSA reported :

This represents nearly a three-fold increase in both cases and losses .

In December 2025, the CSA, in collaboration with National Security and the Ghana Police Service, arrested 48 suspected cybercrime operatives (46 males, 2 females, believed to be Nigerian nationals) in Dawhenya, Greater Accra Region .

Charges included: Romance scams, online investment fraud, impersonation schemes, and illicit online gold trading .

These operations demonstrate that reporting works — agencies are actively investigating and arresting perpetrators.

Part 9: The Commercial Crime Unit — What They Investigate

The Police CID’s Commercial Crime Unit (CCU) is your primary point of contact for criminal fraud cases .

The CCU investigates :

• Fraudulent transactions

• Forgery of documents

• Defrauding by false pretence

• Trespass and land-related fraud

• Causing unlawful damage

• Threat of death

• Stealing

• Issue of false cheques

Case example: In a reported case, the CCU pursued directors of Onward Investment Ghana Limited for operating a microfinance organisation without a licence .

Contact: Director of CCU, Superintendent Felix Mawusi — 020 8119726 .

Conclusion: Your Report Matters

Reporting a financial scam serves multiple purposes:

1. Potential recovery for you: While not guaranteed, reporting is the first step toward any possibility of restitution

2. Prevention for others: Your report helps agencies identify patterns and issue public warnings 

3. Enforcement action: Agencies use aggregated complaints to justify investigations and arrests 

Do not let embarrassment or the belief that “nothing will happen” prevent you from reporting. The SEC, CSA, EOCO, and Police CID have demonstrated their commitment to investigating financial fraud. The 48 arrests in Dawhenya, the SEC’s public notices, and the CSA’s incident reporting system all exist because victims reported .

The first step is simple: Call the SEC toll-free line 0800 100065. Verify the licensing status. If unlicensed, file your complaint. Keep your evidence. Follow up.

Your report may not recover your money. But it could stop the next person from losing theirs.

Quick Reference: Reporting Contacts

Source: Accra Street Journal 

Last Updated on June 11, 2026 by Samuel Kwame Boadu

Samuel Kwame Boadu

Samuel Kwame Boadu is a Ghanaian media entrepreneur and storyteller with a passion for amplifying urban voices and uncovering everyday truths. He is the Editor-in-Chief and Founder of Accra Street Journal, a dynamic digital platform dedicated to capturing the pulse of Ghana’s capital—its people, culture, challenges, business, sports and innovations.

accrastreetjournal.com/