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Don’t Allow a Third Party to Receive or Transfer Funds Through Your Bank Account – BoG advises

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The Bank of Ghana said this in its Financial Literacy paper.

The Bank of Ghana (BoG) has urged the general public not to enable other parties to receive or transfer monies through their bank account, since doing so may help in money laundering or terrorist funding.

The central bank stated that providing lawfully or illegitimately acquired cash or assets for terrorist activities or organisations constitutes funding terrorism.

The central bank stated that financing terrorism is a felony punishable by law, thus individuals should be careful not to become a conduit for such operations.

The Bank of Ghana said this in its Financial Literacy paper.

“Financing of terrorism is a crime and is punishable by law. When you provide your legitimately or illegitimately acquired funds /assets for terrorist activities or organizations you are financing terrorism. Becareful you do not become a conduit for such activities.

“Sudden unexplained wealth could be as a result of money laundering and you could be prosecuted. Be sure to be in a position to satisfactorily explain your source of wealth.

“Don’t allow a third party to receive and or transfer funds through your bank account. You could be aiding money laundering or terrorist financing which is crime a punishable by law,” it said.

The BoG also outlined how money laundering works and the penalties of engaging in such criminal activity.

The Bank defined money laundering as the process by which money gained from criminal activities such as drug trafficking and corruption is legitimised via complicated transactions and processes known as ‘cleaning’ in order to conceal its illegal origin.

It went on to warn that such actions are punishable by law.

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“Beware, both the underlying illegal activities which produce the ‘dirty’ money that has to be ‘washed or cleaned’ and money laundering, which seeks to legitimize the proceeds of the illegal activities are punishable by law.

“Money laundering and terrorist financing can have potentially devastating economic, security and social consequences for nations, businesses, and individuals.

Terrorist financing is defined as the giving of finances and financial assistance to people, states, and non-state actors in order to carry out extreme activities and promote terrorism and terrorist organisations, according to the Bank.

The BoG went on to discuss the role that different banks and financial organisations play in combating money laundering.

To combat money laundering and terrorist financing, it said that “you may be required to disclose and prove the source of funds used to undertake transactions at all Bank of Ghana licenced and regulated financial institutions.”

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The traumatic experience of a Ghanaian bisexual

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According to him, these attacks have become more intense this year as a result of Ghana's parliament passing anti-LGBTQ+ legislation. Ibrahim was attacked just as arguments around the passing of the Human Sexual Rights and Family Values Bill heated up, and he was attacked again shortly after the bill was passed in February. The first incident happened on January 22nd, about 5 p.m., near the Sen Cinema Mosque in Alajo North, Accra. Ibrahim was the target of another violent attack four months later, on April 12, 2024, during the 3music Sallafest Concert at Alajo T Junction in Accra.

A Ghanaian man, using the alias Ibrahim for safety concerns, has boldly told his tragic story of being repeatedly assaulted in his community because of his sexual orientation.

Ibrahim, a Muslim, has described being targeted several times by assailants in his community over the years.

According to him, these attacks have become more intense this year as a result of Ghana’s parliament passing anti-LGBTQ+ legislation.

Ibrahim was attacked just as arguments around the passing of the Human Sexual Rights and Family Values Bill heated up, and he was attacked again shortly after the bill was passed in February.

The first incident happened on January 22nd, at about 5 p.m., near the Sen Cinema Mosque in Alajo North, Accra.

Ibrahim was the target of another violent attack four months later, on April 12, 2024, during the 3music Sallafest Concert at Alajo T Junction in Accra.

Ibrahim claims that the assaults were motivated by his sexual orientation, which had previously gone unnoticed in his society.

Ibrahim has resorted to secluding himself within for protection since he lives in constant fear of additional attacks.

He laments the absence of a support network in his village, with just a few understanding people living outside its borders.

However, the dread of repercussions keeps him from finding consolation or company outside of his close environs.

In an exclusive interview, Ibrahim described his terrible sense of loneliness and the psychological toll of the ongoing danger of violence.

He must navigate his everyday existence beneath the shadow of dread, unable to freely interact with the world around him for fear of serious bodily damage.

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Power interruptions damage our enterprises; release dumsor schedule – GUTA

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GUTA is asking answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution. They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately. Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

The Ghana Union of Traders’ Associations (GUTA) has joined demands for the Electricity Company of Ghana (ECG) to produce a load-shedding schedule, citing the persistent power outages that are badly impacting companies and livelihoods across the nation.

GUTA issued a statement emphasising the considerable impact of the power outages on many sectors, including agriculture, trade, and industry.

According to them, firms are struggling to meet production schedules and prepare for their personnel as a result of the irregular power supply, which raises production costs and degrades living conditions.

Traders, store owners, wholesalers, tailors, dressmakers, electricians, and other artists are also suffering business losses as a result of the “Dumsor phenomenon.”

GUTA is asking for answers from ECG about the true reasons of the unpredictable power outages, measures to resolve the issue, and a deadline for resolution.

They also requested ECG to publish a timeframe for load-shedding so that companies may organise their activities appropriately.

Because of the unpredictability of power outages, many shop owners have turned to generators, which has resulted in rising fuel costs to keep them operating during outages.

Click here to read the statement

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The Foreign Affairs Ministry cautions against travelling to Northern Mali

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"The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course," the statement went on to say. The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

The Ministry of Foreign Affairs and Regional Integration has advised Ghanaians not to travel to certain areas of Northern Mali.

In an official statement, the Ministry underlined recent security concerns along critical routes connecting Mali and Niger, notably in the Gao and Ansongo regions of Northern Mali.

The Ministry mentioned incidents of terrorist activity targeting travellers along these routes.

“The Ministry remains committed to the safety of Ghanaians and will provide updates on the security situation in the region under reference in due course,” the statement went on to say.

The Foreign Affairs Ministry reminded the people to always prioritise their safety when travelling.

Find the statement below:

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