Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said that the Bank has observed troubling instances involving fraudulent land title documentation used to support credit applications.
Additionally, he said the BoG’s supervisory work has identified growing fraud risks associated with third-party collateral arrangements.
He said that properties have been pledged without the knowledge of legitimate owners, ownership documents have been forged, and consent letters falsified.
“The implications are severe. When collateral cannot be legally enforced, loan recoveries are compromised, balance sheets are weakened, and public confidence is undermined. I therefore urge all Chief Executive Officers to act decisively. Banks must formalise robust policies governing third-party collateral, strengthen due diligence procedures, enforce strict verification standards, address control weaknesses, and take decisive disciplinary action against staff involved in misconduct,” he said at the Post-130th MPC Heads of Banks meeting held today, 16 June 2026, at Bank Square.
Dr Asiama firther said that the Bank continues to advance a comprehensive regulatory reform agenda aimed at enhancing the resilience, soundness, and stability of the financial system.
Earlier this year, he said they issued six exposure drafts for industry consultation, including directives and guidelines on liquidity risk management, liquidity monitoring tools, stress testing, recovery planning, interest rate risk in the banking book, and the Internal Capital Adequacy Assessment Process (ICAAP).
These reforms are aligned with international best practices and are intended to ensure that our regulatory framework remains robust and forward-looking in an increasingly complex operating environment.
“I encourage all banks to provide their comments and input before the consultation period closes at the end of June. The effectiveness of these frameworks will depend not only on regulatory design, but also on meaningful industry participation and ownership,” he said.
Ghana is currently undergoing the third-round mutual evaluation process by the Financial Action Task Force (FATF) and the Inter-Governmental Action Group against Money Laundering in West Africa (GIABA).
This exercise goes beyond assessing laws and regulations; it evaluates the effectiveness of implementation.
Dr Asiama told the banks that the outcome will have important implications for correspondent banking relationships, investor confidence, and Ghana’s international financial standing.
“I therefore encourage all institutions to continue supporting this national effort through strong compliance and effective controls,” he said.
