Financial Crime World

Financial Fraud Types to Watch Out for in Ghana

Ghana has become a hub for various financial fraud schemes, targeting U.S. individuals and businesses. The Commercial Section of the U.S. Embassy in Ghana strongly advises conducting due diligence on all potential new business partners in Ghana and other markets.

Types of Financial Frauds to Be Aware Of

Fraudsters use sophisticated tactics to make victims believe they are engaging in legitimate business transactions. These scams can take many forms, including:

  • Procurement Fraud: Unsolicited offers to buy goods and services or participate in government tenders
  • Miscellaneous Legal Fees: Requests for legal fees without a clear understanding of the services provided
  • Contract Fraud: Disputes over contract terms and conditions
  • Disbursement of Money from Wills: Scams involving inheritance and wills
  • Purchase of Real Estate: Scams involving property purchases

Red Flags to Watch Out For

When dealing with potential business partners in Ghana, be cautious of:

  • Unsolicited Offers: Unsolicited offers to buy goods and services or participate in government tenders
  • Sense of Urgency: Pressure to make a decision quickly without fully understanding the terms and conditions
  • Travel Requests: Encouragement to travel to Ghana or a nearby country for meetings or inspections
  • Forged Documents: Forged official-looking documents, such as passport bio pages
  • Requests for Registration: Requests to register your company abroad without proper documentation
  • Correspondence via Email/Mail/Fax: Communication handled through email, mail, or fax instead of secure channels
  • Blank Letterheads and Invoices: Requests for blank letterheads and invoices along with banking information

Additional Scams to Watch Out For

Scammers may:

  • Claim strong ties to local government officials
  • Use fake websites of legitimate organizations
  • Pose as clearinghouse banks

Recurring Scams in Ghana

Some recurring scams in Ghana are affiliated with fake organizations, including:

  • African Rescue Supply Project
  • National Project Implementation Commission
  • Others

Legitimate tenders from the Ghanaian Government can be found on official newspapers and the Ghana Public Procurement Authority website.

Gold Trade Caution

In the gold trade, be extremely cautious of any transaction related to purchase, sale, or transportation. Scammers will often forge documents.

Resources for Learning More

To learn more about financial scams in Ghana:

  • Visit the U.S. Embassy’s Financial Scams page
  • Contact your local Secret Service field office and file a complaint with the FBI’s Internet Crime Complaint Center if you have already lost funds or feel you may be involved in a scheme
  • For additional market intelligence and information on doing business in Ghana, visit Commercial Service Ghana’s website at www.trade.gov/ghana

Additional Tips

  • Conduct thorough research on potential business partners
  • Verify the authenticity of documents and agreements
  • Be cautious of unsolicited offers or requests for financial information
  • Keep records of all transactions and communications

By being aware of these financial fraud types and red flags, you can protect yourself from falling victim to scams in Ghana. Always conduct due diligence and prioritize caution when engaging in business dealings abroad.