That, it said, was because they could unknowingly be participating in or aiding money laundering or terrorist financing, which are both punishable by law.

The BoG gave the advice in a social media post as part of a financial literacy initiative to sensitise the public about money laundering and terrorist financing. 

The central bank described money laundering as a process whereby money obtained from unlawful activities such as drug trafficking and corruption is legitimised through complex transactions and processes called “cleaning” to hide its illegal source.

“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,” the post said. 

Terrorist Financing on the other hand, it said, includes the provision of funds and financial support to individuals, state and non-state actors for the purposes of extremist acts and the promotion of terrorism and terrorist organisations.

“Financing of terrorism is a crime and punishable by law. When you provide your legitimately or illegitimately acquired funds/assets for terrorist activities or organisations, you are financing terrorism. Be careful you do not become a conduit for such activities,” the BoG added.

It further explained that both activities can have potentially devastating economic, security and social consequences for nations, businesses, and individuals and as a result were in direct violation of Ghana’s laws.

In order to control them, the central bank said both individuals and organisations may be required to disclose and prove the source of funds used to undertake transactions at all financial institutions licensed and regulated by the BoG.

Therefore, it stressed that members of the public should always be in a position to satisfactorily explain their sources of wealth because sudden unexplained wealth could be deemed as a result of money laundering.

It advised all to refrain from such activities intimating that that assets and properties acquired with the proceeds from money laundering activities will be confiscated and perpetrators prosecuted.