The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have cautioned the public against a suspected crypto investment scam promising Ghanaians high sums of money through a platform known as “Daily Wealth Guide.”
The warning follows the circulation of a doctored video on social media purporting to show President John Dramani Mahama endorsing the investment platform.
The regulators said the invitation to members of the public to deposit funds into the scheme amounts to deposit-taking, which is regulated under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Under Section 4(1) of the Act, only a body corporate licensed by the Bank of Ghana may conduct deposit-taking business.
The Bank of Ghana stated that it “has not licensed any entity or individual to engage in crypto investment.”
It warned that individuals or entities involved in the scheme are committing an offence and “will be penalized and required to refund all funds received.”
The regulators further warned that such persons or entities could face administrative penalties ranging from 500 to 100,000 penalty units under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).
According to the notice, persons engaged in the alleged activities may also be reported to law enforcement agencies for investigation and prosecution under Sections 1, 2, 3, 4 and 5 of Act 1044.
The Bank of Ghana has therefore urged the public to verify the licensing status of individuals and entities with the Bank or other relevant authorities before depositing funds.
It also reminded the public to place deposits only with institutions licensed by the Bank of Ghana and other relevant authorities.
The regulators have meanwhile directed media organisations, including radio, television and online platforms, “NOT to permit the advertisement of these ‘foreign investors’ on their platforms.”
They encouraged media outlets to verify the licensing status of such entities with the Bank of Ghana before advertising their products or services.
Members of the public who come across suspected illegal activities have been urged to report them to the Bank of Ghana’s Financial Stability Department in Accra.
Read the statement below:
