The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have issued a strong warning to the Ghanaian public against a purported crypto investment platform known as “Daily Wealth Guide”.
According to the BoG and SEC, individuals behind the platform are enticing the public with promises of high returns to lure unsuspecting members of the public into making illegal deposit-taking.
The BoG and SEC also cited a doctored video allegedly showing President John Dramani Mahama endorsing the investment platform, stressing that the video is fake and should not be relied upon as evidence of any government endorsement or regulatory approval of the platform.
In a statement, the Bank of Ghana stated, “The Bank of Ghana and the Securities and Exchange Commission, acting in accordance with sections 8 and 52 of the Anti-Money Laundering Act 2020 (Act 1044), wish to caution the public against scammers who are promising high sums of money to Ghanaians through a crypto investment platform.
A doctored video is circulating on social media where the President of the Republic of Ghana, His Excellency John Dramani Mahama, has purportedly endorsed the investment platform named “Daily Wealth Guide.”
The invitation to members of the public to invest in these scams amounts to deposit-taking, under the Banks and Specialised Deposit-Taking Institutions Act, 20 16 (Act 930).
Under Section 4(i) of Act 930, only a body corporate, licensed by the Bank of Ghana, may carry out deposit-taking business.
By this notice, the Bank of Ghana and the Securities and Exchange Commission wish to inform the public that the Bank has not licensed any entity or individual to engage in crypto investment. The said individuals or entities engaged in this act commit an offence and will be penalised and required to refund all funds received.
In addition, such individuals or entities will also be liable to a penalty of 500 – 100,000 administrative penalty units in line with section 53 (3) of Act 1044.
Furthermore, an individual or entity that engages in such practices shall also be reported to the law enforcement agencies for investigation and prosecution in accordance with sections 1, 2, 3, 4 and 5 of Act 1044.
The Bank of Ghana therefore informs the public as follows:
1. The public is encouraged to verify with the Bank of Ghana or other relevant authorities the licensing status of individuals or entities before depositing funds with them.
2. Members of the public are reminded to place deposits only with institutions licensed by the Bank of Ghana and other relevant authorities.
3. The Bank of Ghana wishes to notify all media outlets, including radio, television and online channels, NOT to permit the advertisement of these “foreign investors” on their platforms. The media is encouraged to verify the licensing status of such entities with the Bank of Ghana before advertising their products and services.
The Bank of Ghana and the Securities and Exchange Commission will not hesitate to seek the assistance of law enforcement agencies to arrest and prosecute persons who are found culpable. The public is hereby advised to take note and be guided accordingly”.
See the statement below:
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