Bank of Ghana warns Ghanaians against ‘Daily Wealth Guide’ crypto investment scam
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have warned the public against a crypto investment scam known as “Daily Wealth Guide”, which allegedly promises Ghanaians high returns.
The warning follows the circulation of a doctored video on social media purportedly showing President John Dramani Mahama endorsing the investment platform.
According to the BoG and SEC, the video is fake, and members of the public are being urged not to invest their money in the platform or similar schemes.
The BankGhana says the Daily Wealth Guide is not licensed.
The Bank of Ghana said it has not licensed any individual or entity to engage in crypto investment activities.
The central bank further explained that invitations to members of the public to deposit funds into such schemes amount to deposit-taking activities under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).
Under Section 4(i) of Act 930, only a body corporate licensed by the Bank of Ghana Only a body corporate licensed by the Bank of Ghana is permitted to conduct deposit-taking business, as stated in Section 4(i) of Act 930.
The BoG warned that individuals or entities involved in such activities are committing an offence and may be required to refund funds received from the public.
READ MORE: Ghana Cedi to Dollar, Pound and Euro Exchange Rates Today – September 2
Ghanaians warned about fake presidential endorsement.
The BoG and SEC specifically cautioned the public about the doctored video allegedly portraying President Mahama as endorsing the Daily Wealth Guide investment platform.
The authorities urged Ghanaians to exercise caution when they encounter investment advertisements, particularly those using the names, images or videos of public officials to create an impression of legitimacy.
The public is encouraged to independently verify the licensing status of any investment company or individual before transferring money.
Scammers face penalties and prosecution
The authorities said persons or entities engaged in the illegal activities could face administrative penalties under the Anti-Money Laundering Act, 2020 (Act 1044).
They may also be reported to law enforcement agencies for investigation and prosecution in accordance with the relevant provisions of the law.
The BoG said the measures are intended to protect members of the public from fraudulent investment schemes and other activities that could facilitate money laundering.
The Bank of Ghana issues a warning to the public.
The Bank of Ghana has advised Ghanaians to take the following precautions:
READ MORE: Ghana Cedi to Dollar exchange rate today, September 1
Verify licensing status: Members of the public should confirm with the Bank of Ghana or other relevant regulatory authorities whether an individual or company is properly licensed before depositing funds.
Use licensed institutions: The public should only place deposits with institutions licensed by the Bank of Ghana and other relevant authorities.
Avoid suspicious investment schemes: Ghanaians have been advised not to participate in investment activities promoted by unlicensed individuals or entities, especially schemes promising unusually high returns.
BoG cautions media houses over advertisements.
The Bank of Ghana has also directed media outlets, including radio, television and online platforms, not to permit advertisements promoting the alleged “foreign investors” involved in the scheme.
Media organisations have been encouraged to independently verify the licensing status of investment companies and their products before publishing or broadcasting their advertisements.
The BoG urged the public to report suspected illegal activities to its Financial Stability Department at the Bank of Ghana, The Bank Square, 42 Castle Road, Ridge, Accra.
The warning comes as regulators continue to urge Ghanaians to exercise caution when dealing with unlicensed investment schemes and cryptocurrency-related platforms.
Edem Kwame
Chief Editor
Edem Kwame is a staff journalist at GH News Media, where he covers sports, politics, news and current affairs with a sharp focus on Ghanaian and African football.
