Bank of Ghana warns public about ‘Daily Wealth Guide’ crypto scam

Ghana’s financial regulators have issued a warning over a suspected crypto investment scam operating under the name “Daily Wealth Guide.” The Bank of Ghana and the Securities and Exchange Commission said the scheme had been promoted with a doctored social media video purporting to show President John Dramani Mahama endorsing the platform.

In a notice issued on Tuesday, Sept. 1, the regulators told the public not to invest in the platform or in similar schemes promising quick and high returns. The Bank of Ghana said soliciting deposits from the public amounts to deposit-taking, an activity reserved for institutions licensed by the central bank.

The central bank stressed that it has not licensed any individual or entity to conduct crypto investment activities. People or companies involved in such operations risk prosecution and may have to refund money they received. They could also face administrative penalties under Ghana’s Anti-Money Laundering Act, 2020, as well as investigations and prosecution by law enforcement agencies.

The regulators urged people to check the licensing status of any individual or company before depositing funds. They advised the public to use only institutions licensed by the Bank of Ghana and other relevant authorities.

The central bank also directed media organizations, including radio, television and online platforms, not to advertise services offered by the so-called “foreign investors” without first verifying their licenses. Suspected illegal investment activity can be reported to the Bank of Ghana’s Financial Stability Department through its official contact channels.