BoG, SEC Caution Public Against Crypto Scam Using Doctored Video of President Mahama
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have cautioned the public against scammers promising high sums of money to Ghanaians through a crypto investment platform named “Daily Wealth Guide.”
In a joint notice dated September 1, 2026, it said a doctored video of President John Dramani Mahama endorsing the investment platform was in circulation on social media.
The regulators stated that 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, 2016 (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 the notice, the Bank of Ghana and the Securities and Exchange Commission informed 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 to 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 has therefore advised the public to verify with the Bank of Ghana or other relevant authorities the licensing status of individuals or entities before depositing funds with them and to place deposits only with institutions licensed by the Bank of Ghana and other relevant authorities.
The Bank also notified all media outlets, including radio, television and online channels, not to permit the advertisement of these foreign investors on their platforms, and encouraged the media to verify the licensing status of such entities with the Bank of Ghana before advertising their products and services.
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