‘BitCash Currency Exchange’ Does Not Have Bank of Ghana Approval

‘BitCash Currency Exchange’ Does Not Have Bank of Ghana Approval

  • The Bank of Ghana has warned the public that the growing 'BitCash Currency Exchange' is a fraudulent scheme
  • The central bank said in a statement that the scheme has not secured its approval to operate as has been claimed
  • The BoG also said unsuspecting recipients of messages from the scheme who click on the hyperlink or forward such messages compromise their safety

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Bank of Ghana has warned the general public that a money doubling scheme that operates under the name “BitCash Currency Exchange” is fraudulent.

In a statement, the BoG said the claim that BitCash’s operations have been approved is false.

“By this Notice Bank of Ghana wishes to inform the general public that it has not licensed such an entity or any other cryptocurrency exchange platform,” the central bank said in the statement.

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Collage of Bank of Ghana logo and some cedi denominations. Source: Facebook/@thebankofghana
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According to the central bank, the fake scheme does not reward investors as promised.

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“Unsuspecting recipients of such messages who click on the hyperlink or forward such messages compromise the safety of their funds, their WhatsApp accounts and other social media profiles, as well as those of friends and family on their contact list,” the BoG warned.

The Bank of Ghana is urging the public to do the following when such fraudulent schemes contact them:

  • i. Delete such messages upon receipt and desist from forwarding them to others.
  • ii. Remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.
  • iii. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.
  • iv. Place deposits only with institutions licensed by the Bank of Ghana, in order that they may be accorded the necessary protection under the applicable banking laws.
  • v. Review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ titled NOTICE NO. BG/GOV/SEC/2020/12 which can be found on the BoG website.

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Freedom Coin: Bank of Ghana cautions public, says it is unlicensed

The Bank of Ghana has become proactive since the Menzgold Ponzi scheme ravaged Ghana’s financial market and brought huge financial loss to many individuals.

Experts say Ghana remains a hotspot for such fraudulent money-doubling schemes because of poor financial regulation regime.

They cite the collapse of Menzgold as another episode in the rise and fall of such fraudulent enterprises.

World Bank Country Director Gives Damning Verdict About Ghana’s Economy

The Country Director for the World Bank in Ghana, Pierre Laporte, has added his voice to concerns about the country’s dire economic situation.

According to him, available data points to a very serious economic situation and has urged the Government of Ghana to be transparent with citizens.

According to a report by GhanaWeb, Mr Laporte made the comments during a public lecture organised by the OneGhana Movement on Monday, March 7, 2022.

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