The Bank of Ghana (BoG) has warned the general public against a new money doubling scheme called ‘BitCash Currency Exchange’, noting that it is not only illegal, but also a fraudulent scheme designed to dupe unsuspecting Ghanaians.

In a statement issued by the Financial Stability Department of Bank of Ghana, the Central Bank denied ever granting license to BitCash Currency Exchange or any other cryptocurrency exchange platform, contrary to the widely circulated claims that it had approval from the Central Bank.

“Bank of Ghana wishes to bring to the attention of the general public, a money doubling scheme which operates under the name ‘BitCash Currency Exchange’ and claims to have approval from Bank of Ghana. 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”.
BoG

Contrary to the general perception and believe that BitCash Currency Exchange pays high returns on investment, the Bank of Ghana noted that the illegal company does not pay any dividend. It further cautioned the general public of forwarding such messages as it put their social media apps in risk anytime they forward or receive such messages.

“This fraudulent scheme does not reward investors as promised. 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.”
BoG

BoG Advises the General Public

The Bank of Ghana has therefore advise the public to quickly delete such messages upon receipt and desist from forwarding them to others.

The Central Bank further urged Ghanaians to block any unauthorized and unfamiliar individuals who contact them in the name of money doubling investment.

“Ghanaians should remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronizing their services”.
BoG

The Bank of Ghana also called on the general public to 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 as well as 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 Bank’s website.

BoG encouraged the general public not to engage in such activities and to report such illegal activities and illegal operators. “The general public is hereby advised to take note and be guided accordingly.”

This year, 2022, the number of fraudulent schemes are on the rise. Recently, the Economic and Organised Crime Office (EOCO) and the Securities and Exchange Commission of Ghana (SEC) issued a statement to caution the general public to desist from investing and patronising the services of Royal Gardens Network and Hubtel Mobile Money Lending. Before that, the Securities and Exchange Commission blew the alarm on Tizaa Ghana Fund, warning the public and investors not to invest with the scheme.