Skip to main content

BoG, EOCO flag more ponzi companies


 The Bank of Ghana (BoG) has cautioned the public against dealing with cryptocurrency exchange platform, “BitCash Currency Exchange” which claims to have approval from the central bank.

According to the BoG, it has not licensed such an entity or any other cryptocurrency exchange platform.

A statement dated March 8 and signed by the Secretary, Sandra Thompson, said: “This fraudulent scheme does not reward investors as promised.

WhatsApp accounts

The general public is encouraged not to engage in such activities and to report such illegal operators to Bank of Ghana,” it said.

It said unsuspecting recipients of such messages who click on the hyperlink or forward such messages compromised 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.

Advice

Read also: WIPVaC donates eggs to Pantang Hospital

The BoG, has, therefore, advised the public to delete such messages upon receipt and desist from forwarding them to others and also remove any member(s) on social media platforms from whom such messages are received as their accounts may have been compromised.

Again, it has urged the pubic to verify with the BoG or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronising their services.

It advised the public to review and familiarise themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ which can be found on the Bank’s website”.

EOCO on Ponzi

In February, the Economic and Organised Crime Office also served notice that two online investment services: Hubtel Money Lending and Royal Gardens Network are operating an illegal online financial service.

EOCO said the two online investment companies had not been registered by the Bank of Ghana (BoG) nor the Securities and Exchange Commission (SEC).

According to EOCO, the modus operandi of the two supposed companies was to entice victims to invest in the companies while promising them high returns.

A statement signed by the Head of Public Relations at EOCO, Faustina Lartey, said: “the companies have been found to operate a Ponzi/pyramid scheme and the general public is cautioned to desist from investing and patronising them”, the statement said.

Comments

Post a Comment

Popular posts from this blog

Fitch Solutions retains 2025 growth rate projection at 4.2%

 Fitch Solutions has reaffirmed its projection that Ghana’s economy will expand by 4.2% in 2025. This estimate slightly exceeds the International Monetary Fund’s forecast of 4% and the World Bank’s projection of 3.9%. The UK-based research firm attributes its outlook to historically high gold prices, which are expected to cushion the Ghanaian economy against a global slowdown triggered by rising tariffs. Higher gold prices are anticipated to strengthen government revenue, enhance foreign exchange earnings, and help sustain currency stability. The report also highlights that Ghana is relatively less vulnerable to increasing trade restrictions from the United States, given that its primary exports—gold and crude oil—are not directly affected by the tariffs introduced by President Trump’s administration. Moreover, the US constitutes only about 4% to 5% of Ghana’s total exports. In contrast, Ghana’s trade relations are more heavily oriented toward China and European countries, particul...
Post a Comment
Read more

BoG injects $20m into FX market to support 11 BDCs

  The Bank of Ghana (BoG) has injected $20 million into the foreign exchange market in the latest round of its forward FX auction targeted at Bulk Oil Distribution Companies (BDCs). The intervention, which benefited eleven BDCs, is part of the central bank’s broader strategy to stabilise the cedi and ensure price stability in the petroleum downstream sector. Held on Tuesday, April 29, the auction was priced at a locked exchange rate of GHS 14.28 to the US dollar, with bid offers ranging from GHS 13.85 to GHS 15.55. This move reflects the BoG’s continued effort to deepen forex liquidity and safeguard the domestic fuel supply chain against volatility in global energy markets. By directly supplying FX to BDCs, the central bank seeks to ease pressure on the interbank market, guarantee the uninterrupted flow of petroleum products, and mitigate the pass-through effects of exchange rate fluctuations on fuel prices. The $20 million disbursement forms part of a $120 million programme for th...
Post a Comment
Read more

Kenpong Travel & Tours Champions Breast Cancer Awareness During Customer Week

  As part of activities to mark Customer Week, Kenpong Travel & Tours, a leading travel agency in Ghana, is joining the global fight against breast cancer. October is Breast Cancer Awareness Month, and the company is passionate about spreading hope and support to those affected. At Kenpong Travel & Tours, we believe that travel and exploration can be therapeutic and empowering. That's why we're committed to supporting our customers and the broader community in the fight against breast cancer. We're proud to stand in solidarity with breast cancer warriors and survivors. At Kenpong Travel & Tours, we believe that everyone deserves a chance to explore the world and create unforgettable memories. Let's prioritize health, support one another, and fight against breast cancer," said Kennedy Agyapong, CEO of Kenpong Travel & Tours. Our efforts are focused on raising awareness, promoting early detection, and supporting those affected by breast cancer. We urg...
Post a Comment
Read more