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

UK-Ghana Trade & Investment Summit: Trade Resource Centre to help businesses maximise UK-Ghana trade opportunities

 In a significant boost to UK-Ghana trade and investment relations, the UK-Ghana Chamber of Commerce (UKGCC), in partnership with the UK-Ghana Jobs and Economic Transformation (JET) Programme, has launched the UK-Ghana Trade Resource Centre, a practical market-access platform designed to help businesses identify opportunities, navigate export requirements and build commercial partnerships between Ghana and the United Kingdom. The UK and Ghana enjoy strong trade relations, with total bilateral trade reaching approximately £1.6 billion in the year to Q1 2026. Yet, despite this progress, significant untapped opportunities remain for businesses in both countries. The Trade Resource Centre has been established to help bridge information gaps, connect businesses with the right partners, and support firms to take greater advantage of opportunities under the UK-Ghana Trade Partnership Agreement. The launch formed one of the major outcomes of the UK-Ghana Trade & Investment Summit 2026,...
Post a Comment
Read more

NESCAFÉ Launches Real Vibes Text & Win Promo to Reward Coffee Consumers Across Ghana

 NESCAFÉ has launched the Real Vibes Text & Win Promo, an exciting consumer promotion designed to reward loyal coffee lovers and bring the brand’s My Coffee, My Vibe experience even closer to consumers across the country. Running from September to December, the promotion gives consumers the opportunity to enjoy their favourite NESCAFÉ coffee while standing a chance to win exciting prizes, including phones, motorcycles, airtime and the ultimate grand prize—an electric SUV. Speaking at the launch, Lily Ntim, Category Development Manager for NESCAFÉ, said the promotion reflects NESCAFÉ’s commitment to creating, rewarding and memorable experiences for consumers. “Today, we are excited to introduce the NESCAFÉ Real Vibes Text & Win Promo, a campaign designed to bring the My Coffee, My Vibe experience even closer to our consumers,” she said. She added that the campaign is not only about prizes, but also about celebrating the everyday moments consumers enjoy with their coffee. “T...
Post a Comment
Read more

Ghana Home Loans

With interest rates declining, a more liquid environment and a macroeconomic stability, mortgage financing is expected to see an ease of credit. And Ghana Home Loans being a leader in this industry is expected to lead the way. Ghana Home Loans (GHL), a leader in home mortgage, continues to be the frontier in fulfilling dreams of many Ghanaians in homeownership. Since starting business in 2006, it has also provided many existing homeowners with Equity Release mortgages to support their businesses, pay educational fees, improve their properties, or simply pursue other personal hobbies and interests. Ghana Home Loans is a mortgage finance institution which operates under Bank of Ghana’s supervision as a non-bank financial institution. At present, the Company remains the only such institution that focuses exclusively on the provision of mortgage product. Through the Home Completion mortgage and Home Construction mortgage products, Ghana Home Loans has enabled many qualified applican...
16 comments
Read more