Omanghana
The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have issued a warning to the public over an unlicensed cryptocurrency investment scheme operating under the name “Daily Wealth Guide.”
In a joint regulatory alert, identified as Notice No. 27, the two financial regulators cautioned Ghanaians against depositing money with the platform, which they say has been promoted using misleading claims and a manipulated video falsely portraying President John Dramani Mahama as endorsing the scheme.
The regulators stressed that Daily Wealth Guide has not been authorized to undertake cryptocurrency investment, deposit-taking or other regulated financial activities in Ghana.
Regulators Flag Fake Mahama Endorsement Video
A major concern raised in the notice is the circulation of an allegedly manipulated or deepfake video on social media purporting to show President Mahama promoting Daily Wealth Guide.
The video reportedly attempts to create the impression that the President supports the investment platform and its promises of high or guaranteed financial returns.
The BoG and SEC dismissed the purported endorsement as fake, emphasizing that neither the Presidency nor the Government of Ghana has approved or endorsed the platform.
The regulators also made it clear that no financial regulatory authority in Ghana has authorized Daily Wealth Guide to solicit investments from the public.
The warning comes amid growing concerns over the use of artificial intelligence and deepfake technology to impersonate public figures and create convincing but fraudulent advertisements for investment schemes.
Daily Wealth Guide Not Licensed by Bank of Ghana
According to the regulatory notice, soliciting and collecting money from members of the public under the guise of an investment opportunity may constitute regulated deposit-taking activity.
Such activities are subject to Ghana’s financial sector laws, including the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
The Bank of Ghana stressed that institutions undertaking regulated deposit-taking activities must obtain the appropriate authorization before operating.
It further clarified that it has not licensed Daily Wealth Guide, or any individual or entity associated with the scheme, to conduct cryptocurrency investment or deposit-taking business in Ghana.
The public has therefore been advised to exercise extreme caution when approached by individuals or online platforms offering unusually high, guaranteed or supposedly risk-free investment returns.
Operators Could Face Investigation and Prosecution
The BoG and SEC warned that individuals found operating illegal investment or deposit-taking schemes could face serious legal consequences.
Potential measures include criminal investigation and prosecution by the appropriate law enforcement agencies as well as regulatory and administrative sanctions.
Where applicable, enforcement action could also be taken under Ghana’s Anti-Money Laundering Act, 2020 (Act 1044) and other relevant financial sector laws.
Operators may additionally be required to account for and refund funds collected unlawfully from members of the public.
Ghanaians Urged to Verify Investment Platforms Before Paying
The regulators have advised consumers not to transfer money to Daily Wealth Guide or similar platforms without first confirming their regulatory status.
Potential investors are encouraged to verify whether a company offering financial or investment products has been properly licensed by the Bank of Ghana, Securities and Exchange Commission or another relevant statutory regulator.
Consumers should be particularly suspicious of investment advertisements promising unusually high returns with little or no risk, especially when such promotions rely on celebrity or political endorsements distributed primarily through social media.
The regulators’ warning underscores the need for people to independently verify endorsements rather than assuming that videos, photographs or audio clips featuring well-known personalities are authentic.
Media Houses Warned Against Promoting Unlicensed Schemes
The Bank of Ghana has also directed radio, television and online media organizations to exercise greater caution when accepting advertisements from investment operators.
Media houses have been urged to stop promoting purported foreign investors, cryptocurrency schemes and similar financial businesses without first verifying that the advertiser possesses the required regulatory authorization.
The directive seeks to prevent traditional and digital media platforms from inadvertently lending credibility to fraudulent operations or exposing their audiences to financial losses.
Public Encouraged to Report Suspicious Investment Activities
Members of the public who encounter suspected illegal deposit-taking or fraudulent investment operations have been encouraged to report them to the Bank of Ghana’s Financial Stability Department and other appropriate authorities.
The BoG and SEC are also urging consumers to remain vigilant as scammers increasingly use sophisticated digital tools, including artificial intelligence-generated content, to make fraudulent schemes appear legitimate.
The warning over Daily Wealth Guide reinforces a simple message from regulators: before investing or transferring money, consumers should verify that the company behind the offer is properly licensed and regulated in Ghana.
Source: Omanghana
