Politics and Elections

Bank of Ghana Money Doubling Warning on BitCash Currency Exchange

The latest press release by the Bank of Ghana warns the general public about the Money Doubling scam known as BitCash Currency Exchange. The statement indicates that the Bank of Ghana has not approved any such operations and warned the public not to engage in any transactions with such a business.

“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 press release stated.

Full Press release:

BANK OF GHANA NOTICE TO THE GENERAL PUBLIC ON A MONEY DOUBLING SCHEME CALLED ‘BITCASH CURRENCY EXCHANGE’

NOTICE NO BG/GOV/SEC/2022/02

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 the 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.

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.

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The general public is advised as follows:

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.

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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 Bank’s website.

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The general public is encouraged not to engage in such activities and to report such illegal activities and illegal operators, to Bank of Ghana at:

Financial Stability Department
Bank of Ghana
Cedi House
1 Thorpe Road
P. O. Box 2674
Accra, Ghana

Tel.: 030 266 5005; 059 691 2354; 050 150 2270
Email: complaints.office@bog.gov.gh
The general public is hereby advised to take note and be guided accordingly.

(SGD.)
SANDRA THOMPSON 8TH MARCH 2022
THE SECRETARY