Ghana: BoG, SEC warn Ghanaians against crypto platform using fake Mahama video

The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have warned the public against a cryptocurrency investment platform allegedly using a manipulated video of President John Dramani Mahama to promote its scheme on social media.

The regulators identified the platform as Daily Wealth Guide and said it is targeting Ghanaians with promises of high investment returns.

In a joint warning issued on September 1, 2026, the BoG said no individual or entity has been licensed to conduct crypto investment or deposit-taking activities of the type being promoted by the platform.

The regulators urged the public not to invest funds through the scheme and warned that the use of a doctored video purporting to show the President endorsing the platform should not be interpreted as government approval.

BoG flags unlicensed crypto investment activity

The central bank said inviting members of the public to place funds into the scheme constitutes deposit-taking activity under Ghana’s Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Such activities, it noted, may only be undertaken by companies that have received the appropriate licence from the Bank of Ghana.

“By this notice, the Bank of Ghana and the Securities and Exchange Commission wish to inform the public that the Bank has not licensed any entity or individual to engage in crypto investment,” the BoG stated.

The warning highlights the importance of verifying the regulatory status of digital asset platforms before committing funds, particularly where investment schemes make unusually attractive return promises or rely heavily on social media advertising.

Operators face penalties and refund obligations

The regulators warned that individuals or entities found operating the scheme could be required to refund money collected from members of the public.

Those behind the platform could also face administrative penalties under Ghana’s Anti-Money Laundering Act, 2020 (Act 1044).

The BoG said offenders may be liable to penalties ranging from 500 to 100,000 administrative penalty units under Section 53(3) of the legislation.

Beyond financial penalties, the regulators said individuals or entities identified as being behind the scheme would be referred to law enforcement authorities for investigation and possible prosecution.

The enforcement warning reinforces the regulatory risks associated with conducting unauthorised financial activities, particularly within the rapidly expanding digital asset ecosystem.

Media outlets told not to promote platform

The BoG and SEC have also directed radio, television and online media organisations not to advertise or promote Daily Wealth Guide.

Media houses were advised to verify the licensing status of individuals and entities presenting themselves as foreign investors or financial service providers with the Bank of Ghana before accepting their advertisements.

The directive reflects growing regulatory concerns over the use of digital and traditional media to promote potentially unlicensed investment opportunities to the public.

With manipulated videos and other forms of digital content increasingly capable of creating the appearance of endorsements by public officials, regulators are urging greater scrutiny of investment advertisements and claims circulating online.

BoG urges public to verify licences

The Bank of Ghana has called on members of the public to confirm that individuals and companies offering financial or investment services are properly licensed before depositing or investing money with them.

The central bank also encouraged the public to report suspicious financial activities to its Financial Stability Department.

The warning comes as Ghana continues to strengthen oversight of digital assets and financial services, with regulators seeking to balance innovation in the cryptocurrency sector with consumer protection, market integrity and compliance with existing financial laws.

For investors, the regulators’ message remains clear: attractive returns or apparent endorsements by high-profile public figures should not replace proper verification of a platform’s licensing and regulatory status.