Bank of Ghana cautions the public to desist from BitCash: Says it’s a fraud scheme

Bank of Ghana
Bank of Ghana

The Bank of Ghana through a public notice has urged the people of Ghana to stay away from activities of the fraudulent scheme “BitCash”

According to the Bank of Ghana statement, BitCash is a money doubling scheme ripping off the hard earns of Ghanaians.

The statement has further argued the general public to stop transaction business with “BitCash Currency Exchange”


The press release sought 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 Bank of Ghana.

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Bank of Ghana explained 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:

1. Delete such messages upon receipt and desist from forwarding them to others

2. Remove any member (s) on social media platforms from whom such messages are received as their accounts may have been compromised.

3. Verify with Bank of Ghana or other relevant authorities, the licensing status of persons or entities, prior to depositing funds with them or patronizing their services.

4. 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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5. 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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