An Economist and Executive Director of Centre for Greater Impact Africa, Rev. Dr Samuel Worlanyo Mensah has advised members of the public who wish to transact business with money doubling institutions to do background checks of the institutions before they invest their monies in them.
His advice comes after the Bank of Ghana cautioned the public to be careful when dealing with a new money doubling scheme known as ‘Bitcash Currency Exchange’.
In a statement on Tuesday, March 8, 2022, it said,”Bank of Ghana wishes to bring to the attention of the public, a money doubling scheme which operates under the name ‘BitCash Currency Exchange’ and claims to have approval from Bank of Ghana. By this Notice, Bank of Ghana wishes to inform the public that it has not licensed such an entity or any other cryptocurrency exchange platform.”
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The Bank of Ghana continued that, “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.”
Speaking on Atinka TV‘s morning show, Ghana Nie with Ekourba Gyasi Simpremu, Dr Samuel Worlanyo Mensah noticed that fraudsters are taking advantage of people and are using the internet to lure the youth into fraudulent activities.
He said the issue of job creation has become a big challenge so most of the youth also buy into these illegal activities.
“We are appealing to the general public to be very cautious and very mindful of all these scammers and all kinds of profit sharing that they are championing to them,” he said.
Dr Samuel Worlanyo Mensah again observed that such Ponzi schemes are all over the world, urging that, “The youth should be very careful in embracing such bitcoin and affiliate institutions.”
Before one can trade with them, he advised that one makes background check on the Bank of Ghana website to know if the said organisation has been licensed or not.
“Also, look at the Interest rate. Even the national interest rate per annum is 22 per cent so why should somebody be offering you 100 per cent?. Anybody who takes your money and tells you he or she will increase it by 30 per cent in a year is telling lies and so these are the basic indicators you have to watch. Just click on Bank of Ghana on your phone if you have data and key in the company’s name and see if Bank of Ghana has really licensed such an institution. If not, I do not advise anybody to patronise these kinds of institutions or associations,” he added.
For those who want to establish such businesses, he urged them to consult experts including lawyers, accountants for advise before they venture into such businesses or may find themselves wanting later.
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