Ghanaians Warned Against Investing in Cryptocurrency

Communication Minster, Ursula Owusu-Ekuful, has cautioned Ghanaians against investing in cryptocurrency products not licensed by the Bank of Ghana.

She said government would not run to the aid of individuals who fail to heed the advice, should they lose their investments.

The Minister made this statement yesterday, during   the “Meet The Press” series in Accra.

“Let’s listen to the Bank of Ghana when they issue an alert. Bitcoin is not regulated by the Bank of Ghana and, so, when you invest, you do so at your own risk. Don’t call on government to bail you out when you lose,” she warned.

The Cryptocurrency platform serves as a medium of exchange created and stored electronically in the block chain, using encryption techniques to control the creation of monetary units and to verify the transfer of funds.

Its supply is not determined by the central bank and the network is completely decentralized.

Being popular in Ghana, some individuals have decided to use the investment mechanism to defraud innocent people.

According to reports, 109, 259 Ghanaian investors were scammed this year by Global Coin Community Help (GCCH), a cryptocurrency investment syndicate.

To prevent a recurrence, the Communication Minister therefore called on Ghanaians to be wary of the numerous cryptocurrency fraudsters in the country.

She asserted that not all companies who promise enormous profits are genuine.

“What can we do using technology to protect us? Currently I’m sad to say, not much. We all have to be wise, let us use our commonsense. It is not everybody who promises enormous profits that is genuine, and even that should put you on your guard. It may take a longer time to get rich but your money will be secure.

If you gamble, you stand the risk of making fantastic profit or you stand the risk of losing your investment. That is an individual choice and, so, we need to be wise,” she added.

By: Emmanuel Yeboah Britwum