Bank of Ghana has not licensed BitCash Currency Exchange or any other cryptocurrency exchange platform


The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”.

According to the Central Bank, the scheme which falsely claims to have its approval is a fraudulent one.

A notice dated 8th March, 2022, warns the general public that the Bank of Ghana has not licensed the entity called BitCash Currency Exchange or any other cryptocurrency exchange platform for that matter.

According to the Central Bank the fraudulent scheme does not reward investors as promised.

It goes on to add that unsuspecting recipients of messages and hyperlinks about BitCash Currency Exchange, who subsequently 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.

The general public is thus advised to do the following when they receive such messages or hyperlinks:

  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.
  5. Review and familiarize themselves with Bank of Ghana’s notice on ‘Money Doubling’ and ‘Card Loading systems’ which can be found on the Bank’s website.

The bank of Ghana finally urged the general public to report such illegal activities and illegal operators, to it at the Cedi House in Accra or call the numbers 0302665005, 0596912354 or 0501502270 or email them via

Find the full statement below;

In recent times, many people have lost thousands of cedis as a result of falling for various online investments schemes which promise to give investors double or multiple returns only to realise later that they have been scammed.