Key Takeaways
- • The Bank of Ghana and Securities and Exchange Commission jointly issued a formal warning on September 1, 2026, against "Daily Wealth Guide," a cryptocurrency investment platform using deepfake video of President John Dramani Mahama to solicit public funds.
- • The investment platform's solicitation of funds constitutes unlicensed deposit-taking business in violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which restricts such activities to BoG-licensed corporate entities.
- • The BoG confirmed it has not licensed any individual or institution to undertake cryptocurrency investment activities in Ghana, and operators face prosecution, mandatory victim refunds, and administrative penalties ranging from 500 to 100,000 penalty units under the Anti-Money Laundering Act, 2020.
- • Regulators directed all media organizations—including radio, television, and online platforms—to cease carrying advertisements promoting the scheme or its purported foreign investors, signaling coordinated enforcement across communications channels.
- • Cases involving suspected offenders may be escalated to law enforcement agencies for criminal investigation and prosecution, establishing a clear pathway for criminal referrals under the Anti-Money Laundering Act.
Summary
Ghana's financial regulators have launched a coordinated enforcement action against a cryptocurrency investment scam exploiting deepfake technology to impersonate the sitting head of state. On September 1, 2026, the Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) issued a joint notice warning the public against "Daily Wealth Guide," a platform using doctored video footage of President John Dramani Mahama to falsely endorse the investment scheme and solicit deposits from civilians.
The regulatory action addresses both the fraudulent marketing mechanism—deepfake video impersonation—and the underlying unlicensed financial activity. The platform's solicitation of public funds constitutes deposit-taking business under Ghana's Banking Supervision framework, specifically violating Section 4(i) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which explicitly restricts deposit-taking to BoG-licensed corporate entities. The BoG has issued an unambiguous statement that no individual or institution currently holds authorization to conduct cryptocurrency investment activities within Ghana's jurisdiction.
Enforcement mechanisms are comprehensive. Operators face criminal prosecution with mandatory victim restitution, civil penalties ranging from 500 to 100,000 penalty units under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044), and potential escalation to law enforcement agencies for investigation and prosecution under Sections 1 to 5 of the same statute. This multi-layered penalty structure—combining licensing violations, money laundering infractions, and potential criminal charges—reflects the severity regulators assign to the scheme.
Regulators have also implemented media controls, directing all broadcast and digital platforms to refrain from carrying advertisements promoting the scheme or its purported foreign investors. This directive extends regulatory reach beyond the operators themselves to communications channels amplifying the scam, representing an attempt to disrupt the scheme's distribution infrastructure. The coordinated action between BoG and SEC, coupled with media directives and law enforcement coordination, demonstrates institutional focus on protecting retail investors from synthetic media fraud in the cryptocurrency space.
The regulatory action addresses both the fraudulent marketing mechanism—deepfake video impersonation—and the underlying unlicensed financial activity. The platform's solicitation of public funds constitutes deposit-taking business under Ghana's Banking Supervision framework, specifically violating Section 4(i) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930), which explicitly restricts deposit-taking to BoG-licensed corporate entities. The BoG has issued an unambiguous statement that no individual or institution currently holds authorization to conduct cryptocurrency investment activities within Ghana's jurisdiction.
Enforcement mechanisms are comprehensive. Operators face criminal prosecution with mandatory victim restitution, civil penalties ranging from 500 to 100,000 penalty units under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044), and potential escalation to law enforcement agencies for investigation and prosecution under Sections 1 to 5 of the same statute. This multi-layered penalty structure—combining licensing violations, money laundering infractions, and potential criminal charges—reflects the severity regulators assign to the scheme.
Regulators have also implemented media controls, directing all broadcast and digital platforms to refrain from carrying advertisements promoting the scheme or its purported foreign investors. This directive extends regulatory reach beyond the operators themselves to communications channels amplifying the scam, representing an attempt to disrupt the scheme's distribution infrastructure. The coordinated action between BoG and SEC, coupled with media directives and law enforcement coordination, demonstrates institutional focus on protecting retail investors from synthetic media fraud in the cryptocurrency space.
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