Ghana Parliament Warns New Users After 110,000 Investors Lose $25.7 Million in Crypto Scams

Lawmakers in Ghana have warned prospective crypto-investors in the country after about 110,000 Ghanaians lost a total of $25.71 million to scammers and hackers in 2018.

According to, Ama Pomaa Boateng, a lawmaker representing Ghana’s Juaben town, who stressed the need for stronger crypto regulations to monitor the crypto space and also dissuade Ghanaians from further crypto dealings.

He cited the 2018’s notorious Global Coin Community Scam in which 109,259 Ghanaians were swindled to the tune of GHC134m. The Scammers, he said, promised its investors a monthly return of 27-percent yearly but this was not to be, as they absconded with their crypto-based capital investments.

“There is the issue of lack of compliance due to the nature of cryptocurrency and crypto asset because the users are anonymous and it is extremely difficult to collect data on digital currency users,” Boateng said.

Ghana’s Illegal Crypto Market

While parliament continue to see the decentralized nature of cryptocurrencies as a threat to the country’s financial system, the Ghanaian Securities and Exchange Commission (SEC) is putting modalities in place to enact stricter cryptocurrency laws that would see that such assets remains illegal in the country. This it said, is to give regulators a firm grip on crypto dealings in Ghana.

Dr. Mark Assibey Yeboah, the chairman of the finance committee while clarifying parliaments stands on digital currency in Ghana, said: “This is a digital platform where money is transferred amongst the peers. It is not the cheque system where a central bank clears it.”

The MPs, however, cautioned the public against investing in or conducting cryptocurrency transactions.

More so, Deputy General of SEC, Mr. Paul Abadio cited reasons why the agency refused to offer any help to the victims of Global Coin Community scam.

He said: “When you choose to go there, you are on your own,” while adding that they were still carrying out “research and gathering information” on the matter.

Recall that the Economic and Organised Crime Office (EOCO) in Ghana, arrested two directors in connection with the scam, but had to release them following their bail application approval by a court.

Senistizing Ghanaians about cryptocurrencies

The Deputy Minority Leader and chairman of the public accounts committee, James Klutse Avedzi, suggests that government would do well in instructing the Bank of Ghana to conduct a thorough research on cryptocurrency and its benefits to the country rather than discourage investors. He said this will help the financial institution draft a better regulation on the use of digital currencies in future.

He said government ought to learn more about how cryptocurrency works and how to deal with it.

According to him, the scam that ravaged Ghana in 2018 would never have succeeded had the country implemented a proper regulation guiding cryptocurrencies and its use in the country.

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