BoG, SEC warn against crypto scam using deepfake video of President Mahama

The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC) have cautioned the public against a suspected cryptocurrency investment scam being promoted on social media with a doctored video falsely portraying President John Dramani Mahama as endorsing the scheme.

The regulators said the investment platform, known as “Daily Wealth Guide”, was using a fabricated video of President Mahama to solicit funds from members of the public, warning that anyone who invests through the platform risks losing their money.

In a joint notice dated September 1, 2026, and signed by the Secretary to the Bank of Ghana, Ms Aimee Vyda Quashie, the regulators said the invitation to the public to invest constituted deposit-taking business under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

They noted that Section 4(i) of Act 930 permits only corporate bodies licensed by the Bank of Ghana to engage in deposit-taking activities.

The BoG said it had not licensed any individual or institution to undertake crypto investment activities in Ghana and warned that operators of such schemes could face prosecution and be required to refund money collected from victims.

According to the notice, offenders could also be subjected to administrative penalties ranging from 500 to 100,000 penalty units under Section 53(3) of the Anti-Money Laundering Act, 2020 (Act 1044).

Cases involving suspected offenders may also be referred to law enforcement agencies for investigation and prosecution under Sections 1 to 5 of Act 1044.

Media houses cautioned
The regulators have also directed media organisations, including radio, television and online platforms, to refrain from carrying advertisements promoting the purported “foreign investors” behind the scheme.

Broadcasters have been urged to verify the licensing status of investment entities with the Bank of Ghana before accepting or airing advertisements for them.

The public has similarly been advised to confirm the regulatory status of individuals and institutions offering investment opportunities before transferring or depositing money.

The BoG stressed that members of the public should only place their funds with duly licensed financial institutions.

Deepfake videos
The latest warning comes amid growing concerns over the use of artificial intelligence-generated videos to falsely associate President Mahama with investment schemes and other activities.

In March 2026, the police arrested two suspects, Bernard Mensah and Michael Ebo Sarfo, over allegations that they created and circulated deepfake videos of President Mahama and the First Lady, Lordina Mahama, on Facebook, TikTok and WhatsApp.

In May 2026, the Inspector-General of Police's Cyber Vetting and Enforcement Team arrested 11 additional suspects, including several Nigerian nationals, during coordinated operations in the Volta Region.

Those arrests were linked to a separate scheme in which AI-generated videos featuring the President were allegedly used to solicit money and personal information from unsuspecting victims.

The Bank of Ghana has urged anyone with information on illegal deposit-taking activities to report the matter to its Financial Stability Department at The Bank Square, 42 Castle Road, Ridge, Accra, or P.O. Box 2674, Accra.

Reports can also be made by phone on 030 266 5005, 059 691 2354 or 050 150 2270, or by email through the contact provided by the Bank.

The BoG and SEC said they would work with law enforcement agencies to identify, arrest and prosecute persons found to be behind illegal investment schemes.

They urged the public to remain vigilant and exercise caution when approached with investment offers circulated through social media.