The Ghanaian central bank has warned the public against investing in a cryptocurrency investment scheme known as “SIDICOIN”. The central bank has indicated that neither the scheme nor the promoters of the scheme have been licensed to operate in the country.

The Bank of Ghana has been very proactive in warning the public against unlicensed investment schemes in the country in recent times. Earlier in the year, the central bank warned the investing public against investing in another investment scheme named “Freedom Coin”.

Many Ghanaians have lost millions of cedis to Ponzi schemes in recent years, prominent among which is Menzgold Ghana Limited. While the victims of the Menzgold scheme continue to try to get the government to help them recover their funds, its only right that the authorities continue to protect the investing public against new Ponzi and pyramid schemes that are fast emerging in the country.

However, we think that these warnings are only the first step, and the authorities would need to deepen financial education on Ponzi and pyramid schemes to minimize the number of people that are losing their hard-earned monies to such schemes.