Securities and Exchange Commission (SEC) has  issued another warning to Ghanians about cryptocurrency, urging them to "desist from engaging in these crypto entities.”

It says has commenced thorough research into cryptocurrency-related activities in the country following fears of a cryptocurrency scam.

Cryptocurrency is not currently accepted as legal tender in the  country and the SEC has no regulatory oversight over the industry.

According to the Deputy Director General of Securities and Exchange Commission, Paul Ababio , those who will ignore the warning will have to be on their own.

“If you chose to go there, you are on your own,” he told Citi News.

“We are still doing our research and gathering information, and we welcome any input that people might have to help us formulate a view with how we can deal with it in Ghana.”

The SEC was responding to calls on government from some customers of cryptocurrency company, Global Coin Community Help, to help them retrieve their locked-up monies from the company.

The over 100,000 customers of the cryptocurrency company, Global Coin Community Help have said state agencies such as the Economic and Organized Crime Office (EOCO) and the Criminal Investigations Department (CID) are not acting on a petition they presented on the matter.

Solomon Anderson, who spoke on behalf the affected customers, said EOCO was petitioned in October 2018.

Unhappy Customers Petitioning The State


Media outlets reported that Global Coin Community Help stole the deposits of at least 110,000 customers in 2018. The Bank Of Ghana cautioned citizens to be wary of GCCH in December 2018.

Some customers have been petitioning various government agencies in an attempt to get assistance. Aside from the SEC, people have demanded action from the Economic and Organized Crime Office (EOCO) and the Criminal Investigations Department (CID).

While the EOCO did question two company directors after launching an investigation in 2018, some people said the Office is taking too much time with its investigations.

One GCCH customer remarked how people are asking government entities for help because “things wouldn’t have gone this far” if security agencies were “doing their work well.”

Ghana’s SEC Keeps An Open Mind


While Ababio issued a strong warning to those looking to deal with cryptocurrency companies, he did indicate the SEC was still welcoming any input about how crypto should be handled in Ghana.

Ghana Web reported cryptocurrency could be accepted as legal tender down the road since the SEC is trying to figure out licensing frameworks.

Ababio also indicated the SEC had started investigations into three cryptocurrency companies and said it would continue to carry out actions that would go after firms “illegally operating in the investment space.”