Ghanaian Times: BoG: crack the whip on money doublers

In May this year, the Minister of Information, Kojo Oppong Nkrumah, petitioned the Bank of Ghana (BoG) and the National Media Commission (NMC) about the activities of “money doublers” on television and urged them to take appropriate action.

In a tweet, the Minister confirmed that he had written to the BoG and NMC to take note of the activities of “money doublers” on television and act appropriately.

At the time the Minister petitioned the two institutions, many others had already condemned the upsurge in the practice of “money doubling” by quacks and charlatans parading as spiritualists.

Many others also urged the public to be wary of such activities but it appears not everybody was interested in the advice and some have fallen victim to such dubious activities.

What is worse is that many people have been duped, some killed, others shot, whilst the charlatans have become rich overnight.

Indeed, many victims realised too late the deception and fraudulent activities of the so-called “money doublers” that they became helpless at the hands of such people who perpetrate these acts using radio, television and billboard publicity.

When the Information Minister tweeted his message, many were happy that at long last something was going to be done about the pretenders who used all manner of ways to dupe their unsuspecting victims.

Since May, when the minister wrote to BoG, the bank has finally responded with a notice cautioning the general public against the practice of “Money Doubling,” “Card Loading”, and “Credit Card Loading Systems.”

The notice, which appeared in the Ghanaian Times yesterday, quotes the BoG as describing as illegal this practice which involves inviting members of the public through traditional and social media outlets, to deposit money through various service provider platforms or other channels for attractive returns or opportunities.

It explains that the invitation to members of the general public to deposit monies with their “Money Doubling”, “Card Loading” and “Credit Card Loading Systems” amounts to deposit-taking under the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

Under section 4 of Act 930, only a corporate body licensed by the BoG may carry out deposit-taking business.

According to the notice, the BoG has not licensed any institution or individual to engage in “Money Doubling”, “Card Loading” and “Credit Card Loading Systems”.

It says individuals and entities engaging in such fraudulent activities commit an offence and would be required to return all funds received.

In addition, such individuals and entities would be liable, upon summary conviction, to a fine or a term of imprisonment ranging from two to four years per section 22 of Act 930.

It is clear from the BoG’s position that these charlatans are engaged in illegal activities and must therefore be flushed out.

The warning by the BoG must be taken seriously and the public must desist from patronising the services of these pretenders.

We also urge the NMC to crack the whip on television and radio stations which allow their platforms to be used illegally to dupe unsuspecting members of the public.

Again, we must heed the advice of BoG in order not to fall victim to these fraudsters.