May 28, 2022

Alert: BoG cautions public against SIDICOIN investment scheme

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The Bank of Ghana (BoG) has cautioned the public against the impending launch of a cryptocurrency investment scheme named ‘SIDICOIN’.

According to the Central Bank, the said cryptocurrency investment scheme and the promoters of the company have not obtained the requisite approval to operate in the banking and payment services sector in the country.

“The general public is advised to exercise caution with regards to trading in cryptocurrencies and other unregulated investments scheme,” the notice dated 27th April 2022 issued in Accra and signed by Secretary to BoG, Sandra Thompson warned.

Stonebwoy and Bridget Otoo

In a related development, dancehall artiste, Stonebwoy and media personality, Bridget Otoo, a few days ago engaged in a heated verbal exchange on social media over this same Sidicoin investment.

Ms Otoo had advised the former against publicly endorsing investment deals after Stonebwoy introduced a non-fungible token (NFT) SidiCoinNFT.

She insisted that it would be insensitive for the musician to make the move against the backdrop of his ambassadorial role in the Menzgold saga.

Prior to this, Stonebwoy tweeted and introduced his fans to this new business telling them times are changing hence joining SidiCoinNFT will help every hardworking individual to make money.

But Bridget Otoo in a swift response to Stonebwoy’s post said;

You are part of the ambassadors of Menzgold who championed and led customers to lose money. Some have died as a result of the Menzgold scam. Do you think it is fair to introduce them to another “money making venture”? Do you really care about them? .


Attached is the full statement from the BoG:



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