Ghana Regulators Warn of Crypto Scam Using President Mahama Deepfake Video

Ghana’s financial regulators have warned the public about a suspected cryptocurrency scam using a doctored video of President John Dramani Mahama to attract investors.

In a joint notice issued on September 1, the Bank of Ghana (BoG) and Securities and Exchange Commission (SEC) said the video falsely portrays Mahama as endorsing a crypto investment platform called “Daily Wealth Guide.” The platform reportedly promises large payouts to Ghanaians.

The regulators said soliciting investments through the scheme constitutes deposit-taking under Ghana’s Banks and Specialised Deposit-Taking Institutions Act 2016. Only a corporate body licensed by the BoG may conduct deposit-taking business. The central bank also stressed that it has not licensed any individual or entity to engage in crypto investment. 

Consumers have been urged to verify an investment provider’s licensing status with the BoG or another relevant authority before transferring funds and to deposit money only with regulated institutions.

The warning reflects a wider threat from deepfakes that exploit public trust in authority figures. Similar cases have involved deepfakes of the Bombay Stock Exchange chief executive promoting investment advice and Singapore’s prime minister appearing in a scam that cost one victim more than $3.8 million.

The warning follows a run of AI-generated videos impersonating Mahama this year. On March 28, police arrested two men over deepfake content impersonating the President and First Lady, Lordina Mahama, circulated on Facebook, TikTok and WhatsApp; investigators said one suspect ran accounts posing as the First Lady to run financial scams.

 In early May, the Inspector-General of Police's Cyber Vetting and Enforcement Team arrested 11 people, several of them Nigerian nationals, in operations across Sogakope, Dabala, Tongu, Akatsi and Aflao in the Volta Region. 

Police said the group used fake videos of the President to persuade victims to send money and hand over personal details, and seized laptops, phones, routers and 120 pre-registered SIM cards. Nine suspects were remanded and two granted bail.

The BoG and SEC told media outlets not to advertise unlicensed investment providers and said they would seek the arrest and prosecution of anyone found responsible for the scam.