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BoG cautions against new cryptocurrency ‘Sidicoin’

Financial institutions warned against accepting crypto transaction

Sidicoin not licensed by BoG

Public warned against cryptocurrencies

The Bank of Ghana is cautioning the general public against a new cryptocurrency Sidicoin which is set to be launched soon.

According to the Central Bank the investment scheme has not been licensed nor has approval been sought to operate.

Bank of Ghana has taken note of the impending launch of a cryptocurrency investment scheme named “SIDICOIN”. The public is hereby cautioned that neither this investment scheme nor the Promoters of the company have obtained the approval of Bank of Ghana, to operate in the banking and payment services sector.”

However, the BoG continued to reiterate its stance on trading in cryptocurrencies in the country.

It however stated that cryptocurrencies and other unregulated investment schemes have not been licensed to operate in Ghana.

“Further to previous notices issued by Bank of Ghana on such schemes, in particular. Notice NO. BG/GOV/SEC/2018/02, Bank of Ghana underscores the fact that such schemes are not regulated under any law in Ghana.”

“The general public is advised to exercise caution with regards to trading in cryptocurrencies and other unregulated investment schemes. The Bank further cautions all regulated institutions including banks, specialized deposit-taking institutions, dedicated electronic money issuers and payment service providers to desist from facilitating cryptocurrency transactions and unlicensed investment schemes, through their platforms or agent outlets. The general public is advised to take note and be guided accordingly.”

Read full release here:

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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