Best Bitcoin Exchange for Ghana

Around 110,000 Ghanaian investors lost a total of 25.71 million dollars in 2018 due to crypto investment fraud and hacks, according to the legislator. Ama Pomaa Boateng, the deputy of the Ghanaian city Juaben, has initiated a dialogue against the crypto-based investment epidemic.

In his address to the Ghanaian parliament, the 43-year-old public representative stressed the need for solid crypto regulation and referred to the infamous fraud of the Global Coin Community 2018, which cheated 109,259 Ghanaians with 134 million GHC. The scammers promised the victims a monthly return of 27 percent for one year, but later ran away with their crypto-based investments.

Crypto trades are illegal in Ghana

While the Ghanaian Securities and Exchange Commission (SEC) is considering the introduction of a crypto currency law, trading such assets in the country remains illegal, said Dr. Mark Assibey Yeboah, Chairman of the Finance Committee. The parliamentarian saw the decentralized nature of crypto currencies as a threat to their financial system and added that regulators would eventually gain a firm foothold in the industry.

The monolingual MEPs warned the public against investing in or carrying out crypto currency transactions. The warning recalled that SEC Deputy Secretary General Paul Abadio denied any legal assistance to the victims of Global Coin Community fraud.

“If you decide to go there, you are on your own,” he had said, adding that they are still “researching and gathering information” about the matter. The Economic and Organised Crime Office (EOCO) had previously arrested two directors in connection with the fraud. However, the agency later released them after approving their bail request.

Public education on cryptography

James Klutse Avedzi, chairman of the budget committee, said that their public and state authorities have yet to learn anything about the nature of crypto currencies and how to deal with them. The delays in the Global Coin Community’s fraud have somewhat indicated that Ghana has been without crypto law all along. And since the scammers diverted investors’ money into crypto currencies, they were likely to slip through the loopholes.

Avedzi suggested that the government should ask the Bank of Ghana to explore crypto currencies. The legislator added that it would help the central bank draft new rules in the crypto currency area. Daniel Okyem Aboagye, another parliamentarian, supported the idea and declared that the government should inform the Ghanaian population about crypto currencies.

“The discussion is good,” Aboagye said. “It tells the entire nation that the legislator is concerned about events in the crypto currency industry.

About Ghana

More than 300 years ago the Prussian flag flew along the Gold Coast. Ships of the Elector Friedrich Wilhelm landed at the coast of the present Ghana and built there the fortress Groß-Friedrichsburg. Today only the ruins near Accra tell the story of this short colonial episode.

Today’s Ghana was for a long time a sought-after destination for many seafaring nations, and in 1874 the area officially became the British crown colony “Gold Coast”. In the following period the British conquered the empire of the Ashanti which followed in the north. On 6 March 1957 the country became the first black African colony to declare its independence. The name of the country is supposed to refer to old African traditions. The old Sudan empire Gana – for distinction one writes it without “h” – lay however far northwest of today’s Ghana.

Visitors to Ghana can still find extensive tropical rainforest in the country. Several reservoirs have also been built here, so Ghana offers a varied landscape. Lake Volta is one of the most popular travel destinations. This reservoir is not only the largest artificial lake in Ghana but also the largest inland lake. The flora and fauna rich in species for West Africa is a feast for the eyes and also of great economic importance. Thus the population of Ghana benefits from the constantly increasing tourism. As a result, more and more people can be employed and thus have the opportunity to rise socially. On the other hand the export of precious wood is very important and profitable for Ghana. The country is rich in raw materials, especially gold is available here, which is why the region used to be called Gold Coast.

The different cultural influences in the course of history have left their traces. During the colonial period some fortresses were built on the Atlantic coast. These are still very well preserved today and were added to the UNESCO World Heritage List in 1997. Another attraction are the traditional buildings of the Ashanti. These are also part of the world cultural heritage.

• Area: 238 537 km2 Population: 22.5 million GDP/inhabitant: 690 US$ Capital: Accra Form of government: Presidential Republic Languages: English (official), over 70 other languages and dialects Currency: 1 Cedi = 100 Pesewas
• Natural environment: The natural southern border is the 535 km long coast on the Gulf of Guinea, which is difficult to access due to lagoons. From here, grassland changes into tropical rainforest, which covers the Ashanti highlands rising in the west. In the eastern wet savannah the Volta Lake was dammed up. The climate is tropical. The partially preserved forts of the colonial trade bases in Cape Coast, Elmina and Accra are the main tourist destinations.
• Politics: The Ashanti people founded a large empire in present-day Ghana, which extended to the coast by subjugating neighbouring tribes, from where the Ashanti traded slaves with Europeans from the 15th century onwards. In 1850 the British subdued the country and founded the Gold Coast colony. After early independence in 1957, the republic benefited from the rich reserves of raw materials until its economic decline in 1966. The new constitution of 1993 has decisively advanced the democratization process through the multi-party system.
• Economy: Half of the population is small farmers. In addition to the staple foods rice, millet, yams and plantains, cocoa plants are cultivated on 50% of the land. Livestock breeding is mainly practised in the north. Tropical timber from the rainforest is exported. In addition to mineral raw materials (bauxite, manganese ore), mining provides rich gold yields. The small processing industry produces food as well as textiles and shoes for its own needs. The service sector now accounts for almost half of the gross domestic product.