Real estate developer and businessman, Nana Kwame Bediako, has called on the Central Bank to prioritise the woes of Ghana’s falling currency above upcoming financial innovations.
This comes in the wake of a caution from the Bank of Ghana to prospecting investors against a yet-to-be-launched new cryptocurrency named Freedom Coin.
The Bank insisted that the said coin and other cryptocurrencies have not been licensed for operation in the financial space.
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“It has come to the attention of Bank of Ghana that there is an impending launch of a cryptocurrency named ‘Freedom Coin’. The public is hereby cautioned that neither this cryptocurrency nor the promoting company has approval from Bank of Ghana to operate in the banking and payment sector,” portions of the BoG’s March 9 notice read.
As of Thursday, the local was selling at ¢7 to the US Dollar, a situation many have said is affecting the cost of doing business in the country.
The businessman, also known as Freedom Jacob Caesar, insists these are the issues that should engage the attention of the Bank of Ghana.
Good morning Ghana our cedi is depreciating almost 8 cedis to a dollar. I think the Bank of Ghana has more to worry about than a Freedom coin that’s not even launched. ?
— Freedom Jacob Caesar (@iamfreedom) March 10, 2022
The Bank of Ghana has announced that it has not granted approval for the use of a cryptocurrency named “Freedom Coin” in the banking and payment sector.
Back in August 2018, the Central Bank discouraged Ghanaians against the use, holding, and trading of virtual or digital currencies within the cryptocurrency space.