Dogecoin: Ghanaian Pastor urges congregation to invest in meme cryptocurrency

A Ghanaian pastor has encouraged his congregation to invest in the cryptocurrency Dogecoin (DOGE), despite the Bank of Ghana’s (BoG) cautious stance on digital assets. 

During a service on November 1, 2024, Prophet Bernard ElBernard Nelson-Eshun, Lead Pastor of Spiritlife Revival Ministries - The Oracles' Place, advised worshippers to invest at least $200 in Dogecoin and hold the investment for the next four years.

"If you're a crypto fan, there is a coin called Dogecoin," Nelson-Eshun told his congregation. "Go and look for that coin. At least buy $200 worth of Dogecoin and leave it for just four years," he said, describing this as an opportunity for long-term gain.

Dogecoin has gained traction in recent days, driven by market enthusiasm following the recent US election. The cryptocurrency, which started as a meme, climbed nearly 20 percent to $0.247, reaching levels last seen in November 2021. Bitcoin, meanwhile, briefly approached a new all-time high of $79,993, surpassing previous records.

Despite Prophet Nelson-Eshun’s endorsement of Dogecoin, Ghanaian authorities have taken a cautious approach toward cryptocurrencies. 

The Ministry of Finance has reiterated its prohibition on the use of cryptocurrencies for financial transactions, reminding financial institutions that crypto trading remains off-limits until a regulatory framework is established.

Dr Mohammed Amin Adam, Minister of State at the Finance Ministry, recently emphasised in Parliament that Ghana remains open to exploring blockchain technology but remains cautious about the risks of unregulated digital currencies.

"While the government remains open to exploring associated technologies, such as blockchain and distributed innovations, within a controlled framework, we are currently in the process of developing comprehensive guidelines," stated Dr. Amin Adam. 

"Until such a framework is established, we reiterate our directive as conveyed through various notices, including the one issued on March 9, 2022. This directive explicitly prohibits all institutions licensed by the Bank of Ghana from facilitating cryptocurrency transactions through their platforms or agent outlets."

In August this year, the Bank of Ghana (BoG) issued draft regulations aimed at bringing the country’s cryptocurrency market under formal oversight.

These proposed rules call for registration requirements, anti-money laundering (AML) compliance, and stronger internal controls for Virtual Asset Service Providers (VASPs). The draft guidelines are expected to lay the groundwork for consumer protection and economic stability in Ghana’s evolving digital asset landscape.

The central bank’s draft regulations also coincide with its efforts to develop a central bank digital currency, the eCedi, first announced in 2021 as part of Ghana’s push towards digital finance innovation.

Authorities caution that cryptocurrencies are highly volatile and can experience sharp price fluctuations, urging investors to be aware of the risks involved.