[ 2019-03-04 ]

Government can do little about 'Ponzi Scheme' locked up investments
Finance Minister Ken Ofori Atta says government
can only do little about investments locked up in
financial institutions that promise unrealistic
returns over a short period of time.

According to him, any organisation that promise a
fixed return at the end of the month should be
taken a second look at.

Speaking to Citi FM, Ken Ofori Atta said: "we as
Ghanaians have to be wary of schemes that seem to
generate excessive profit and it's unfortunate
that it cut across the society from the highly
educated to the less literate all invested in it
but when you look at the gold market and someone
tells you they will give you 10% a month is quite
clear it cannot be anything good and is our
responsibility to also check whether such
organisations have the appropriate licensing and
how financial transactions are being done, so it's
a difficult lesson but their consequences in
actions that we take, we hope that people will
guide themselves."

Finance Minister, Ken Ofori Atta last month at
Burma Camp in Accra revealed that official records
show at least 200 million cedis have been locked
up in defunct investment firm Menzgold.

The information, which was in response to a
question from one of the soldiers, reveals for the
first time the extent of loss Menzgold customers
have been exposed to after an undisclosed number
of them bought into their business pitch of paying
7% to 10% returns on special gold collectables
bought and deposited with the company.

Source - primenewsghana

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