Godfred Cudjoe
The Bank of Ghana (BoG) has disclosed that many security personnel in the country are victims of Ponzi schemes.
According to statistics by the central bank, the majority of complaints received are from security personnel.
During a financial literacy training for personnel of the Ghana Immigration Service (GIS) in the Ashanti Region, Godfred Cudjoe, of the Financial Stability Department, said “the bank noticed that from our complaint statistics, several complainants came from the security agencies. Especially, when it comes to Ponzi schemes within the country, the security agencies are the most hit.”
Caution
He also cautioned the public against disposing of their mobile SIM cards after borrowing money from the telecommunication networks.
According to Godfred Cudjoe, this will affect the ability to access a loan from the banks.
“The information is kept by the credit bureau. So, if you need a loan another time from a bank, they will check and know that you once took MoMo loan and didn’t pay. This will affect your ability to get a loan when you are in dire need of funds,” he said.
Chief Accountant at the Ashanti Regional Command of the GIS, Joshua Mensah Ayettey, said the training would help in reducing the growing statistics of staff losing money to Ponzi schemes.
“We are privileged for the knowledge and awareness given us. Knowledge stimulates action. So, what has been learned here will be shared,” he said.
The training aimed at empowering the security personnel with knowledge in managing their finances and making the right financial decisions is expected to be replicated across all other security agencies.
The training covered critical areas including, identification of licensed financial institutions, official means to lodge complaints, loan applications, and money laundering.
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