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‘Be cautious of financial schemes that promise unrealistic returns’

In the wake of the Menzgold GH¢200 million fraud saga, President Nana Addo Dankwa Akufo-Addo has appealed to Ghanaians to be cautious of financial schemes that promise unrealistic returns on investments.

“When people come and offer returns that are extraordinary… I am pleading with you to be on your guard,” he said and indicated that there were financial facilities that guaranteed reasonable returns within the economy.

President Akufo-Addo gave the advice when he interacted with officers of the Ghana Armed Forces at a durbar at Burma Camp in Accra.

His advice was in response to a question by an officer who wanted to know government’s plans to help recoup their locked-up investment at the defunct gold-dealing investment firm, Menzgold. 

President Akufo-Addo said the history of schemes that promised unrealistic returns on investments, all around the world, had turned out to be fraudulent and suspicious.

“Yes, my goodness, I would like 10 to 15 per cent on my small money every month, but it is not realistic.”

“So the plea I am making is whenever you hear of schemes that say they are going to give you money that is extraordinary in its returns, you have to be careful about patronising them,” he said.

He said though times were difficult and everyone was looking for ways to survive, there could not be a substitute for hard work, creativity and innovation.

If Ghanaians diligently channelled their energies and talents into hard work and creative ventures, he said the country would be “able to cross the bridge to prosperity very soon.” 

“We need to be disciplined and hold on fast to certain simple values; you make money because you have worked for it.” 

“It’s harsh what I am saying because somebody has put a lot of their savings in a scheme that has gone awry… “

“But it is important to recognise that the person who comes with a seductive song that I can give you this and that which is not normal, which is out of the way, that person almost certainly is singing to you a song that would get you into trouble if you listen carefully, ” he said. 

President Akufo-Addo noted that with the creation of the Financial Stability Council, which brings together all the regulators in the financial sector, would ensure that all financial entities had requisite authorisation to carry out operations. 

The President as part of his visit to Burma Camp presented 140 multi-purpose vehicles to the Ghana Armed Forces (GAF).

He also commissioned the reconstructed Command Mess of the GAF. 

 President Akufo-Addo assured them, including the civilian staff of the GAF, that an ongoing policy review would hopefully address their conditions of service

BY YAW KYEI

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