Breaking News: Security personnel are mostly victims of Ponzi schemes – BoG


The Bank of Ghana has revealed that security personnel are the worst victims of Ponzi schemes in the country.

According to the central bank, the majority of complaints received from victims of Ponzi schemes are from security personnel

This was made public by Godfred Cudjoe of the Financial Stability Department of the BoG at a workshop that offered financial literacy training for personnel of the Ghana Immigration Service (GIS) in the Ashanti Region.

The bank noticed that from our complaint statistics, a number of complainants came from the security agencies. Especially when it comes to Ponzi schemes within the country, the security agencies are the most hit,” he said.

The BoG opined that the training is aimed at empowering the security personnel with knowledge in managing their finances and making the right financial decisions.

The workshop also looked at the identification of licensed financial institutions, official means to lodge complaints, loan applications, and money laundering.

The central bank also warned the security personnel and the general public against destroying their SIM cards after borrowing from the telcos.

Mr. Cudjoe noted that this will hinder one’s 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.

After the training, the 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.

This would help us a lot. We are privileged for the knowledge and awareness given us. Knowledge stimulates action. So, what has been learnt here will be shared,” he said.

The workshop is part of the Bank of Ghana’s annual activities to educate the public on financial management.