Ghana tackles Ponzi schemes

These schemes were at the centre of the presidential election campaign in Ghana. The incoming New Patriotic Party government has promised to reimburse all who have lost money with these investments. Ghana's central bank has also revised its rules to discourage such Ponzi schemes in future. Its deputy governor Johnson Asiamah said they were also receiving help from Germany on how to better protect small investors.

123rf.com

"With the passage of the Ghana deposit protection bill, I am happy to inform you that the Bank of Ghana in collaboration with the German government will soon establish a deposit protection system in Ghana for the first time in our history. This will ensure protection for small depositors and enhance the safety of the financial system," said Asiamah.

New scheme

Reports of a new investment scheme called the Mavrodi Mondial Movement have recently emerged, under which clients are promised a return of 30% in less than a month. The Russian-owned scheme has been banned in some African countries including Nigeria.

"The bank of Ghana shouldn't allow this to escalate. Obviously, if it was bad for Nigeria, it's not going to be any good for Ghana," financial analyst, Osei Amankwah said.

The Mavrodi Mondial Movement said on Twitter that their scheme in Ghana was a simple system in which a community of voluntary members provide and receive help. However, some Ghanaians are wary of these schemes.

"I would not be interested in it because I am afraid of losing my money at the end," said Bernice Asiedu, a resident of Accra.

The Mavrodi Mondial Movement isn't officially licensed to operate in Ghana, and officials have said that they will launch a probe into the group.