President Akufo-Addo has cautioned the public to be wary of investing their monies in companies that offer mouth-watering returns.
According to him, investment opportunities that give outrageous returns often turn out to be fraudulent.
He said the government has taken major steps in a bid to ensure that Ponzi schemes are fished out and their operations halted.
To this end, President Akufo-Addo said a Financial Stability Council has been created to regulate the work of all financial institutions in the country.
“This is speaking to all of us, in every society, every economy, there are returns on money which are considered normal and reasonable within the given society,” he said.“People come and offer returns that are extraordinary, I’m pleading with you, be on your guard. Yes, as I sit here, I’ll like to get 15 per cent return on my small money every month, I’ll like that, but is that really safe? It is a plea I’m making, wherever you hear that: ‘Come and [invest], we’re going to give you money that is extraordinary in its returns’, you have to be careful about patronising it.”
The president made the statement during a presentation to some personnel of the Ghana Armed Forces.
On Friday, Nana Addo visited the army to donate 50 Ankai Buses aimed at equipping and enhancing the work of the army.
READ ALSO: Former NDC minister Lee Ocran passes on
He said the creation of the Financial Stability Council should help prevent future occurrences similar to that of the Menzgold saga.
“We’ve created a new body, the Financial Stability Council where all the people who regulate our financial system – Bank of Ghana, National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Fund, all of them for the first time are going to have an institutional framework so that we sit together to look at the financial architecture of our country as a whole, so that the situation where somebody can come and say: ‘I’m not regulated by you and, therefore, you cannot touch me’, we’ll never have that situation in this country again.
“Everybody will be scrutinised. If you are not regulated by X or Y, the ministry will come in to make sure you are part of regulations. We have to have this situation in our country,” President Akufo-Addo added.
Ghana News Today: Zoomlion Gh Ltd Unveils New Mechanical Street Sweepers | #Yencomgh
Do you have a story to share with us? Inbox us on our Facebook/Instagram page and we could feature your story.