The majority of ponzi scam victims are security personnel – Bank of Ghana

Personnel from the Ghana Immigration Service in the Ashanti area have received financial literacy training from the Bank of Ghana.

The goal of the training is to equip security professionals with the knowledge they need to manage their finances and make sound financial decisions.

The session is part of the Bank of Ghana's yearly public financial management education program.

Identification of licensed financial institutions, official means to lodge complaints, loan applications, and money laundering were all covered during the seminar.

According to the central bank's records, security staff are the source of the bulk of complaints.

The majority of the security personnel, according to Godfred Cudjoe of the Bank's Financial Stability Department, are victims of ponzi scams.

"The bank saw that a number of complainants originated from security organizations based on our complaint data." "The security agencies are the hardest hit, especially when it comes to Ponzi schemes within the country," he stated.

After borrowing money from telecommunication networks, the Bank of Ghana warned the people against discarding their mobile SIM cards.

According to Godfred Cudjoe, this will have an impact on the capacity to obtain a bank loan.

"The credit bureau keeps the information. So, if you need a loan from a bank again, they will check and see if you accepted a MoMo loan and didn't pay it back. This will have an impact on your capacity to obtain a loan when you are in desperate need of cash," he explained.

Joshua Mensah Ayettey, Chief Accountant of the Ghana Immigration Service's Ashanti regional command, said the training would assist to reduce the mounting figures of personnel losing money to Ponzi schemes.

"This would be extremely beneficial to us." We are fortunate to have been given information and understanding. Action is sparked by knowledge. As a result, he stated, "everything we've learned here will be shared."