Make sure financial institutions are licensed by BoG - Public told

Ponzi schemes affecting financial sector, BoG

Public urged to be financially responsible

Know your risk level, Investors told

Head of the Financial Stability Department at the Bank of Ghana, Dr. Joseph O. France has outlined some key pointers customers need to look out for when choosing investment portfolios.

He stated that

Read full articlecustomers have the responsibility to ensure that any institution they want to invest with or do business with is licensed by the Bank of Ghana.

According to him, information on licensed companies is available on the Bank of Ghana’s website (bog.gov.gh) adding that a certificate of registration should be boldly displayed on their premises and banking halls.

He made these comments during a public lecture organized by the University of Ghana chapter of the International Improving Financial Awareness and Literacy Association, on the theme “Warding off fraudulent Investment schemes in Ghana”.

The lecture which formed part of the financial literacy month observation sought to sensitize the public about Ponzi, pyramid, and fraud schemes in Ghana’s financial sector.

He stated that it is imperative for the public to be wary of investment portfolios that promise very high returns, adding that “whenever there is an issue where you cannot withdraw your funds, it is an indication of a fraud scheme”.

Dr. France also noted that activities of high returns schemes should be carefully monitored before any form of investment are done to ensure that wrong investment are not made.