Business News of Monday, 17 January 2022
Source: www.ghanaweb.live
2022-01-17SEC boss shows Ghanaians on how to identify investment scams
Director-General of the Securities and Exchange Commission, Rev Daniel Ogbarmey Tetteh
Any investment with a ‘mouth-watering return’ and no risk is a scam – SEC Boss
Ask questions before investing your money – Rev Tetteh
Ensure investment opportunities are legitimate - SEC Boss
Director-General of the Securities and Exchange Commission (SEC), Rev Daniel Ogbarmey Tetteh, has urged Ghanaians to run away from investment opportunities that promise high returns with
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Speaking on Asaase radio’s Breakfast Show on January 17, 2022, Rev Tetteh said these types of investments lead to huge losses and are scams.
“Anytime someone promises you a high return; a mouth-watering return, a return that will make your head spin and says to you that the return or product is safe, there’s no risk associated with it, look for the exit because that definitely is a scam,” he was quoted by asaaseradio.com.
The SEC Boss explained that the basic principle of investment is the higher the risk, the higher the returns thus investments with no risk and higher return would not work.
“Because it doesn’t work, the principle is the higher the return, the higher the risk. So anytime someone is saying the return is high but there’s no risk, it’s clearly a sign that it’s a scam and you should quickly make a beeline to the exit to save yourself from any heartache down the downline,” he said.
According to Rev Tetteh, Ghanaians fail to ask questions when investing because they don't want to seem ignorant.
He, however, advised that people who want to invest should also ask and confirm whether the opportunity availed to them is legitimate.
In the words of the SEC boss, “When it comes to investing or finance it’s what we call a regulated activity so before you deal with anyone who is offering any product you need to ask yourself: Is this entity duly licensed? Is this entity under the regulation of any of the regulators?"
Daniel Ogbarmey Tetteh made the above remarks following the emergence of another investment scam, Tizaa Ghana which a lot of Ghanaians are reported to have invested in.
