Capital Builders Network Ltd’s Operations Not Licensed

The Bank of Ghana has noted a publication in the Daily Graphic of Monday, January 24, 2011, which reported the presence in the country of a financial institution called Capital Builders Network Ltd.

Preliminary investigations undertaken by the Bank of Ghana into the operations of the company indicate thatit is involved in some form of deposit mobilization activity for which a licence has not been obtained from the Bank of Ghana. Indeed, the operations resemble a ‘pyramid’ or ‘ponzi’ scheme as the pay-off of earlier contributors depends on the continuation of a chain of subsequent joiners of the scheme.

To safeguard the financial system, the Bank of Ghana is conducting further investigations into the background of the directors and the activities of the company.

The public is hereby cautioned that the company has not been licensed by the Bank of Ghana. The Bank of Ghana is concerned about the possible losses that patrons can suffer and cautions the public to be mindful of this in its dealings with the company. The Bank of Ghana would be grateful for the public to furnish it with information they may have on the operations of similar companies.

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JANUARY 26, 2011