Bank of Ghana needs to be audited immediately. It's badly rotten within. Insults upon insults anytime I bring this up. They're are using the little guy as a cover up.
Bank of Ghana needs to be audited immediately. It's badly rotten within. Insults upon insults anytime I bring this up. They're are using the little guy as a cover up.
Dr. Kwabena Owusu Banahene 7 years ago
As Ghanaian economic and financial systems improve,many economic and investment opportunities become available. Many crooks will devise many schemes to defraud unsuspecting small investors.
Ponzi schemes of different nature ... read full comment
As Ghanaian economic and financial systems improve,many economic and investment opportunities become available. Many crooks will devise many schemes to defraud unsuspecting small investors.
Ponzi schemes of different nature has deprived many investors of their hard earned incomes in USA and Europe in the name "profitable investment".
The government and the bank of Ghana should be on the look out for such schemes which champion itself with " quicker and higher rate of return" on investments.
Microfinance is a concept of poverty alleviation, assisting the poor people to gain financial independent, empowerment and improved socio-economic status, therefore microfinance institutions must help the poor NOT to defraud them, causing hardship and even death.
Close monitoring regime from the bank of Ghana will prevent fraud in microfinance institutions.
Also,the existing bank of Ghana reserve requirements from the microfinance institutions is not enough to pay back depositors who lose their money through fraud, the government should establish National Depositors Insurance Corporation (NDIC) to protect depositors money.
Basic investment and financial education will equip investors the information needed to take informed decisions.
The government should not allow "bad" financial actors to defraud the people and to erode the confidence in microfinance concept.
Niik 7 years ago
Ultimately its the responsibility of the individual to bare any risks of this too good to believe investments and not the government. This culture of get rich quickly should stop.
Ultimately its the responsibility of the individual to bare any risks of this too good to believe investments and not the government. This culture of get rich quickly should stop.
$martphonesSupportBiz 7 years ago
Instead of ponzi scheme, Learn SMARTPHONE Devices Repair Techniques! Very Low Capital Business Entry costs...*BE SMART This Year* #Make Real Money; #Learn Micro BGA soldering; #Learn Repair Techniques, Metering & Troubleshoot ... read full comment
Instead of ponzi scheme, Learn SMARTPHONE Devices Repair Techniques! Very Low Capital Business Entry costs...*BE SMART This Year* #Make Real Money; #Learn Micro BGA soldering; #Learn Repair Techniques, Metering & Troubleshooting Microelectronic devices;#Learn Flash Programming & MORE! Get "Mobile Phones & Tablets Repairs : A Complete Guide for Beginners & Professionals " from our Amazon marketplaces stores, Barnes & Noble, eBay etc. (€, £ marketplaces price lower)
Tutugyagu 7 years ago
Ponzi schemes aka Pyramid Schemes are going to spring up every day because they are easy ways to make money for both the perpetrators and the naive or 'sophisticated' investor. They come and go like a revolving door in the ... read full comment
Ponzi schemes aka Pyramid Schemes are going to spring up every day because they are easy ways to make money for both the perpetrators and the naive or 'sophisticated' investor. They come and go like a revolving door in the United States. However, the FBI always intervenes,shuts the system down in its budding stage, arrest the fraudsters involved, appoints a receivership to administer monies collected and execute reimbursement ,seize the accounts of the those involved, claw back all payments made to beneficiaries and involving banks, reimburse those scammed based on the total amount recovered. As I am writing, there are a number of Ponzi schemes being investigated and new ones being formed. In Ghana, the government should use BNI to track and stop such activities. Public education is also very important. Any business or investment that promises the investor a very high return in a short amount of time is a fraud. Government should setup a team to investigate ALL MICRO FINANCES that pay over 20% interest rates. If you want to read cases upon cases of ongoing PONZI schemes worldwide, google 'Behind MLM'. That is the portal dedicated to exposing Ponzi schemes around the world. Shine your eyes. Peace!
Andrew Naija 7 years ago
It crashed! And that's worse because no Govt is paying anyone foolish enough to buy into such a scheme. No Govt should waste scarce resources to reimburse an "investor" who simply recorded a loss.
It crashed! And that's worse because no Govt is paying anyone foolish enough to buy into such a scheme. No Govt should waste scarce resources to reimburse an "investor" who simply recorded a loss.
Dave 7 years ago
MMM was neither banned nor crashed. It froze only its get help (GH) which will be unfrozen 14th January 2017. The website is working and other activities like provide help (PH) is still going on.Get your facts right. I doubt ... read full comment
MMM was neither banned nor crashed. It froze only its get help (GH) which will be unfrozen 14th January 2017. The website is working and other activities like provide help (PH) is still going on.Get your facts right. I doubt if u even live in Nigeria as u are claiming.
Andrew Naija 7 years ago
All these foolish people still believe MMM Nigeria will come back this month. It's not happening. Your money is gone with the wind boy.
All these foolish people still believe MMM Nigeria will come back this month. It's not happening. Your money is gone with the wind boy.
KWASIAMAN 7 years ago
IGNORANCE IS A SERIOUS DISEASE. MMM IS BOOMING LIVE IN NAIJA. RUMOURS THAT MMM IS BANNED IN SOUTH AFRICA, MMM HAS CRASHED IN SOUTH AFRICA. ALL STUPID AND FOOLISH JARGONS.bE ON YOUR EARS TO HEAR MMM IN FULL BIZ THIS JANUARY AF ... read full comment
IGNORANCE IS A SERIOUS DISEASE. MMM IS BOOMING LIVE IN NAIJA. RUMOURS THAT MMM IS BANNED IN SOUTH AFRICA, MMM HAS CRASHED IN SOUTH AFRICA. ALL STUPID AND FOOLISH JARGONS.bE ON YOUR EARS TO HEAR MMM IN FULL BIZ THIS JANUARY AFTER THE HOLIDAY BREAK.
Andrew Naija 7 years ago
What biz do they do to give 30% interest/month?
How can the banks be angry when more people open bank accounts because of mmm?
People say there's no central account but do you realise some of the accounts you PH into belo ... read full comment
What biz do they do to give 30% interest/month?
How can the banks be angry when more people open bank accounts because of mmm?
People say there's no central account but do you realise some of the accounts you PH into belong to the organizers?
MMM won't even last in Ghana before the crash because of the small population.
He who has an ear...
Eric Moore Nigeria 7 years ago
Mmm has not been banned by the Nigerian government period .
Mmm has not been banned by the Nigerian government period .
Learn 7 years ago
So when are ghanaians going to learn. Is absurd me when I hear these.
So when are ghanaians going to learn. Is absurd me when I hear these.
Agoojie-holland 7 years ago
MMM nigeria is still operating. Providing Help (PH) still on going . they had an issue with their system. You people should fooling us. Ghanaian and Africans are learning and they know that is only investing that is the way ... read full comment
MMM nigeria is still operating. Providing Help (PH) still on going . they had an issue with their system. You people should fooling us. Ghanaian and Africans are learning and they know that is only investing that is the way forward to save guard their monies against inflation and devaluation. BOG cant do foko or tiee. They should block the website but we will open from different countries and PH and again GH. BOG dander-heads.
Agoojie-holland 7 years ago
These MMM and stuff are not Ponzi. BOG and Banks are afraid of competition and that is why they shivering. They cant stand the new idea for helping each other and these are basic financial ideas which have been kept under dar ... read full comment
These MMM and stuff are not Ponzi. BOG and Banks are afraid of competition and that is why they shivering. They cant stand the new idea for helping each other and these are basic financial ideas which have been kept under darkness. You read their theory and you would know that is simple. This is not an Investment or Saving stuff. Read their Theory.
ras 7 years ago
what kind of scheme can return thirty percent of amount invested monthly?If you invest 100 Ghana cedis you get paid 30 Ghana cedis every month, which translates to 360 Ghana CEDI's annually.An annual interest of 360%! Well, ... read full comment
what kind of scheme can return thirty percent of amount invested monthly?If you invest 100 Ghana cedis you get paid 30 Ghana cedis every month, which translates to 360 Ghana CEDI's annually.An annual interest of 360%! Well, invest and cry later.
Adongo the villager 7 years ago
Very soon people have forgotten the dkm scandal hmmm it's called chop today n cry the rest of your lyf
Very soon people have forgotten the dkm scandal hmmm it's called chop today n cry the rest of your lyf
Bitter Truth Pill 7 years ago
The more gullible and greedy the people the easier it is for a Ponzi to survive. The main problem is that instead of the regulatory investigating thoroughly and publishing the findings for all to learn lessons, the regulator ... read full comment
The more gullible and greedy the people the easier it is for a Ponzi to survive. The main problem is that instead of the regulatory investigating thoroughly and publishing the findings for all to learn lessons, the regulator rather covers up to avoid blame and liability
Concern Ghana 7 years ago
DKMs, Pyram, R5 etc
A Ponzi scheme or Ponzi game)[1] is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new inves ... read full comment
DKMs, Pyram, R5 etc
A Ponzi scheme or Ponzi game)[1] is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new investors, rather than from profit earned through legitimate sources. Operators of Ponzi schemes usually entice new investors by offering higher returns than other investments, in the form of short-term returns that are either abnormally high or unusually consistent.
Ponzi schemes occasionally begin as legitimate businesses, until the business fails to achieve the returns expected. The business becomes a Ponzi scheme if it then continues under fraudulent terms. Whatever the initial situation, the perpetuation of the high returns requires an ever-increasing flow of money from new investors to sustain the scheme.
The scheme is named after Charles Ponzi who became notorious for using the technique in 1920. The idea, present in novels (for example, Charles Dickens' 1844 novel Martin Chuzzlewit and 1857 novel Little Dorrit each described such a scheme),was actually performed in real life by Ponzi who with his operation took in so much money that it was the first to become known throughout the United States. Ponzi's original scheme was based on the arbitrage of international reply coupons for postage stamps; however, he soon diverted investors' money to make payments to earlier investors and himself.
A pyramid scheme is a business model that recruits members via a promise of payments or services for enrolling others into the scheme, rather than supplying investments or sale of products or services. As recruiting multiplies, recruiting becomes quickly impossible, and most members are unable to profit; as such, pyramid schemes are unsustainable and often illegal.
Pyramid schemes have existed for at least a century in different guises. Some multi-level marketing plans have been classified as pyramid schemes
He an entry from Wikipedia:
https://en.wikipedia.org/wiki/Sergei_Mavrodi
Bank of Ghana needs to be audited immediately. It's badly rotten within. Insults upon insults anytime I bring this up. They're are using the little guy as a cover up.
As Ghanaian economic and financial systems improve,many economic and investment opportunities become available. Many crooks will devise many schemes to defraud unsuspecting small investors.
Ponzi schemes of different nature ...
read full comment
Ultimately its the responsibility of the individual to bare any risks of this too good to believe investments and not the government. This culture of get rich quickly should stop.
Instead of ponzi scheme, Learn SMARTPHONE Devices Repair Techniques! Very Low Capital Business Entry costs...*BE SMART This Year* #Make Real Money; #Learn Micro BGA soldering; #Learn Repair Techniques, Metering & Troubleshoot ...
read full comment
Ponzi schemes aka Pyramid Schemes are going to spring up every day because they are easy ways to make money for both the perpetrators and the naive or 'sophisticated' investor. They come and go like a revolving door in the ...
read full comment
It crashed! And that's worse because no Govt is paying anyone foolish enough to buy into such a scheme. No Govt should waste scarce resources to reimburse an "investor" who simply recorded a loss.
MMM was neither banned nor crashed. It froze only its get help (GH) which will be unfrozen 14th January 2017. The website is working and other activities like provide help (PH) is still going on.Get your facts right. I doubt ...
read full comment
All these foolish people still believe MMM Nigeria will come back this month. It's not happening. Your money is gone with the wind boy.
IGNORANCE IS A SERIOUS DISEASE. MMM IS BOOMING LIVE IN NAIJA. RUMOURS THAT MMM IS BANNED IN SOUTH AFRICA, MMM HAS CRASHED IN SOUTH AFRICA. ALL STUPID AND FOOLISH JARGONS.bE ON YOUR EARS TO HEAR MMM IN FULL BIZ THIS JANUARY AF ...
read full comment
What biz do they do to give 30% interest/month?
How can the banks be angry when more people open bank accounts because of mmm?
People say there's no central account but do you realise some of the accounts you PH into belo ...
read full comment
Mmm has not been banned by the Nigerian government period .
So when are ghanaians going to learn. Is absurd me when I hear these.
MMM nigeria is still operating. Providing Help (PH) still on going . they had an issue with their system. You people should fooling us. Ghanaian and Africans are learning and they know that is only investing that is the way ...
read full comment
These MMM and stuff are not Ponzi. BOG and Banks are afraid of competition and that is why they shivering. They cant stand the new idea for helping each other and these are basic financial ideas which have been kept under dar ...
read full comment
what kind of scheme can return thirty percent of amount invested monthly?If you invest 100 Ghana cedis you get paid 30 Ghana cedis every month, which translates to 360 Ghana CEDI's annually.An annual interest of 360%! Well, ...
read full comment
Very soon people have forgotten the dkm scandal hmmm it's called chop today n cry the rest of your lyf
The more gullible and greedy the people the easier it is for a Ponzi to survive. The main problem is that instead of the regulatory investigating thoroughly and publishing the findings for all to learn lessons, the regulator ...
read full comment
DKMs, Pyram, R5 etc
A Ponzi scheme or Ponzi game)[1] is a fraudulent investment operation where the operator, an individual or organization, pays returns to its investors from new capital paid to the operators by new inves ...
read full comment