Lack of financial education making Ghanaians lose money to fraudsters – Financial Analyst

A financial analyst and banker, Eric Tsiri, has said the lack of financial education and understanding have resulted in Ghanaians losing their money to fraudsters in the investment world.

The financial analyst, who was speaking to Rev. Azigiza Jnr. on the Gospel Breakfast Show on Number One 105.3FM on Wednesday, 23 January 2019, asked the media to educate Ghanaians on financial literacy, to enable potential investors to be vigilant.

“So, it’s financial literacy that we all have to embark on because anyone who will tell you that he can give you 10 per cent interest or anyone who says he can give you 6% to 5% interest, there is a question mark on that person.

“Financial literacy in this country is what we and the media need to educate the public on. Why will you follow 10 per cent interest to lose your money which you have suffered for your lifetime?

“Because if there are economic opportunities, people will invest in businesses, people will invest in the bank and invest the rest in businesses instead of going to follow these people who are promising them next to the moon”, he stated.

He, therefore, advised the general public to be vigilant when it comes to investing, adding that “you have to ask yourself some questions”. “Any money that someone takes from the bank they are not going to hide the money in the room and pray on the money to be increased”.

"They will give the money to people to do business with the money to make some profit, so, when they come to pay the interest of the money, then the bank will pay you from the interest, so, ask yourself, which business can you do in this country to earn 5% every month and 50% the whole year? There is nothing like that. This has to tell you that the person is 419”, he noted.