2 years ago
IT IS captivating to observe that after the turn of events and breakdown of the shocking MENZGOLD theory schemes, a couple of other unlicensed endeavour plans have emerged and are at this point mushrooming with the latest one being Sidicoin.
The Bank of Ghana has sent a brutal reprimand to the general populace and enrolled its disappointment about the exercises of Sidicoin, and likewise, advised Ghanaians to prevent from placing assets into the arrangement. Inquisitively, some Ghanaians with a hankering for simple addition have excused and ignored the reprimand from the public bank and the approaching gamble and are placing assets into it.
The public bank said neither the arrangement nor its promoters had gotten the normal support to work in the banking and portion organizations region.
"The general populace is urged to rehearse alert concerning trading cryptographic types of cash and other unregulated endeavour plans," the bank said in a verbalization.
The attestation said the public bank had noticed the oncoming farewell of a cryptographic cash theory scheme named "SIDICOIN."
"Further to the past warning given by Bank of Ghana on such plans, explicitly Notice NO. BG/GOV/SEC/2018/02, Bank of Ghana features how such plans are not coordinated under any guideline in Ghana," it said.
The bank moreover cautioned all coordinated associations including banks, explicit store taking foundations, serious electronic money supporters and portion expert centres to stop working with cryptographic cash trades and unlicensed theory plans, through their establishment or expert outlets.
Sooner or later last year, a for the most part brilliant friend of mine persuaded me to place assets into an electronic money stage which he said was giving him certain benefits of GH¢800 seven days after a fundamental hypothesis of GH¢5,000.
He set forth some courageous energy to convince me, but with my lord data on financial bet the board and peril lightening measures, I declined anyway I contemplated the remarkable yields consistently.
Following two months, I met him and got some data about how his endeavour was doing and the rising returns, for him to tell me that the people had shot with his money and shut the web-based stage and website, "Charley, wouldn't worry people, they have taken my money.
"Whether or not I call their number, it doesn't go through." He regretted cash the executives, and I reminded him about our discussions about the risks suggested.
Power of the Ghana Stock Exchange figured out that no real interest in Ghana and, shockingly, in Africa can give a benefit from adventure or a supporting expense above 5% month to month.
He communicated anything above 5% a month is a mystery stunt clutching explode. Ghana's financial region has experienced a lot of Ponzi plans, and repudiation of licenses of bankrupt hold assets and advances associations, finance house associations, microfinance and banking establishments someplace in the scope 2015 and 2019 (Bank of Ghana, 2019b).
In 2015, DKM Diamond Microfinance Company Limited, Little Drops Financial Services, God is Love Fun Club, Jaster Motors and Investment Limited, and Care for Humanity Fun Club, were arranged in many bits of Bono Region, Bono East Region, Upper West Region and Upper East Region of Ghana were related with Ponzi plans (GBN, 2016).
Ponzi plans are underhanded hypothesis significant entryways that ensure high speeds of return with commonly protected to monetary benefactors anyway bomb for a long time (Chen, 2019). These associations made adventure instruments with an over the top interest return of over 40% for a multi-month time frame.
These foundations offered advance expenses higher than the base speed of 24 or 25 per cent for each annum introduced by sans risk government insurances (Larbi, 2016).
These unfeasible endeavour instruments pulled in clients of money related organizations in Ghana to place assets into them. These money related help clients were enthused about allowing their assets to work for them as opposed to working with their assets. Bank of Ghana shut down these associations in 2015, as their activities go against the standards of the Bank of Ghana, and some were unlicensed (Owusu, 2018).
Affected overcomers of DKM Diamond Microfinance Company Limited who officially applied to the power merchant for their contributed saves were 99,858, and Little Drops Financial Services, God is Love Fun Club, Jaster Motors and Investment Limited and Care for Humanity Fun Club were also more than 21,000 (Ofori-Atta, 2018).
In the year 2016, the Bank of Ghana again repudiated the licenses of 70 microfinance and money advancing associations in Ghana after the associations forgot to complete the central documentation for the last support of their licenses after the slip by of their impermanent licenses (The Financial Intelligence Center, 2016). GCB Bank Limited took over UT Bank Limited and Capital Bank Limited in 2017 after GCB Bank purchased these two banks as a result of the outrageous block of the banks' capital.
The takeover achieved the disavowal of the monetary licenses of UT Bank Limited and Capital Bank Limited in 2017 (Joy Business, 2017). Menzgold Ghana Limited was a gold display area and exchanging organization in Ghana. Menzgold Ghana Limited halted undertakings in 2018 after its grant was renounced by the Minerals Commission of Ghana. This association was related to gold trading and exchange (Securities and Exchange Commission Ghana, 2018).
Bank of Ghana made Consolidated Bank Ghana in 2018 to takeover Sovereign Bank, Royal Bank, The Beige Bank, Construction Bank and UniBank, as these banks were facing liquidity challenges (Frimpong, 2018). In 2019, the Bank of Ghana again kept the licenses from getting 23 cleared out hold assets and advances associations and cash house associations (Bank of Ghana, 2019b).
Again in 2019, Ghana's Securities and Exchange Commission disavowed the licenses of 53 insurance, and resource the leader's associations in Ghana (Securities and Exchange Commission Ghana, 2019). These 53 resources the board associations filled in as a deviant channel for Ghanaian monetary sponsor to contribute their resources.
These Ponzi plans and repudiation of licenses of a couple of financial associations in Ghana have affected the sensations of Ghanaians. Ghanaians are influenced by the arrangement of joblessness, loss of contributed saves, the breakdown of associations and other money-related challenges made by the humiliations and denial of licenses of a couple of financial foundations in Ghana.
BY Kwabena Adu Koranteng
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