Accra, Feb. 22, GNA - President Nana Addo Dankwa Akufo-Addo has cautioned Ghanaians to be weary of financial schemes that promise unrealistic returns on investments.
He said there were returns on money that were considered normal or reasonable within an economy but, "when people come and offer returns that are extraordinary... I am pleading with you to be on your guard."
The President gave the advice when he interacted with officers, men and women of the Ghana Armed Forces at an all-ranks durbar at Burma Camp in Accra.
The admonishment was necessitated by a question asked by an officer who wanted know government plans to help recoup their locked-up investment at the defunct gold-dealing investment firm, Menzgold.
President Akufo-Addo said all around the world, the history of schemes that promised unrealistic returns on investments had invariably turned out to be very 'fraudulent and suspicious'.
"Yes, my goodness, I would like 10 to 15 percent on my small money every month, but it is not realistic.
"So the plea I am making is, whenever you hear of schemes that say they are going to give you money that is extraordinary in its returns, you have to be careful about patronizing them," he warned.
Acknowledging that though the times were difficult and everyone was looking for ways to survive, the President said there could not be a substitute for hard work, creativity and Innovation in the way we develop our economy".
He was sure that if Ghanaians diligently channelled their energy and talent into hard work and creative ventures, Ghana would be "able to cross the bridge to prosperity very soon."
"We need to be disciplined and hold on fast to creating simple values; you make money because you have worked for it.
“It’s harsh, what I am saying, because somebody has put a lot of their savings in a scheme that has gone awry... But it is important to recognize that the person who comes with a seductive song that I can give you this and that which is not normal, which is out of the way, that person almost certainly is singing to you a song that would get you into trouble if you listen carefully, " he said.
Fortunately, with the creation of the Financial Stability Council, which brings together all the regulators in the financial sector, the President said this would ensure that all financial entities have the requisite authorisation to carry out operations.
This would ensure that no financial entity operated unregulated in the country, he said.
The President as part of his visit to Burma Camp presented 140 multi-purpose vehicles to the Ghana Armed Forces (GAF). He also commissioned the reconstructed Command Mess of the GAF.
He used the opportunity to assure the rank and file of the GAF of government's commitment to resource the GAF and address its manpower, logistical and infrastructural challenges to enable it better perform its core functions of defending the territorial integrity of Ghana and other contemporary and emerging security challenges.
The President also commended the military for their professionalism and urged them to keep up the good work to maintain the stable environment needed for economic growth and development.
He assured them, including the civilian staff of the GAF, of an ongoing policy review that would hopefully address their conditions of service.
GNA
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