Business News of Thursday, 5 January 2017
Ghana’s Central Bank has given a strong indication it will deal swiftly with the operations of a Ponzi financial scheme called the Mavrodi Mondial Movement popularly known as MMM.
The scheme was recently banned in Nigeria but has moved to Ghana. The scheme encourages subscribers to donate money to members of the network for a huge interest rate returns.
Speaking to Starr Business’ Osei Owusu Amankwaah, the Director of communications at the Central Bank, Bernard Otabil said it will commence immediate investigations into the matter, adding “anything that has the potential of affecting the credibility of the financial sector we are very keen on and deal with such issues appropriately.”
“We have field officers who are always on the go and their job is to make sure that we weed out all the charlatans and ensure that all those we have licensed are doing the right things at all times. We are always on the go and the activities of charlatans won’t last long even if they succeed at the first try because we are always on their case”.
The Mavrodi Mondial Movement announced their entrance into Ghana on Twitter and asked interested persons to contact them. Since their first post many people have raised concerns about their operation and pressuring the Central Bank to investigate their operation.
Ghana is already battling a myriad financial saga; topmost is the DKM Microfinance debacle.