{"id":1913,"date":"2019-01-12T21:34:14","date_gmt":"2019-01-12T21:34:14","guid":{"rendered":"https:\/\/www.aptnewsghana.com\/?p=1913"},"modified":"2019-01-12T21:34:20","modified_gmt":"2019-01-12T21:34:20","slug":"beware-of-another-nam1-any-scheme-that-pays-10-returns-monthly-is-ponzi-expert","status":"publish","type":"post","link":"https:\/\/www.aptnewsghana.com\/index.php\/2019\/01\/12\/beware-of-another-nam1-any-scheme-that-pays-10-returns-monthly-is-ponzi-expert\/","title":{"rendered":"Beware of another NAM1: Any scheme that pays 10% returns monthly is Ponzi \u2013 Expert"},"content":{"rendered":"\n

An economist and lecturer at the University of Ghana has<\/g> argued that financial<\/g> schemes that promise extremely high returns are most likely to be<\/g> fraudulent.

\u201cTo tell you the truth, if there is any scheme that promises an interest of<\/g> 10 percent<\/g> a month, I can comfortably say it is a ponzi<\/g>,\u201d Prof. Assibey said on news analysis show Newsfile on Joy FM Saturday.

His comments come amid a saga that poses a threat to the country\u2019s financial<\/g> sector. Described as a gold dealership firm, Menzgold<\/g> Ghana Limited has defaulted in paying its hefty returns to clients.

In September 2018, the Securities and Exchange Commission (SEC) ordered Menzgold to close down its<\/g> trading with the public as it was not licensed<\/g> to do so.

Since then Menzgold<\/g> has failed to pay returns to its 60,000 plus clients<\/g>. The initial deposits are also locked up despite several promises<\/g> to pay same.

In the capital, Accra, and the second busiest city, Kumasi; there have been<\/g> protest<\/g> matches<\/g> to force the embattled company to honour its obligation<\/g> to its customers.

The clients also want the government to come down hard on Menzgold<\/g> CEO, Nana Appiah Mensah, and his directors.

After more four months protest, the government has budged. Earlier this week<\/g> a warrant was issued ordering the arrest of Nana Appiah Mensah, otherwise called NAM1.

The authorities say they have informed Interpol to help track him down.

Meanwhile, the government says it won\u2019t use taxpayers\u2019 money to bailout Menzgold clients as both the central bank and the SEC gave countless warnings<\/g> to the public not to transact business with Menzgold<\/g> as they were<\/g> under investigation.

These warnings were woefully ignored.

Gold investments<\/strong>

Speaking on the business model of Menzgold<\/g>, Prof. Assibey noted that the returns<\/g> they paid or purported to pay on the supposed gold deposits did not<\/g> add up.

\u201cIf any agency promise stable and consistent return from dealing in gold, I don\u2019t know where the returns will come from because gold prices do not go up consistently\u2026\u201d

\u201c\u2026so there is no way you can be guaranteed consistent returns more so 10%,\u201d he stated. He added that it was \u201cclearly written on the wall that this is ponzi<\/g>\u201d. \u201cPeople should have known,\u201d he added.

Greed or Naivety?<\/strong>

The Finance Minister, Ken Ofori Atta early on while speaking on Menzgold<\/g> noted that there would be no government bailout for greed.

Many analysts have also called out the customers, accusing them of greed, since there were enough red flags.

Speaking on Newsfile, private legal practitioner, Ace Annan Ankomah noted that aside greed some may have been naive. <\/p>\n\n\n\n

credit: myjoyonline<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An economist and lecturer at the University of Ghana has argued that financial schemes that promise extremely high returns are most likely to be fraudulent. 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