Financial institutions urged to increase literacy to prevent investment losses
Trader’s Psychologist & Light Speaker, Clifford Cheqona has called on financial institutions to intensify financial literacy advocacy programmes to combat the alarming rate at which traders in Ghana fall victim to scams involving unauthorised investment firms.
He explained that financial literacy can significantly reduce the likelihood of traders being scammed by unauthorised investment companies. With a solid understanding of the investment sector, traders can recognise legitimate investment products, avoid suspicious ones, and check for regulatory warnings before investing.
Clifford Cheqona added that financially literate traders are better equipped to identify warning signs of scams, such as unrealistic returns, unregistered investments, or pressure to invest quickly.
He said they also can verify the credentials of investment professionals and companies before entrusting them with their money.
“The government’s decision to shut down this firm is a positive step toward protecting investors.
“However, the critical question remains: what measures are being implemented to help people access this vital information before they become victims? The priority for the government in safeguarding traders should be education—specifically, educating them on how to identify fraudulent investment activities,” he stated.
It is worth noting that the Bank of Ghana, in collaboration with the Ghana Police Service, has closed down Dek-Nock Investments, located in Nungua and Ashaiman in the Greater Accra Region.
This action was taken under Section 20(2)(g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930).
A statement signed by the Secretary of the Central Bank, Sandra Thompson, indicated that Dek-Nock Investments was engaged in unauthorised deposit-taking, violating Section 6(1) of Act 930.
The statement further noted that the Ghana Police Service is conducting ongoing investigations into the operations of Dek-Nock Investments and urged all customers to remain calm during this process.
The Bank also assured the general public of its commitment to promoting the integrity and stability of the financial system.
