The Centre for Greater Impact Africa (CGIA) has cautioned the public against investing in cryptocurrencies as the Bank of Ghana (BoG) is yet to license it, making it a high-risk venture.
Reverend Dr. Samuel Worlanyo Mensah, the Executive Director of Centre for Greater Impact Africa, explained that until the Bank of Ghana starts regulating cryptocurrency investments in the country, “it is not advisable to invest in it.”
“Since Ghana has not accepted and not regulating cryptocurrency, if you engage in it, it is at your own risk, because if it is accepted by the laws of the country, then it is safe and trust worthy.”
Reverend Dr. Samuel Worlanyo Mensah
Speaking on the topic: ‘Investment and sustainable development,’ Rev. Dr. Mensah stressed that even though some countries have accepted crypto currency as part of their national currencies, “Ghana is yet to do so, therefore investing in it is equivalent to investing in the air with nobody to hold responsible in case of any eventuality.” According to him, there are no physical offices and workers to turn to in case of any eventuality.
On why there are many prominent people endorsing cryptocurrency, the economist disclosed that it is a business strategy that is being used to lure many unsuspecting people into investing in such currencies.
“You see, having realized that most countries are cautioning their citizens against it, operators are now conniving to convince the public about it through endorsements. I think this is really having an influence on people because they are patronizing it a lot.”
Reverend Dr. Samuel Worlanyo Mensah
The Higher the Return on Investment, The Higher the Risk
Mrs. Ramat Ebella Ellis, Banking Executive and CGIA Investment Advisor, contributing to the discussion, reminded Ghanaians that the higher the return rate for an investment, the higher the risk involved.
The Banking Executive and CGIA Investment Advisor added that, based on recent happenings on such high yield investments, a potential investor must do a proper background check, and if possible, contact the Bank of Ghana to ensure all legal fulfilments and licenses had been done for the said investment product.
Mrs. Ellis said potential investors could consider some bank products such as: treasury bills, fixed deposits, cocoa bills, bonds, trust accounts, shares, and mutual funds, among others.
Mrs. Ramat Ebella Ellis also encouraged the public to consider investing for longer periods. She advised that potential investors should open high-yield savings accounts by shopping around and comparing the rates of banks, as well as taking advantage of other available bank products instead of venturing into high-risk unregulated investments.
The investment analyst averred that it is okay to start investment with the small capital at one’s disposal, noting that it is a wrong notion that investment must be done only when one is earning more or have a lump sum.
Mrs. Ellis who is also a Financial Planner reminded the public that investment is for everyone and it is the best way of securing the future for personal sustained development, stressing that, “Investment is all about what you can do with what you have, it is earmarking money for the future with the hope that it will grow over time.”
READ ALSO: Ukraine War: New US Sanctions Target Putin’s Daughters
