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The Deputy Northern Regional Commander of the Ghana Immigration Service, Assistant Commissioner of Immigration (ACI) Francis Yaw Tachie has attributed the increasing rate at which Ghanaians are scammed by pseudo financial institutions and ponzi schemes to the high financial illiteracy rate in the country.

According to him, many Ghanaians, including officers of the Immigration Service are mostly scammed by ponzi schemes because they simply do not have enough knowledge on how the financial sector operates and how to avoid being scammed.

ACI Yaw Tachie said even though many blame victims of ponzi schemes for wanting to make huge profits through such investments, it is mostly the case that they simply did not have knowledge on to avoid falling victims to such schemes.

“Though some have attributed this unfortunate situation to greed on the part of the people who have fallen victim, you will also agree with me that, for most of them, it was because they lacked the requisite basic knowledge in financial issues” the Deputy Northern Regional Commander explained.

He said even though victims may be well educated, they could still be scammed if they did not have enough knowledge on financial issues.

ACI Yaw Tachie was speaking at a day’s sensitization workshop on Financial Literacy for Immigration Officers in Tamale in the Northern Region on Tuesday, July 26.

The workshop was organized by the Bank of Ghana to educate Immigration Officers in the region on financial literacy and how to protect their investments at all times.

The Immigration Commander disclosed that many officers of the service have over the years been part of victims of ponzi schemes and other scams, some of who, he added take loans to invest in such schemes.

“Most of our officials who have fallen victim have been quiet over the issue because of how embarrassing it has become.

“Some of these victims went for huge loans from the banks to undertake these investments because what these schemes seem to offer in returns far outweighs the interest these potential investors have to pay on these loans. The loan payments have now become a challenge to them.” he said.

ACI Yaw Tachie therefore commended the Central Bank, for organizing the sensitization workshop for the officers, noting that it will go a long way to enlighten them on how to avoid being duped by such schemes.

“It Is in light of this that I want to express my delight and deepest appreciation to the Bank of Ghana for taking such an initiative which will not only benefit our young ones, but also those who may be going on retirement in few years to come so they do not end up as paupers when they go on pension.

“I also believe that the session will equip participants with the requisite understanding on their rights and responsibilities when dealing with these financial institutions, especially in the area of loan negotiation, so they will not be short-changed in such deals.” he noted.

Mr Mohammed Abdul Aziz speaking at the workshop

The Northern Regional Manager of the Bank of Ghana, Mohammed Abdul Aziz said the workshop was aimed at increasing awareness on key financial consumer protection issues within the banking sector.

He said as consumers and law enforcers, there was the need for the security officers to be empowered on financial consumer protection issues.

“It is for this reason that we deem it a moral duty to empower you, especially so when you are typically considered law enforcement agents. Given that you play dual roles: first, as a consumer and second, as a law enforcer.” Mr Abdul Aziz said.

The sensitization workshops are being organized across the country for officers of the Immigration Service to equip them with knowledge on financial issues.

Story: Mumuni Yirifa Yunus | Justicefmonline | Tamale

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