The Reverend Dr. Samuel Worlanyo Mensah, an Economist 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.
Rev. Dr Mensah who is the Executive Director of the Centre for Greater Impact Africa (CGIA) explained that until the BoG regulate cryptocurrency investments, it was inadvisable to invest in it.
Speaking on the topic, “Investment and sustainable development,” at the Ghana News Agency Tema Industrial News Hub Boardroom Dialogue platform, Rev. Dr. Mensah stressed that “as Ghana has not accepted and not regulating crypto 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 trusts worthy.”
He explained that even though some countries have accepted it as part of their national currencies, Ghana was yet to do so, therefore investing in it was equivalent to investing in the air with nobody to hold responsible in case of any eventuality, according to him, there were no physical offices and workers to turn to.
On having prominent people endorsing cryptocurrency the economist disclosed that it was a business strategy that was being used to lure many unsuspecting people into investing in such currencies.
He stressed that having realized that most countries were cautioning their citizens against it, operators were now conniving to convince the public about it through endorsements.
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.
She 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.
She encouraged the public to consider investing for longer periods, opening 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 noted that it was okay to start small, it was a wrong notion that investment must be done only when one was earning more or have a lump sum.
Mrs. Ellis who is also a Financial Planner reminded the public that investment was for everyone and it was 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”.
