<<Print>>

George Mireku Duker, Member of Parliament [MP] for Tarkwa-Nsuaem constituency, has advised Ghanaians to learn lessons from the fate of the people whose monies have been locked up in collapsed financial institutions in the country.

He urged the citizenry not to invest with shady businesses.

Due to the culture of investment adopted by many Ghanaians, some people tend to put their monies where they will gain more in order to advance their life objectives.

Just as it is important to develop the culture of savings and investment, it is equally of significant value to check where the investments are going so as to avoid losing the money to an illegal financial entity.

But this has been the fate of some Ghanaians as they invested with savings and loans companies as well as fund management agencies that were declared by the State and financial authorities as either operating without license or declared as illegal businesses.

The likes of Menzgold, DKM, Alpha Cap Limited, Beige Capital Asset Management Limited, Cambridge Capital Advisors Limited, EM Capital Limited, Energy Investments Limited, Fromfrom Capital Limited, Gold Rock Capital Management Limited, Heritage Securities Limited including banks like the Capital Bank, UT Bank among others have all had their licences revoked.

The Securities and Exchange Commission (SEC) has shut down 53 fund management companies in the country.

Speaking on Peace FM's 'Kokrokoo' on Thursday, Hon. Mireku Duker wondered why some Ghanaians are so incorrigible that even upon all announcements by the financial authorities and the SEC not to save with some companies, they would go ahead and invest and later turn around to blame President Nana Akufo-Addo.

According to him, the affected Ghanaians are largely moved by greed to invest their monies with such illegal companies.

He therefore urged Ghanaians to stop running for quick money.

"Everybody must wake up. And when you're going to save your money somewhere, you need to ask questions for money is not obtained from the floor. Those people telling you to bring your money and they will multiply it for you, these are things that the bible is even against but you'll find Christians involving themselves in . . . Money is not cheap. You can't get it like that. From the days of Adam, it's not been cheap. You need to work for it," he lamented.

He also jabbed those companies that deceive people to invest with them and eventually duped them.

"These people are just cruel. Somebody works hard and comes to the bank to put his money there thinking his or her money is safe but those bankers, out of greed, enter different figures and it is President Akufo-Addo that the victims are blaming. How can you blame President Akufo-Addo?''