You could be fooled by high interest rates; be wary – Mahama advises public

President John Dramani Mahama has cautioned the general public to be wary of high interests on deposits offered  on the market, saying such outrageous financial packages have high risk involved.
“If somebody is offering you an interest rate that is higher than the T-bill rate, take a step back and look at it well; that person may be ‘fooling you’ and only trying to dupe you,” he stated.
Several Microfinance Companies including DKM Diamond Microfinance, God is Love Fun Club, Jastar Motors and Investments Company Limited, Little Drops Association, Care for Humanity and Eye Adom ‘Fun Club have all reportedly defrauded their customers.
Irate customers of these micro-finance institutions have employed all sorts of measures to demand that the Bank of Ghana and the government get involved to help them retrieve their investments.
The Bureau of National Investigations (BNI) consequently arrested four operators Micro-finance Company in the Brong Ahafo Region.
However, addressing the  media at the Flagstaff House in Accra, President Mahama said most of the products which promises high interests on deposits are “enticements” to lure and dupe unsuspecting customers.
 source: kasapaonline