Political Risk Analyst, Dr. Theo Acheampong has advised Ghanaians to be wary of ‘too good to be true’ collective investment schemes.

According to him, these collective investment schemes, while tempting, are often fake and should be avoided at all cost.

“So if someone comes to me and says that there is for example a collective investment scheme that is offering returns in excess of 100%, so almost doubling of your money in no time, I would be very very worried and I probably wouldn’t put my money within that,” he said.

Speaking on JoyNews’ AM Show, he stated that taking into consideration that money is very hard to come by especially amidst this economic crisis, it is necessary for Ghanaians to be prudent about where to put their money.

“Because you see, where we are, times are really hard as we all agree to, and money is hard to come by. And it’s very easy to use one's friends and people within your immediate circle to push through some of these very bad or even fake investments schemes. So we just have to be very careful.

“But anything that looks too good to be true is probably the case and I would be worried about that. I would rather put my money in the bank where we are now than to go and put my money in some of these high yielding collective investment schemes,” he said.

He added that “So we all have to be extremely cautious about how we go about making some of these investment decisions and please make sure you engage other investment professionals, even let Google be your good friend, so you look for information, dig around, consult more widely before you decide to part away with that really hard cash you worked for.”