The Bank of Ghana has cautioned consumers against schemes that advertise sophisticated products to the general public that are not easily understood.

According to the Central Bank, the scheme may be a Ponzi only meant to lure unsuspecting individuals to invest in these fraudulent products.

In a circular to the public, it said "beware of institutions whose operations overly revolve around one person, such as the Chief Executive Officer".

“For example, it should be a source of concern if payment of matured investments cannot be made to customers because the Manager has travelled”, it explained.

“Is the interest rate offered to you far above the industry average or the Treasury Bill Rate? Be careful! If the interest rate looks too good to be true, it is probably not true”.

It also warned consumers to be careful of institutions which plead frantically with them to rollover their investments against their wish, adding, “It could be a warning sign of an emerging crisis”.

It urged the general public to contact the Bank of Ghana Market Conduct Office for any enquiries.