Ghana’s Minister for Finance, Ken Ofori-Atta, delivered a stern warning to the public about the risks associated with fraudulent money-doubling schemes and unrealistic profit promises amidst ongoing economic challenges. Speaking at the inauguration of the 4th Financial Fair at the University of Ghana Business School on Wednesday, October 11, 2023, the minister stressed the importance of making well-informed financial choices.
Ofori-Atta quoted the ancient wisdom of the “5th Law of the Book of Babylonians,” saying, “Gold flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers.
” He went on to caution against expecting quick riches, highlighting the danger of unscrupulous individuals and companies that make grandiose financial claims and then vanish, referencing Proverbs 30:11 as a moral guide.
The minister expressed concern over the significant financial literacy gap among Ghanaians and discussed various government initiatives aimed at improving financial inclusion and reducing economic vulnerability and income inequality. He lauded the efforts of Kotlers Management Services, the organizers of the Financial Fair, in enhancing financial literacy.
Samuel Ogyiri Sackey, the Managing Director of Kotlers Management Services, underscored the event’s significance and its theme, “Making Prudent Financial Decisions in Time of Adversities.”
The 4th Financial Fair, taking place from Wednesday, October 11 to Friday, October 13, 2023, is a three-day event organized in collaboration with financial regulatory authorities. It brings together key industry stakeholders to educate, exhibit, engage, and offer financial products to the public.
The event’s opening ceremony was attended by representatives from various financial regulatory bodies, including the National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Authority, and the Bank of Ghana.