I am writing this article as a victim of fraudulent activities of some savings and loans banks in Ghana. These banks advertise widely to attract customers to save with them.
They sell treasury bills 1% or 2% higher than Bank of Ghana rates, making them more attractive than the traditional commercial banks.
I am writing this to educate unsuspecting citizens of Ghana to be careful with savings and loans banks and not to buy their Treasury bills.
With banking cleanup by the Bank of Ghana, customers may think liquidity of these banks is not a problem and their investments will be paid when they mature easily. Alas, this is not the case for some of the savings and loans banks making me to wonder the real outcome of the banking cleanup.
After my treasury bill matured and I indicated through writing giving clear instructions I was not going to roll over, for several months now, calls and emails and even reports to complaints office of Bank of Ghana has not yielded any result.
The bank admitted they have liquidity challenge and begged me to roll over. Meanwhile they still take deposits. This is akin to NAM1 menzgold Ponzi scheme.
The bank in question is Bond savings and loans bank with branches all over Ghana.
Much as it’s not our intention to run down the bank in question, the innocent public has to be informed to be careful with some of the banks.
The bank of Ghana has to quickly look at recapitalization of the banks and to monitor closely what they do. If drastic action is not taken, trust in the banking sector will drastically diminish.
In conclusion I will be grateful if Bank of Ghana will compel the bank in question to release depositor’s investments to them.