Member of Parliament for Effia in the Western Region, Joseph Cudjoe, has cautioned that a vote for the National Democratic Congress in the 2024 election will be an endorsement for the resurgence of Ponzi schemes, which will inadvertently rob Ghanaians of their "investment meant to offer them a befitting future."In an article he wrote, Mr Cudjoe cataloged a medley of instances of a "rise in Ponzi schemes" anytime the NDC reins, and evidenced them as what awaits "Ghanaians, should they allow them close to power.""Between 2009 and 2016, when the NDC was in power, several Ponzi schemes operated in Ghana, drawing significant numbers of investors and ultimately collapsing by 2017."Top on his list is the DKM Microfinance, whose operations were in the Brong-Ahafo Region, with promised high returns to investors attracting thousands.
But in 2015, it was discovered to be insolvent, collapsed in 2016, and left many with heavy losses."God is Love Fun Club: Prominent in the Ashanti Region, this scheme offered enticing returns and had thousands of investors.
It collapsed around 2016, causing widespread financial distress among customers."Same with Jastar Mothers and Investment Limited, Care for Humanity Fun Club, Perfect Edge Group, and Little Drops Financial Services, all of which left millions of Ghanaians innocently losing their "future" through no fault of theirs."Jastar Motors and Investment Limited: This scheme promised high returns on investments related to car sales and services.
It grew popular but eventually collapsed, with many investors losing their capital.