Clifford Cheqona, a psychologist specializing in trader behavior, has urged financial institutions to intensify financial literacy programs to protect traders from falling victim to unauthorized investment scams.
His call comes after the Bank of Ghana shut down Dek-Nock Investment Firm for engaging in unauthorized deposit-taking. Cheqona emphasized that financial literacy is crucial in preventing traders from being scammed.
With a solid understanding of the investment sector, traders can identify legitimate investment products, avoid suspicious ones, and check for regulatory warnings before investing. Financially literate traders are better equipped to recognize scams, such as unrealistic returns, unregistered investments, or pressure to invest quickly.
While commending the government’s decision to shut down Dek-Nock Investments, Cheqona stressed that education is key to safeguarding traders. He urged the government to prioritize financial literacy programs to empower traders to identify fraudulent investment activities.
The Bank of Ghana, in collaboration with the Ghana Police Service, closed down Dek-Nock Investments for violating Section 6(1) of the Banks and Specialized Deposit-Taking Institutions Act, 2016. The Bank assured the public of its commitment to promoting the integrity and stability of the financial system.
