The Bank of Ghana (BoG) has issued a caution to consumers regarding schemes that promote sophisticated products to the general public, which may not be easily understood.

The Central Bank warns that such schemes could be Ponzi schemes designed to attract unsuspecting individuals to invest in 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 further cautioned consumers to exercise caution with institutions that urgently request them to renew their investments, even when it goes against their preferences.

"It could be a warning sign of an emerging crisis”, it added.

It encouraged the public to reach out to the Bank of Ghana Market Conduct Office for any inquiries.