A statement by the Communications Department of the BoG noted that the company operated a Ponzi scheme through a virtual office, for which reason BoG has sought to draw the attention of the public to its activities.

It said the company, which has claimed a client base of over 10,000, goes round mobilising deposits from the general public.  According to the Bank of Ghana, the institution’s operations “are contrary to Section 6(1) of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)”.

 It said their operations also “threatened the safety and soundness of the financial system”.

The BoG has thus stated categorically that MMM Ghana “is not licensed by the Bank of Ghana to engage in any form of deposit-taking activity”. Therefore “anyone who does business with MMM Ghana does so at his own risk,” the statement said.