You definitely know someone who lost money to a Ponzi scheme. In Nigeria, for instance, three million people lost billions to MMM. In Ghana, Ponzi schemes aren’t new.
They show up in WhatsApp groups, after church service conversations, Twitter threads, and market stalls. From the collapse of Menzgold to wave after wave of online “investment platforms” flagged by the Securities and Exchange Commission and warnings issued by the Bank of Ghana, the pattern is familiar, and behind every headline is someone who thought they were making a smart move. Someone who believed the first payout meant legitimacy. Someone who convinced a sibling, a friend, or a colleague.
We spoke to five Ghanaians who have lost money to ponzi schemes about how they got in, how much they lost, and steps to avoid falling victim.
1) Mensah, 29, Ride-Hailing Driver – Lost ₵18,000
I didn’t think of it as greed. I thought of it as catching up. The economy was bad, and it was affecting me badly when a friend introduced me to an “investment club” promising 40% returns in 30 days. It sounded like relief. They had testimonials. They had screenshots. They even referenced how traditional banks like GCB Bank “could never give you this kind of interest.”
I started small. ₵2,000. In a month, I got ₵2,800. They paid on time. That payment was the hook. I reinvested. Then I convinced my sister. Then I added my susu savings.
When the platform froze withdrawals, the Telegram group admins said it was a “system upgrade.” Then silence.
The worst part wasn’t losing ₵18,000. I was paying back my sister some of the money she lost from the little I have. I wasn’t reckless. I was tired of being behind, but I learned something painful: quick money preys on greedy people.
2) Sika, 34, Nurse – Lost ₵42,000
I work long shifts. Sometimes 12 hours. I don’t have time to study stocks or understand treasury bills. So when a colleague told me about a “crypto mining opportunity” inspired by success stories like Menzgold investors who “made it early,” I listened.
They used big words: blockchain, AI trading bots, offshore accounts. It sounded sophisticated. They had Zoom calls. A well-spoken “CEO.”
I used some part of my life savings. I thought, “Let some of money work for me.” The returns came twice. Then delays. Then excuses about “regulatory issues” with the Bank of Ghana.
When it collapsed, I felt embarrassed. Educated people aren’t supposed to fall for these things, right? But Ponzi schemes don’t target ignorance. They target hope and trust within communities.
Now I ask one hard question before investing: If this fails, can I emotionally survive the loss? What saved me was that it was a part of my life savings. Imagine what would have happened if I had put everything into that scheme?
3) Baako, 22, University Student – Lost ₵6,500
I saw it on Twitter first. Influencers were posting screenshots of withdrawals. It felt like everyone was in it. If you weren’t, you were “sleeping.”
They said it was better than leaving your money idle in a mobile wallet like MTN Ghana. They used FOMO as marketing. “Only early adopters win.” I pooled my school fees balance and added some savings, and told myself I’d flip it and replace it before the semester started. They paid once, and I reinvested it, and then the withdrawals stopped. I panicked. I couldn’t tell my parents. I took a part-time job to cover the gap.
The real loss wasn’t ₵6,500. It was my peace. I checked my phone obsessively for updates from admins who had already disappeared. I heard on the news that they’re coming back to repay some people; if true, fine; if another scheme, once bitten, twice shy.
4) Nana, 41, Market Trader – Lost ₵25,000
In Makola, we talk. That’s how business works. Word spreads fast.
Other traders said they’d doubled their money in two months. They showed me cash. They said it was better than rotating contributions or trusting institutions like the Securities and Exchange Commission that “protect the rich.”
I don’t understand financial jargon, but I understand community proof. When five women you’ve known for ten years say it works, you believe them. I put in my Christmas inventory money.
When it crashed, some of those same women disappeared from the market for weeks. Shame is heavy. No one wanted to admit we were all recycling each other’s deposits.
Now I realize: if returns are coming from recruiting new people instead of selling real products, you are the product.
5) Peter, 37, Designer – Lost ₵60,000
I thought I was too smart to fall for it. I’ve read about Ponzi schemes. I know about Bernie Madoff. I’ve seen documentaries, but this one was different, or so I told myself. They had dashboards. Audited-looking reports. A referral system that gamified everything.
I didn’t need the money. I wanted acceleration. I wanted to skip years of grinding.
The first payouts felt like validation. I even gave financial advice to friends, but when the site went offline temporarily, I told everyone it would be back, and then it went offline permanently. My ego took a bigger hit than my bank account because of the way I believed in them.
The uncomfortable truth? Intelligence doesn’t immunize you against greed dressed as opportunity.
Five Steps to Escape (and Recover From) a Ponzi Scheme
1. Stop reinvesting immediately
Ponzi schemes survive on continuous reinvestment. The moment you suspect trouble, withdraw what you can. Don’t “average down.” Don’t wait for the next cycle.
2. Verify registration and oversight
Check if the company is registered and licensed with the Securities and Exchange Commission or recognized by the Bank of Ghana and other appropriate authorities.
3. Separate Shame From Action
Report it. Even if you recruited others. Silence protects scammers. Reporting creates patterns that regulators can track.
4. Audit the business model
Ask:
- Where does the profit actually come from?
- Is there a real product or service?
- Are returns tied to recruitment?
If you can’t explain the revenue source in simple language, it’s a red flag. Run
5. Rebuild with boring money
After a loss, avoid revenge investing. Start again with regulated, transparent options:
- Treasury bills
- Credit unions
- Licensed asset managers
Slow money compounds. Fast money collapses.
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Sometimes, the smartest financial move isn’t the fastest one. It’s the one that lets you sleep at night.
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I’ve lived many lives, but one lesson ties them all together: money is only as powerful as its utility. Through my work, I share stories about money and create guides for Africans who want to get the best out of theirs.