With a vision ‘to achieve a comparative advantage among leading investment companies…’ and a mission ‘to become an outstanding provider of legitimate investment services…’ Onward Investment Limited, an indigenous Ghanaian company with registration number CA-75,073 is experiencing the sanction of Bank of Ghana (BOG) as they operate without a license in the financial market.
BOG is making a relentless effort to protect ordinary investors in the system hence would stop any organization that flouts its regulations.
Onward Investment Limited has an aim to contribute to the economy by developing the Forex market through the offering of Forex training services and online forex trading for individuals in the country and even foreigners. But it’s very unfortunate on their part that the BOG had to put a hold on their operations and warn the public about them, on the basis of not having a license to receive deposits from the public. What is the point in trying to achieve those great visions without passing through the right processes?How many of these unlicensed financial service providers are in the system? What is the Securities and Exchange Commission doing to protect investors? Why do companies refuse to get a license if that could boost their businesses? Are the licensing processes too rigid or demanding? These are questions the average investor is asking.
On the part of Onward Investment ltd.; who are the owners? , what is their expertise? , what are their records and what are the clear benefits for the investment community. If potential partners and investors find it difficult to answer these questions then there is something wrong.The only ‘known’ Board of Directors of this company includes; Lawrence Mensah, Mohammed B. Saleh , Kwesi T. Ababio and Simon Y. Nyarko.
We hope to know more about this company and the progress of their restriction by the Bank of Ghana.
Bank of Ghana must try to refund the monies of innocent investors.For it is quite difficult working for money for a long years only to be found out that the money had been seized by bank of Ghana.Please find a way to refund customers money.Thank you.
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Since the Bank of Ghana has kept the money for long period an average investor will them work with to obtain some positive returns so as to appreciate the investment made by the innocent customers.
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The Bank of Ghana are expected by an average Business man to re-invest the money seized to obtain positive returns and reflect in the innocent customers deposits of onward investment.Or Bank of Ghana may bring similar product and sell it to these innocent customers.Bank of Ghana can easily convince them to patronize their product.
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Great insights
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I agree.
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It's more than six months now and no one has heard anything from Bank of Ghana concerning the victims of onward investment ltd, so the question is, are the victims going to receive refund of their monies? BoG please let hear from you because I know people who have deposited all their pension pay at onward so please let atleast these people get their monies back to avoid any tragedy.
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The victims would surely get their monies back, that, I can assure you. It's a matter of time.
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It was wrong on the side of BOG to stop their operation. BOG initially claimed their returns was too much, this was influenced by some financial institution to close onward down. But in reality Fx can make more returns than what Onward was promising his clients.
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BOG claimed Onward is running a scheme similar to a PONZI and this not good for the system. there were other licensing issues.
The customers of ONWARD Investment ltd can now go for their monies starting from Tuesday, 24th July 2012.
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I heard de BoG froze de accnts of onward which hd only a fractiopn of de whole money so hw do all de customers get their principal n interest
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I can assure the vice president that if he failed to order release of the monies before the election he would loose because the same God he is counting on would reject him as wicked person for he is merciful.
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Most of the private financing of infrastructure has been particularly damage.
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