Ponzi schemes are back and they’re smarter, slicker, and more damaging than ever. Across West Africa, from Accra to Lagos, fraudulent investment operations are tricking thousands into handing over their hard-earned money with promises of fast returns.
Two names currently stirring controversy are Qnet in Ghana and CBEX in Nigeria but they are just the latest in a long line of scams. While the faces of these schemes may change, their goal remains the same: to get rich off unsuspecting victims.
In this blog, we’ll expose how these scams operate, highlight past Ponzi schemes that hit Ghanaians hard, and break down the tactics used to deceive people. If you’ve ever been approached with a "business opportunity" that seems too good to be true: it probably is.
Past Ponzi Schemes That Scammed Ghanaians
Before Qnet and CBEX, Ghana witnessed a wave of investment frauds that left many people broke and bitter. Here are some of the notorious scams that have already made headlines:
1. Max International
Disguised as a health and wellness company, Max International used aggressive recruitment tactics and relied heavily on sign-up fees and product purchases.
Many Ghanaians who joined hoping for financial freedom ended up with stockpiles of unused products and no returns.
2. Longrich
Similar to Max International, Longrich presented itself as a multi-level marketing (MLM) company. Members were encouraged to recruit others, with promises of luxury cars, trips, and wealth.
In reality, only those at the very top saw significant gains while most participants lost money.
3. Menzgold
Perhaps Ghana’s most infamous scam, Menzgold promised high monthly returns on gold investments. For years, it operated unchecked until it finally collapsed in 2018, leaving thousands of Ghanaians out of pocket and angry.
The CEO, Nana Appiah Mensah (NAM1), became a household name for all the wrong reasons.
4. China Mall "Investment" Frauds
Using retail fronts to lure investors, some China Mall businesses claimed to offer double returns in weeks if people invested in their goods or distribution models. These operations quickly vanished, leaving behind broken promises and empty pockets.
Qnet in Ghana: The Deepening Deception
Qnet is perhaps the most controversial name in Ghana’s current scam culture. Marketed as a global direct selling and e-commerce business, Qnet promises financial independence through "entrepreneurship." But behind the glittering branding lies a trap.
Thousands of young Ghanaians have been recruited, often lured with fake job offers that lead to expensive "training packages" costing between GHS 5,000–12,000. Many victims report being held in remote locations, deprived of communication, and pressured into recruiting others—a textbook Ponzi pyramid scheme in disguise.
Qnet has been banned or investigated in multiple countries, including India, Rwanda, and Côte d'Ivoire. Yet in Ghana, its operations persist, especially in border towns and rural communities, where job desperation runs high.
The worst part? Victims don’t just lose money, they lose trust, dignity, and in some cases, their freedom.
CBEX in Nigeria: A New Threat
Now, a scheme called CBEX is raising alarms in Nigeria. Marketed as an "investment platform" tied to cryptocurrency and online trading, CBEX claims you can make over 30% returns in just days. Nigerians are being recruited through WhatsApp groups, Telegram channels, and flashy social media ads.
But like others before it, CBEX uses a classic Ponzi model: pay the early investors with money from new recruits. There is no real product, no legitimate investment just a vicious cycle of recruitment and false promises.
How These Ponzi Schemes Work
Ponzi schemes all follow a predictable but effective pattern:
1. Big Promises
They often guarantee high returns with low or no risk. If someone tells you your money can double in two weeks, run the other way.
2. Fake Legitimacy
These scams use fancy websites, fake testimonials, and flashy branding to appear professional. Some even register with local business authorities to appear legal.
3. Recruitment Pressure
You’re encouraged to invite friends and family—with rewards for every person who signs up. The real product becomes the people, not the service or investment.
4. Initial Payouts
At first, they may actually pay some early members to build trust. But these payments come from the new investors' money, not from any real profits.
5. The Crash
Eventually, new recruits dry up, the money runs out, and the whole system collapses. By then, the founders have vanished along with your money.
Voices of the Scammed
Real people. Real pain. Here’s what some victims had to say:
Kwabena, 29, Kumasi: "I paid GHS 8,000 to join Qnet. They told me I’d become financially free. After months of selling fake dreams, I realized I had been trapped in a scam. I’m still paying off a loan I took for it."
Ikenna, 22, Lagos: "CBEX looked real. They had a website and people who seemed to make money. I joined with N150,000. My dashboard showed growing returns… until the site shut down. I couldn’t even log in."
Michael, 35, Accra: "Longrich took my savings. I recruited my sister and two friends. None of us made anything. We ended up poorer and it tore our family apart."
These stories aren’t rare. They're everywhere. And the scammers are banking on your silence. Don’t let them win.
A Call to Government and a Word to Readers
It’s time for governments across Africa to take these scams seriously.
Authorities in Ghana and Nigeria must:
- Investigate and ban deceptive MLMs and Ponzi schemes
- Publicly publish warning lists of unlicensed financial operations
- Create educational campaigns on financial fraud and online scams
- Support victims through legal aid or recovery platforms
To Readers: Stay Alert
- If it sounds too good to be true, it probably is.
- Never pay to join an investment opportunity.
- Ask questions. Demand transparency.
- Don’t invest just because a friend or family member did.
- Trust your gut and do your research.
Conclusion: Stay Informed, Stay Safe
Whether it’s Qnet in Ghana or CBEX in Nigeria, Ponzi schemes are a growing menace across Africa. They prey on people’s financial hopes and dreams, using trust, religion, or even friendship to pull victims in.
If you're considering any investment opportunity, do your homework. Ask tough questions, verify the company’s background, and never invest money you can’t afford to lose.
When something sounds too good to be true, it usually is.
