There’s a new ‘quick money scheme’ going viral in Ghana called “Loom Money”. With Loom Money, all you need to do is to invest as low as GHC50.00 and get GHC400.00 in return.
Loom Money Ghana is a pyramid scheme just like any ‘peer-to-peer’ money-making scheme (what’s popularly known as a Ponzi scheme).
After investing GHC50.00 in Loom, you are required to invite friends and family to join. Once you are able to get 8 people from your circle to join and they each pay GHC50.00 that amount is totaled and paid to you.
According to one WhatsApp group, the scheme is in four levels and represented by colors – Purple, Blue, Orange, and Red.
“Each time 8 people join the group, the person in the centre (usually on the red spot) gets the target amount which is GHC400.00 and after investing GHC50.00 leaves the spot for the next person.
“The Loom would then be split into 2 groups, the top half and the bottom half each becomes new groups and everyone moves into the next level.
“Which means those people that were in the purple move to blue, those in the blue move to orange, and those in the orange move to red (the final stage and the cashing out stage).”
In a Facebook post seen by Business Insider SSA by Pulse, the promoter explained that “the more people you manage to add to the circle, the quicker the movement of it, and thus, the easier it will be for you to make your money.”
“Loom Money Ghana promises a staggering easy cash reward of GHC400 for paying GHC50.00,” the Facebook post reads with a link to a closed WhatsApp group.
Investigations across WhatsApp platforms show that the Loom Money Ghana fever came into the country just this June 2019.
However, the scheme started in the UK, spread to Australia and then to other parts of the world such as Nigeria.