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‘Another incoming Nam 1’ Ghanaians call out Cheddar’s Freedom Coin

Some Ghanaians have expressed concerns about the yet to be launched Freedom Coin by Nana Kwame Bediako, also known as, Cheddar.

Cheddar

They think the cryptocurrency could be a camouflage, which could lead to many people being duped.

These concerns come after the Bank of Ghana warned Ghanaians not to invest in the Freedom Coin in a press statement on Wednesday, March 9, 2022.

In a clear rebuttal, Nana Kwame Bediako wrote on Twitter that the Central Bank should worry about solving the cedi’s depreciation rather than bothering about Freedom Coin.

As a result of the fears expressed by of some members of the public, they have equated Freedom Coin to Menzgold, a gold dealership and investment company that was established by Nana Appiah Mensah, popularly called, Nam 1.

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Menzgold promised to pay its customers an average of 7-10 percent monthly returns on their investments.

However, when it became clear that the company was a fraudulent entity, it was shut down by the Ghanaian government. This was because Menzgold could not settle the agreement it made with it’s clients.

Since 2018, Nam 1 has refused to refund his customers. In January 2022, an Accra High Court granted permission to the Economic and Organized Crime Office (EOCO) to sell his properties to pay the aggrieved customers.

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Regardless of the caution by the Bank of Ghana and the fears expressed by other people, others say they will invest in the Coin when it is launched but withdraw their funds at the hint of any possible loss.

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