EDITORâ€”I would like to thank Jackson Byaruhanga for his sharp criticism of the â€˜arms foldedâ€™ approach of the Bank of Uganda to the pyramid schemes thriving in many parts of the country without any form of control.
I am aware that so many people have been fleeced by these schemes. One such example is TEAM Business of Jinja that caused so many contributors to lose millions of shillings to ghost directors and make-believe investments.
It is sad that these schemes thrive right under the nose of the district authorities who should be on the look out for such illegal activities.
I wonder if pointing fingers at Bank of Uganda alone is enough because I feel it should be one of the core functions of the Government, through its representatives in the districts.
In addition to prosecuting the culprits, the Government should formulate a policy on money-lenders.
We need a policy on pyramid schemes