Forex Nightmare: Young Damongo Teacher Battles Family Pressure After GH₵400k Loss
- A young teacher from Damongo said he was struggling to cope after losing over GH₵400,000 to forex trading
- He stated in a video that he had sold family land and his electrical shop in a desperate bid to recover losses
- Previously respected for supporting needy students, he was facing family backlash and emotional distress
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A heart-wrenching video has emerged of a young teacher from Damongo, in the Savannah Region, emotionally breaking down after allegedly losing over GH₵400,000 in an unsuccessful forex trading venture.
Source: Getty Images
The yet-to-be-identified professional teacher, who was once reportedly celebrated in his community for supporting needy pupils with uniforms and meals, said he had reached his limit.
According to the distraught man, his troubles began after he channelled proceeds from the sale of personal items and family property into trading.
Initially, the forex market looked promising, and for three years, he claimed to have recorded good profits, which gave him the confidence to invest more.
However, things took a turn when his lack of deep financial training and risk management caught up with him.
Teacher faces breakdown after forex scheme
As losses piled up, he desperately sold items from his once-thriving electrical shop and even gave out the business space for rent, hoping to recover. That move, too, ended in financial ruin.
In the emotional clip seen by YEN.com.gh, the young teacher said he even sold a parcel of family land, hoping to reclaim his losses. However, that also failed, with his world crashing down.
Source: Getty Images
Currently, with growing pressure from relatives, particularly after his parents discovered the family land had been sold, the teacher said he felt overwhelmed and was struggling emotionally.
He tearfully apologised to his family and anyone he believed he had disappointed.
The video of the emotional teacher recounting his story is below.
Ghanaians react to teacher's forex nightmare
YEN.com.gh gathered some reactions from Ghanaians who came across the video on social media. See some of the comments below.
O.b.i_of_lagos commented:
"All of una no know say forex na sportybet wey wear red suit."
@NiiAbbey007 said:
"I keep telling these young People that forex trading is a scam."
@elvis_quajo wrote:
"When he made substantial gains, we never heard from him, but now during his losses, we’re expected to share in his pain, aren’t we?"
@iamdennisdarko commented:
"Risk Management. Risk Management. Risk Management. Trying to get rich quick will make you broke fast."
Shatta Wale rubbishes forex money rumours
YEN.com.gh had earlier reported that Shatta Wale’s godfather, Kofi Boat, had been arrested by the FBI over an alleged $100 million fraud case.
The Ghanaian musician has since distanced himself from Boat’s wealth, insisting that his fortune was not linked to forex scam dealings.
On June 19, Shatta Wale went live on TikTok to clear the air, stating that he had over $60,000 in streaming earnings that DistroKid still owed him.
Source: YEN.com.gh
