Fred ventured into online marketing in 2019 after resigning from Beige Bank, where he had worked before the bank’s collapse. He started his online marketing business with his wife, initially investing GHC 1,600. Their business quickly grew, and within a year, they had made over GHC 100,000.
In an interview with DJ Nyaami on SVTV Africa’s Daily Hustle GH, Fred explained how they started by going from shop to shop, running advertisements and adding small markups to products. Customers from Tamale and other regions would place orders online, and once they made payments, Fred would buy the items and ship them. He emphasized that honesty was key to their success.
Fred had gained experience in online investments since 2018, including an unsuccessful attempt at cryptocurrency. He lost everything in the Global Coin Community Help scheme. Learning from his past mistakes, he diversified his investments, including purchasing land.
His friend, Yaw Manu, who was also in the loan business, joined him, and they started giving out loans. At a point, customers began asking for a physical shop location. Fred’s mother had a shop in Bubuashie, which they used as a base for transactions. His loan business took a unique approach—offering loans where customers paid interest without touching the principal, allowing their businesses to grow.
One of his major investments involved a woman he had known since 2016. She owned three warehouses and needed capital to expand her business. Trusting her credibility, Fred invested GHC 100,000 in her business. She was involved in distributing brands like Voltic and Bel beverages. Over time, he continued investing, and by 2024, his total investment had reached GHC 800,000.
In July 2022, the woman proposed using GHC 400,000 for a loan and another GHC 400,000 for business expansion. They documented the agreement, but she had already used her property as collateral for a different loan. Her twin sister guaranteed the deal, and Fred obtained documentation of the land as security.
However, he noticed inconsistencies in her financial dealings—she was borrowing from multiple sources while claiming her business was thriving. Later, she convinced Fred to register the business under both their names. Meanwhile, a friend in the USA planned to send him GHC 200,000, but due to unforeseen circumstances, the money never arrived.
Adding to his troubles, Fred’s wife developed a serious health condition, requiring costly treatment.
In September, the woman informed him that she had secured a five-year U.S. visa and planned to travel through the UK to explore business expansion opportunities. Fred was skeptical but waited for her return. By December, he expected an apology, but instead, her husband explained that they had sold their property at Alhaji.
For five months, no loan payments came in. Eventually, she made partial payments of GHC 100,000 and GHC 250,000, reducing her debt to GHC 740,000. Meanwhile, Fred’s container was in front of her warehouse, and she charged him GHC 250 monthly for space, later deciding to deduct it from the investment balance.
Tensions escalated when Fred posted about the situation on Facebook. The woman insulted him in the comments, calling him a fool and telling him to find a job. When he confronted her about his money, she refused to pay interest and only agreed to return the principal. She had already shut down the business, sold the property, and transferred her Voltic contract to someone else.
Fred realized he should have taken collateral worth more than his investment. He consulted lawyers, and the investment agreement was set to expire in April 2024. If she failed to pay by then, he planned to pursue legal action. The woman and her husband claimed they were working together to repay the debt, but she had already sold most of her properties.
On a personal note, Fred shared that his wife had fully recovered from cancer, a rare outcome. During her pregnancy, she developed lumps, and although they initially lost a child, they later found an alternative treatment using cannabis oil. The high-THC oil, sourced from India, worked effectively, and she no longer needed chemotherapy.
Despite the financial setbacks and betrayals, Fred remains focused on rebuilding his business and moving forward.
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