Ghanaian businessman and philanthropist Alhaji Seidu Agongo has questioned the notion of wealth as being synonymous with luxury and social media extravagance, arguing that true riches lie in sustainability and hard work.

Speaking in an interview with TV XYZ, Mr Agongo dismissed the idea that driving expensive cars or living in plush homes automatically equates to being wealthy.

“At the end of the day, who is rich? Using a nice car doesn’t mean I’m rich, being in a nice house doesn’t mean I’m rich. For all you know, all those things are bank money,” he stated.

The businessman, known for his philanthropic work, cautioned against the increasing trend of individuals flaunting wealth on social media, often to attract investments or deceive people.

“All we see is fraudulent money, all we see is a scam. That doesn’t make you rich because you didn’t work for that money, so the money will not last. It’s just temporary,” he added.

Mr Agongo also expressed concern about people who showcase their assets to gain trust and attract investments, sometimes with dishonest intentions.

“Those who are making noise,” Mr Agongo said it could be a strategy “to draw attention for people to get attracted to them so that they can use it to take the people’s money. There are a lot of people using people’s money to work,” he explained.

His remarks come at a time when social media has become a platform for many to display their perceived wealth, often raising questions about the authenticity and sustainability of such riches.

Ghana has witnessed several financial scams where individuals, claiming to be wealthy entrepreneurs, have lured unsuspecting investors into schemes that eventually collapse.

Mr Agongo, however, acknowledged that borrowing money to invest and generate wealth is a legitimate practice, provided it is done with integrity.

“Real money, you can borrow, you can take from somebody, put it into a meaningful investment to be able to generate more and pay,” he said.

He warned, however, that when money is taken from people with no intention of repaying or through deceitful means, it becomes a serious issue. “That is when it becomes a problem, and we’ve seen so many of those things happening in Ghana,” he noted.