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30.03.2007 Business & Finance

Campus mutual fund launched

By Chronicle

The securities Discount Company (SDC) has launched a Campus Mutual Fund (CMF) in Accra to inculcate the habit of savings among students.

The objective of the fund is to systematically grow the monies provided by its investors who are primarily students of tertiary institutions as well as the general public.

In his welcome address, Mr. Kwame Kusi, the General Manager Brokerage SDC said the CMF exhibits characteristics of a universal market-oriented scheme in which the target investors include individuals, companies and churches.

The Chief Executive Officer of SDC, Mr Charles Ofori in a speech, pointed out that the vision of the SDC was to create a dependable financial instrument for young students to connect them to the macro-economy and give them ownership in leading enterprises and urged the campus community to invest in the Mutual Fund to build a supplementary pension/savings portfolio to complement the state pension.

He stated that inadequate savings were the result of failure to recognize inherent economic risks and added that financial education could help supply the knowledge and specific skills required to plan for the future.

“Financial education can also provide the “how-to” knowledge needed to open and check account or shop effectively for a mortgage” he added.

On his part, Mr. S.K. Yamoah, Managing Director, Ghana Stock Exchange who launched the CMF advised the Board not to limit its operations to the capital city but rather extend its operations to other parts of the Regions.

“People should take the challenge by investing in long term savings rather than trying to get rich quick”, he stressed.

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