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02.05.2004 Business & Finance

Gold Fund Unit Trust launched at Obuasi

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Obuasi, (ASH), May 2, GNA - Business and non-business communities in Obuasi and its environs have been urged to embrace the Gold Fund Unit Trust to enable them to improve upon their lives and businesses on a long-term basis.

The fund, introduced by the Gold Coast Securities Limited, is the first enterprise development fund that seeks long-term capital appreciation by investing in both listed and unlisted equity securities of the country's companies.

Mr Seth A. Quaynor, General Manager of Gold Coast Securities Limited (GCSL), who made the call at the official launch of the fund at Obuasi at the weekend, said the trust is an answer to the short-term savings system, which was not auguring well for the development of the country.

"No country progresses on short-term savings when we save for funerals, out-dooring, parties and other social engagements", he said. Mr Quaynor said at the moment there are no long-term savings plans in the country that is why the Gold Fund Unit Trust has been introduced to influence long-term investments.

Explaining the benefits of the trust, Mr Quaynor said a pool would be created where both the rich and the poor could contribute to derive the capital gains out of the amount invested.

The General Manager assured the public that the Gold Coast Securities Limited has no room to misbehave and that those who invest in the fund would not regret.

Launching the fund, Mr Joe Boampong, the Adansi West District Chief Executive, charged the GCSL to adhere strictly to the laid down business practices in order to justify the confidence their clients and customers reposed in them.

Mr Boampong commended the GCSL for introducing the trust, stressing that "by investing in the trust one will have the benefits of diversification".

The Obuasi District Manager of GCSL, Mr Isaac Kumah, said GCSL has over the years earned a reputation for its innovations in the introduction of products that have boosted businesses in the country.