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24.05.2004 Business & Finance

"Gold Fund" Launched in Northern Regions

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Tamale, May 24, GNA - Mr Ernest Debrah, Northern Regional Minister, has called on financial institutions in the country to encourage their clients to invest in investment securities and discourage them from keeping monies at home.

Mr Debrah who was speaking at the launch of the "Gold Fund" in Tamale on Saturday said: "Let the people know that they can always increase their monies through investment in the securities rather than keeping them under mattresses and pilots and sleep on them, which very often get burn when their houses are on fire".

The "Gold Fund" is a unit trust designed to achieve long term capital by investing in both listed and unlisted equity securities of Ghanaian companies.

The Gold Coast Securities Limited, a leading member in the Ghana Stock Exchange, which undertakes services in brokerage, treasury management and corporate finance, is offering to the general public the "Gold Fund".

Mr Debrah however urged financial institutions to make their interest rates attractive and reduce saving rates to enable many ordinary people to have access to saving.

He said the financial sector and the securities play very important roles in the country's economic development since entrepreneurs and business people would always require capital to establish enterprises.

The Regional Minister to achieve the "Golden Age" of business the government had drawn pragmatic economic policy programmes aimed at efficient financial management to control inflation to revamp the economy.

Mr Debrah urged the Gold Coast Securities Limited to make their dividends attractive and also ensure that the dividends due to shareholders were paid to them promptly.

Mr Seth Quaynor, Managing Director of Gold Coast Securities Limited, noted that Ghanaians were among the least saving people in the world, saying, " the only trade they know is buying and selling but they do not know investment".

He said Ghanaians were noted for short-term savings that had contributed to the stagnation of the country's economy and advised that people should do long-term savings. 24 May 04