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09.06.2005 Business & Finance

'Anidaso' Mutual Fund scheme launched


Kumasi, June 9, GNA - Mrs Eudora Koranteng, Deputy Director-General of the Securities and Exchange Commission (SEC), says the Commission would ensure that there was an effective regulatory framework that protected investors. She said investors and board of directors of companies should therefore be committed to transparency and efficient delivery in the best interest of investors.

Mrs Koranteng said this at the launch of the 'Anidaso' Mutual Fund Scheme, which offers gains, dividends or income to shareholders by the New Generation Investment Services in Kumasi on Wednesday. She also said collective investment schemes like that of the New Generation did not only provide wealth to the contributors through profits that would accrue to them but also provided funds for economic development. Mrs Koranteng said the Government and private companies could use such funds to provide social amenities like roads, schools and hospitals.

The Deputy Director-General indicated that for the fund to succeed, the interest of those who managed it must be well aligned with the interest of the shareholders. She, therefore, appealed to the directors and managers and custodian of the fund to ensure that investors' interests were paramount and that decisions taken on behalf of investors adhered strictly to the objectives of the fund.

Dr Sam Afrane, Board Chairman of the New Generation Investment Services, said the Fund, which aimed at creating innovative shareholders products and prudently managing such products to maximise shareholders returns in interest, income or dividends to enable them to achieve wealth. He also said the Fund was poised to mount investment campaign in Kumasi and its surrounding communities to sensitise the public on the need to invest in the Company.

Mr Sampson Kwaku Boafo, Ashanti Regional Minister, said the Government appreciated the role of financial institutions played in the development of Ghana, adding that it would put in measures to promote the establishment of such institutions. He appealed to traders, farmers, teachers, mechanics and others resident in the Kumasi Metropolis and elsewhere to patronise the services of the New Generation Investment Services.

Oheneba Adusei Poku, Akyempimhene, who chaired the function, urged the people not to be worried about the past experience of some 'susu' companies like the Piram and Sky-Eagles Financial Services, which duped some people and to embrace the services of the Company.