The Director of Communications at the Securities and Exchange Commission (SEC), Dr. Godwin Ansah has cautioned potentials investors to at all times ask critical questions before putting their monies into products being offered on the financial markets.
According to him, good investments lead to growth of funds thus securing a better future for the fund owner, however when investors fail to heed to guidance the risks may be crushing.
Dr. Ansah gave the caution at a Town hall meeting in Tamale that was organized by the Ministry of Finance and Economic Planning (MoFEP) and agencies like; Securities and Exchange Commission (SEC), National Insurance Commission (NIC), National Pensions Regulatory Authority (NPRA) and the umbrella body of Micro finance institutions of Ghana (GHAMFIN).
Dubbed; “Ghana Financial Sector Development Project’s Financial Education Campaign,” the public engagements are part of strategies deployed by the Finance Ministry to restoring investor confidence by boosting savings and investments among the locals, especially following the financial sector cleanup by the government.
Tamale’s town hall event attracted huge numbers of artisans and trades professionals or the informal sector who were sensitized with opportunities to ask all nagging issues relating to the financial sector that bothered their minds.
Speaking on Investments and Ponzi schemes operation, Dr. Ansah said due to uncertainties in life it is a necessity to have backups such as; investments, savings, insurances and pensions, however in meeting such needs, the public should understand these products and what the returns are – in order not to be shortchanged or fall into bad deals.
“When making investment plans, you will need to assess the risks and by reason of knowledge, you can prepare for your future. At all times whenever you are in doubt, you should speak to a license financial advisor,” he admonished.
Dr. Ansah said on its part, SEC as a regulatory body would ensure that institutions under their ambit operate within the laws of the land, and thereby called for the cooperation of all.
Speaking on the sideline of the town hall meeting to the media, Mr. Wonder Adetor from the Capacity Building unit of the Finance Ministry said the engagement would be an annual event aimed at helping to build the capacity of the citizens on the financial market.
“There has been lack of confidence in the financial sector, but all hope isn’t lost yet, we are believing that through events such as these, we are helping to building an informed society which will certainly lead to growing the economy,” Mr. Adetor added.
Story By: Nelson Adanuti Nyadror |www.diamondfmonline.com |Ghana.