Be cautious of companies, individuals promising big profits in these times - Ofori-Atta to Ghanaians

The Minister for Finance, Ken Ofori-Atta has admonished Ghanaians to be wary of persons and investment institutions promising money doubling or large profits and earnings especially in these times of economic hardship.

In a speech read on his behalf at the opening ceremony of the 4th Financial Fair at the University of Ghana Business School on Wednesday, October 11, 2023, the minister emphasised the need for individuals to make informed financial decisions.

“It is therefore imperative that every individual is informed about financial institutions, products, instruments and services to enable them make a prudent financial decision.

"According to the 5th Law of the Book of Babylonians ‘Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers.’

"In times like these and beyond, one important financial rule each individual must adhere to is the impossibility to double your money in short time. We must be cautious of the companies and individuals who come with unbelievable earnings and profits and run away in the end. This is reiterated in the good old book according to Proverbs 30:11,” he stated while noting the huge financial literacy gap among the Ghanaian populace.

The minister noted several government interventions including the development and implementation of the National Financial Inclusion and Development Strategy aimed at reducing economic vulnerability and income inequality through the development of a broad financial inclusion policy

The minister while highlighting government’s efforts in boosting the investment space and protecting investors also lauded organisers of the Financial Fair, Kotlers Management Services for complementing the governments effort to increase financial literacy among Ghanaians.

The Managing Director of Kotlers Management Services, Samuel Ogyiri Sackey in his opening message noted the significance of the event and the chosen theme “Making Prudent Financial Decisions in Time of Adversities.”

This year’s Financial Fair is a three-day event is being organised in partnership with financial regulators and is taking place between Wednesday, October 11 to Friday, October 13, 2023.

The event brings together industry players to educate, showcase, interact, and sell financial products to the public.

Present for the opening ceremony which was followed by a seminar on the theme were representatives of the various regulators within the financial space including the National Insurance Commission, Securities and Exchange Commission, National Pensions Regulatory Authority and the Bank of Ghana.



GA/SARA

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