Databank introduces first ethical fund in Ghana

Accra, July 10, GNA - Databank Financial Services on Friday add to its annals of investment banking, an equity fund named ARK Fund, which seeks to integrate ethical and environmental concerns into its investment decisions.

Databank is therefore the first to introduce ethical fund in Ghana, which aims at investing the fund's proceeds in companies, which make only positive contributions to the world and thus exclude investment in specific activities or industries that are not in harmony with investors' moral, religious and value orientations.

Speaking at the launch, Mr Keli Gadzekpo, Vice Chairman of Databank said, as a result, the company would not grow investors' money in companies that were deemed to be unethically correct such as tobacco, alcoholic beverages, gambling and pornography firms or industries. He said the idea was to promote investment for social gain and sound practices.

Giving details of the features of the Fund, Mrs Evelyn Ofosu, Vice President of Databank Assets Management Services Limited said the ARK Fund is a four-year long term investment product, which would invest in diversified portfolio of fixed income securities such as government securities and corporate bonds.

She said the minimum lump sump contribution is GH¢200 with a regular investment plan for investors who would like to purchase shares set at GH20 per month.

The Fund is initially offering 500,000 shares with an initial price of GHp10 per share. The IPO (Initial Public Offer) period begins today July 10, 2009 and ends on July 31, 2009. Ethical fund described as a niche rather than mass, is aimed at targeting ethically-conscious groups and individuals such as religious bodies and environmentally-conscious associations and people.