Make prudent investment decisions — BoG
The Head, Conduct Supervision at the Bank of Ghana, Augustine Amoako Donkor, has emphasised the importance of seeking professional investment advice before making any investment decisions.
Speaking as a panellist at this year’s Financial Fair held at the University of Ghana Business School (UGBS), Mr Donkor explained that every investment had a certain level of risk, but an expert could help guide investors to understand their risk tolerance and what instruments to invest in.
The finance expert further explained that on paper, all investments have risk, but there are levels to the risk.
“Therefore, it is crucial for Ghanaians to seek professional advice before investing their hard-earned money.
Without proper advice, investors may end up making poor investment choices that could lead to significant financial losses,” he said.
Mr Donkor also urged Ghanaians to be cautious of fraudulent schemes that promised unrealistic returns on investments.
“Many people fall prey to these scams because they are not aware of the risks involved.
Therefore, investors should do their research and seek advice from reputable financial institutions or professionals,” he said.
The Financial Fair provided an excellent platform for the public to learn about different investment options and financial products available in the market.
The event featured various financial institutions and experts who shared their insights and knowledge with attendees.
Participants were able to ask questions and get answers from experts in different fields of finance.
Mr Donkor said investing wisely could help individuals achieve their financial goals and secure their financial future.
“It is important for Ghanaians to understand that investing involves risks, but with proper advice, they can make informed decisions that will benefit them in the long run.
“Seeking professional advice is the first step towards making sound investment decisions and achieving financial success, he said.
Mr Donkor also called on the public to desist from keeping money at home as it was risky.
He said the BoG had put in place measures to make the banking system more resilient to draw back trust and confidence in the financial system after years of instability.
The CEO of Kotlers Management Service, Samuel Ogyiri Sackey, organisers of the event, said the importance of the banking and insurance sectors to the growth of the country’s economy could not be understated.
This year's fair, he said, was very spectacular in the sense that it was happening at two locations concurrently.
He said about 50,000 physical visitors were expected at the fair and over 100, 000 online visitors were expected to stream.