Your investments are safe, no need for panic withdrawals-Association of Finance Houses assures public

BY: Daily Graphic
Mrs Kokui A Adu — Executive Secretary of AFH
Mrs Kokui A Adu — Executive Secretary of AFH

The Association of Finance Houses (AFH) has assured customers that their investments are safe and so there is no need for panic withdrawals.

According to the association, although the unfortunate happenings in the financial sector had taken a negative toll on some of its members, the situation was under control and did not require withdrawal of investments.

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In a release dated November 8, 2018, the Executive Secretary of AFH, Mrs Kokui A Adu, said the association was having engagements with regulators in the financial sector to resolve outstanding issues.

“Given the recent occurrences in the financial sector, notably with some industry players in the banking and Specialised Deposit-taking Institutions (SDI), there has been the contagion effect on liquidity crisis spilling over to the sector,” the association stated.

Assurance


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The association assured the public that its members would pay clients what was due them upon the maturity of their investments.

“It is, therefore, unnecessary to redeem, withdraw or disinvest if you do not have immediate need for your fund, as this has dire implications on liquidity and will aggravate the problem for even the strongest financial institution anywhere in the world,” the statement added.

The association said it placed more emphasis on best practices, ethics and corporate governance in the conduct of it business and would live up to the legitimate expectation of the public.

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The statement added that there were clear guidelines on business conduct and the values that ought to be exhibited by members to serve the interest of customers.

“Our members and their employees are in total compliance with all laws, regulations, and guidelines issued by the regulator, the Bank of Ghana. In line with the above, the association recently launched a Code of Ethics which provides direction to what is expected from members and the consequences for violations,” the statement added.

Employment creation

The association further said it would continue to work hard to create more employment opportunities by working with the government and disbursing funds to private sector institutions.

“Finance houses are an important part of financial markets of Ghana, providing the funds needed by the start-up companies as working capital.

Finance houses are a source of liquidity that the financial markets depend on to function effectively and we will keep this mandate faithfully,” the association stated.