Fiifi-Kwetey urges Ghanaians to take advantage of economic growth
Mr. Franklin Fiifi-Kwetey, Deputy Finance Minister, has called on Ghanaians to take advantage of the current political stability and economic growth to invest for prosperity.
He said the single digit inflation and stabilisation in the major currencies were incentives for increased economic activities.
Mr. Fiifi-Kwetey made the call at the launch of two financial products by the management of FirstBanc Financial Services (FSS), a private financial institution, in Accra on Monday.
They were FirstBanc Provident Fund Migration Service (FPFMS) and FirstBanc Heritage Fund (FHF).
FPFMS is a free service designed to help businesses and institutions, both private and public, to design and restructure in order to make their Provident Funds comply with the 2008 Pensions Act that ensures retirement income security for Ghanaian workers in the informal and formal sectors of the economy.
FHF is an equity market mutual fund which has the objective of achieving long-term capital growth for its shareholders.
Mr. Fiifi-Kwetey extolled the investment and savings habits of the Asians saying though they received low remunerations, they had high income savings, a habit that made them economically self-reliant.
Drawing contrast in the saving habit of the Asians, he expressed disquiet about ” most prosperous people on the African continent who spent more of their income than saving for the future”.
Mr. Fiifi-Kwetey encouraged Ghanaians to develop the habit of saving to improve the socio-economic status of both themselves and their children.
Mr. Mawuli Hedo, Executive Director of FSS, said the idea behind the products was to help Ghanaians plan for their retirement.
“It is simply to live comfortably after you have turned 60 years, to enable your family to still afford the very things you could buy when you were actively working and earning salary as well as to enable your children and grandchildren afford school fees and so on”, he said.
Mr. Richard Kwame Asante, Chairman of National Pensions Regulatory Authority, said the Authority would create the enabling environment for a vibrant pension industry.
“It would be guided by a mission to enhance pension benefits, increase retirement income security and making available the much needed long-term funds for the development of the economy”, he said.
He called on players in the financial services sector to invent innovative products for investment.
Source: GNA