Mr Yaw Gyamfi, the Executive Director of the Ghana Microfinance Institutions Network (GHAMFIN), has asked Ghanaians to build a culture of savings from the ongoing development of the nation’s digital finance infrastructure. He said the government had made it a priority to enhance the nation’s digital finance regime, which should be taken advantage of by the populace in developing a robust personal savings structure and culture. Speaking at a sensitisation programme for members of the security agencies in the Volta Region, the Executive Director said the public should be able to transform their finances upon the offerings of the hybridised analogue and digital platforms. He said this would help secure and sustain a risk-free future. ‘It takes discipline to save, and so let us take the time to save. Savings can help you when you need it the most and you should take advantage of digital systems like the momo.’ Mr. Gyamfi said impulse buying and other spending habits should be discouraged, but instead, spending must be planned to be able to save. He cautioned also against high-risk loans, saying the public should be wary of street-advertised loan The Executive Director asked them to be on the lookout and not fall for consistent marketing but rather assess the schemes and peruse their authenticity and terms and conditions to make a safe decision. He said secure platforms including the online and mobile banking services should also be utilised cautiously, and that devices and their codes and accesses should be kept secure. Mr Gyamfi said phones and other devices must not be entrusted into other hands but should be considered the personal devices they had become. Dr Godwin Ansah, Head of Communications at the Security and Exchanges Commission, called to ‘move away from a consumption mindset to an investment mindset,’ saying that one should not just spend, but consider investments as the ‘only way’ to grow one’s money. ‘You can make more income based on how you invest. It’s one way to meet your financial needs,’ he said. Dr Ansah asked to develop quality investment objectives and advised also to test the various products and weigh the risks, while cautioning against cryptocurrency investments, noting the unregulated space. He helped the security officers identify ‘ponzi’ schemes, pointing out telltale signs including unrealistic returns and claims of exponential customer growth. Dr. Ansah assured that the Government’s interventions to ensure full regulation, continued to make the investment arena more attractive. Officials from the Ghana Stock Exchange and other financial regulatory bodies were available to help educate the officers. Mr. Kudjoe Ameckson, Deputy Director, Financial Sector Division at the Ministry of Finance, who opened the engagement, said security personnel had been found to be among major victims of financial fraud, and that the nationwide program was designed to educate them. He said most financial institutions had been found to be selling unapproved products with false yet attractive interests and returns, and that the training would help make real financial decisions to avert fraud. Mr. Ameckson said entities engaging in financial sector fraud were being fished out, and that the support of security agencies would be required, thus their enlightenment. The workshop allowed the personnel to enhance their knowledge of the financial sector and take appropriate steps to secure their finances.
Source: Ghana News Agency