Business News of Friday, 17 March 2017
Martin Ofori, Chief Executive Officer (CEO) of Crystal Capital & Investments Limited, an emerging markets investment management and financial advisory firm in Ghana, has called for tough financial interrelations regime to help support the holistic development of the financial industry in Ghana.
Mr. Ofori made the call on Thursday in Accra during a press soiree organized by Crystal Capital & Investment Limited at its office off the Spintex Road.
The soiree formed part of events and initiatives that Crystal Capital & Investments Limited is embarking on this year to build a culture of investment through right partnerships, trust and bespoke financial solutions, Mr. Ofori said.
Giving an overview of the financial sector in Ghana right from colonial times, Mr. Ofori said Ghana’s economic development strategy along the supply-leading finance path since independence has continued to evolve along the same philosophy.
He called for focused financial strategy implementation model to help create well-defined financial interrelations with real sector.
“Transition to a buoyant private sector-led growth economy, like one that has been ushered by a stimulus budget, requires substantial amount of investment that creates a stronger financial interrelation, other things being equal.”
Decades after the major reforms in Ghana’s financial industry, followed by several other regulatory, policy and institutional re-arrangements, right from independence in 1957, he said “we can only confidently say that the banking system remains good at what it does best, an efficient pivot of the financial system, creating a culture of trust and confidence that is crucial for an efficient payments and savings mobilization.”
“However, growth cannot be sustainably achieved by a culture of savings and loans, unless funds are efficiently channeled into investment,” he said.
“The objectives set forth at independence, I am sure are achieved only on incremental basis,” according to Mr. Ofori.
“We of Crystal Capital believe that the status quo cannot drive the required transformation.
He contended that “the time has come to develop specific initiatives that will promote sustainable investment into viable cutting-edge projects that will propel growth.
“The capital market and the general investment banking space, which I consider as the next “big thing” can only break out and bring about a significant transformation if specific initiatives drawn from international best practice are allowed to create appropriate investment vehicles to harness long-term investment domestically and potentially attract “matching” off-shore funds to propel indigenous growth.”
“However, policy regime must understand the required cooperation in this regard and help to strategically position the financial sector to create the desired financial interrelations.
He appealed to all and sundry to invest in Crystal Capital’s recently launched investment schemes namely Crystal Wealth Fund and Entrepreneur Fund.