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Support local banks – Nduom to gov’t

President and Chairman of Group Nduom, Dr. Papa Kwesi Nduom, has stressed the need for government to support local financial institutions in order to grow the industry.

According to him, when government creates the enabling business-friendly environment, it will not only create jobs for the teeming unemployed youth but also stimulate the growth of the financial sector.

Dr Nduom was speaking at the launch of the 25th anniversary of Gold Coast and the inauguration of its new head office in Accra.

He said: “All that we can also do is to add our voice that, indeed, the Ghanaian banks, the Ghanaian financial investment institutions also deserve support and encouragement. So, if there is money that has been put there from our tax money, then I am hoping and I am suggesting that government and its entities will place their funds in Ghanaian banks and Ghanaian institutions so that they can move ahead.

“And, should anyone of them have difficulties, just as is done in other parts of the world, just as the US has done, that the Chinese do, that the United Kingdom people have done, that those entities who are regulators, who are part of the systems at the highest level will give a bite, hold people’s hands, make sure they give them proper directions, ensure that they become strengthened so that we can, indeed, say that there are Ghanaian financial institutions who will grow and become strong.”

On 16 August 1993, Gold Coast was incorporated as Gold Coast Securities Limited and started operations in the Accra Regional Office at North Ridge providing both fund management and brokerage services.

Gold Coast was officially admitted to the Ghana Stock Exchange as the fourth Licensed Dealing Member on 21 October 1993. In 1995, Gold Coast opened its office in Kumasi at the Challenge House for the AGC IPO.

The Bolga and Wa offices were opened in 2011 and 2012, respectively, to bring its services closer to its customers. In fulfilment of SEC requirements, a separate fund management licence was obtained in 2012 for the operations of the company.

The brokerage licence was then operated by GN Investments until 2015, when Gold Coast Brokerage was incorporated to take over. As part of the commemoration of the 20th anniversary of the company, the name was changed from Gold Coast Securities to Gold Coast Fund Management.

Source: Ghana/ClassFMonline.com

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