The Director-General of Securities and Exchanges Commission (SEC), Rev Daniel Ogbarmey Tetteh, has called on the public to develop an attitude towards investing rather than always thinking of consumption whenever they save money.
He said SEC needs to demystify the concept of investing to get every Ghanaian into the culture of investing because money is a potential employee that can equally work for you while you sleep.
“I believe that the fundamental step that we need to take when it comes to cultivating an investment culture is to have a mental shift from consumption to investment in the country,” Rev Ogbarmey Tetteh said.
“I have always believed that there are two fundamental pillars of wealth creation; working for money and letting your money work for you. So people must understand that there is a difference between savings and investing,” he added.
The SEC boss said most of the time people fail in investment because they fail to ask questions when investing because they do not want to exhibit ignorance but says there is a need to ask questions before investing in any entity.
He also cautioned the public to be mindful of investments frauds anytime someone promises you a high return; “a mouth-watering return, a return that will make your head spin and says to you that the return or product is safe, there’s no risk associated with it, look for the exit because that definitely is a scam.”
He added that the principle is, the higher the return the higher the risk. So anytime someone is saying the return is high but there’s no risk, it's a clear sign that it’s a scam and you should quickly make a beeline to the exit to save yourself from any heartache down the downline.
Source: Abdul-Razak Mohammed(Real Estate Times Africa)
