Ndoum urges BoG to cap interest rate at 3% above T bill rate

Ndoum urges BoG to cap interest rate at 3% above T bill rate
Source: Ghana | Shiela Tamakloe | JoyBusiness
Date: 06-07-2018 Time: 09:07:39:am

President of Group Ndoum, Dr Papa Kwesi Ndoum has urged the Bank of Ghana to consider capping interest rate at 3% above Treasury bill rate.

He said such a move will help protect the financial investment sector and to ensure a more sustainable investment industry. 

Dr Ndoum was speaking at the launch of the 25th anniversary of Gold Coast Holdings in Accra.
According to him the trend of customers demanding high rates have been the root cause of the collapse of many financial institutions as they could not fulfil the high returns promised.
He said, “Many people in Ghana have lost their life savings because they fall prey to these nice sounding rates of 50 per cent, seventy per cent etc. But we want that era behind us that’s why we need decent but sustainable return rates so our view is treasury bill plus three should be the ceiling’.
The Chief Executive Officer of Gold Coast Holdings, Kwame Ofori Asumani said the firm will be exploring other investment areas moving forward. He identified the areas of health funds and the fintech space as areas they will be expanding into.

The launch of the 25th-anniversary celebration by Gold Coast Holdings was also marked with the commissioning of its new corporate head office at the Airport area and the unveiling of a new logo for the brand.
Gold Coast Holdings is currently involved in comprehensive investment services in fund management, Pensions, Brokerage and Advisory.