Move to cashless system in investment management - Nduom

Dr. Paa Kwesi Nduom, politician and an accomplished businessman, has encouraged financial entities to move towards the cashless system of managing clients’ investment in keeping with international standards.

This, he noted, would help to make them to become more dependable and efficient in their service delivery.

Dr. Nduom, who is the President of Groupe Nduom - a group of companies, was speaking at a meeting with the group’s top clients in Kumasi.

It provided the platform not only to recognize them for the loyalty but also offered an opportunity for him to share with them his experiences as captain of industry.

He pointed out that the traditional method of dealing in physical cash tended to raise concern about the safety of the investor’s money.

He said financial softwares which networked financial companies and transferred cash electronically were now available and asked that these were used to remove mistrust among “the company, staff and the clients”.

Dr. Nduom said despite the good environment for local and foreign investment, many people were not interested in putting their money into long term investments because of the fear of losing their money to the companies.

He expressed confidence that this fear would vanish through the adoption of the cashless system.

He reminded private enterprises to have a succession plan to keep their companies going even when they were long gone.

Mr. Stephen Osei Akoto, Zonal Manager for Gold Coast Investments, asked Ghanaian investors not to be attracted only by the returns but that they should be concerned about the security of their investment.

This was important to save them from being swindled, he added.

Mr. Akoto advised the public to seek reliable investment advice before opting for any investment product.