Youth Investment Club launched

Accra, May 20, GNA - The Minister for Youth and Sports, Mr Mohammed Mubarak Muntaka, on Wednesday noted that it was only by engaging the youth in talks and educational forums that they would change their mind set.

"Apart from talking there is very little that one can do to change the mind setting of our youth," he said at the launch of Future Leaders Investment Club (FLIC) in Accra.

FLIC, an initiative of the Foundation for Future Leaders International (FFLI), is to inculcate savings habit and investment culture in young people and thereby give members the opportunity to accumulate cash for starting their own business after school. It also provides protection benefits for members against uncertainties such as death and accidental injury. Glico Life Insurance Company underwrites and manages the fund while Ghana Commercial Bank and the National Investment Bank are partners. Mr Muntaka said it was sad that an event like that attracted only a few young people, adding, "If it were a beauty pageant or a dancing competition you would see schools lobbying to participate". The Minister therefore urged those companies who spent huge sums of money on such pageants to redirect their resources to other channels that would develop the youth to become more responsible in life. "If we failed as a nation to engage our youth in useful talks, a day will come when these young people will overthrow us from power - not to govern the country but to spoil all that we have done." He said the youth possessed useful resources which when harnessed properly would lead to the development of the country. Mr Muntaka said government was determined to develop a firm national youth policy to provide a brighter future and properly meet the needs of the youth.

He commended the originators of FLIC, especially Mr Emmanuel Dei-Tumi, Chief Executive Officer of FFLI, who initiated the idea, and urged the youth to take inspiration from him. "He has got this far through hardwork, dedication and determination. He is a well made man who can give lots of inspiration to our youth," he said, adding "there is nothing under this sun that does not need a real struggle and determination. "You are not poor because of what you earned but because of the way you spent what you earned." Mr Fifi F. Kwetey, Deputy Minister for Finance and Economic Planning, said "it is worth putting enough energy behind great dreams to accomplish them".

"If we have that burning desire it is easier to achieve results," he said, and urged managers of the club to ensure that within five years, members would start reaping the results of their investments. "It is good for us to dream ourselves into driving to land of plenty but we must be careful on the path to drive," he added. Mr Dei-Tumi said FLIC members, who were students in both Senior High Schools and tertiary institutions, would make regular minimum monthly contribution of five Ghana Cedis and 10 Ghana Cedis respectively for a minimum of five years, out of which two Ghana Cedis would be used to purchase an insurance protection by the club for its members. He said parental consent would be required for members below 21 years of age.

The CEO also announced that the remaining contribution would be placed in an investment pool, which then accumulates into an appreciable sum of money, which the member might use as a start-up business capital upon the maturity of the plan or after school. Mr Kwame Achampong-Kyei, Managing Director, Glico Life Insurance Company, said the savings culture of Ghana and indeed Sub-Saharan Africa was not the best. He said statistics indicated that the current level of savings in Ghana was 17 per cent compared to the over 30 per cent recorded by an emerging economy like Malaysia. "Savings and investment culture is very important in a nation's development since it is the first stage in capital formation," he added. 20 May 09