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Hello, welcome to the graphic

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business Stanbic Bank breakfast

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meeting. Today's program is going to

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discuss the domestic debt exchange

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program which ended last month. Just

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to give a context, that program is a

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requirement of the IMF ehm

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assistance that the country is

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trying to access. And as part of that,

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we needed to bring our debt to

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sustainable levels and to do that, we

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needed to restructure the debt. In

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the course of the restructuring,

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about 87 billion CDs of

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death of bonds have been converted

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into short dated long dated

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instruments and then the tenure

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decreased from about 20% to around 9%

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and this is to help bring the debt

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under sustainable levels in line

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with IMF requirements for countries

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that come to access support to

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rebuild to eh recoup reboot their

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environment, so we are here with some

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of the aspects as they move in, we'll

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try and have discussions with them to

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to put a context to the whole

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discussion, so I'll guest will be

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mister Eric Amponsa Bwaten. Eric

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Amponsa Bwaten. Eric Amponsa

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Bwaten, welcome to the Graphic

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Business Stanbic Bank Breakfast

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Meeting. Thank you very much. So, you

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are a regular participant of this

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event and we we must appreciate you

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for that. But today's program is

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about a very sensitive topic, a topic

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that is of importance to the entire

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country. A topic that is very

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important to the entire country. You

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know, it's part of the requirement we

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need to meet to be able to access

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support, technical and financial

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from the IMF to be able to resuscitate

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the the economy following the

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challenges we've had. So you are

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here, before we even listen to the

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aspects that we've tabled, what are

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your expectations? Thank you very

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much. Good morning to your viewers

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and listeners. I I think that for the

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exchange program It is something

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that is a necessity because we have to

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be able to sustain our debts before we

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can even

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Therefore, your 100, 000 that you

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even

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To your news at any time and anywhere.

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Graphic communication is giving you

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Information is a great source of

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great source of power. Adding to your

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options knowing that quality and

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standard remains intact and our

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content which is accept as truth and

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accuracy everyday is accessible on

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the go. Access your favorite daily

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Graphic Business, Graphic Showbiz,

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Junior Graphic, and Graphic Sports

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on Graphic News Plus app. It's the

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digital replicas of our work.

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Download Graphic News Plus app on the

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and available on WWW dot Graphic News

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Plus. com as you remain abreast of and

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keep pace with on the minute news

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Welcome and friends, choose the

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publications, graphic, truth, and

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accuracy everyday.

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Information is a great source of

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knowing that quality and standard

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remains intact and our content which

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everyday is accessible on the go.

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Access your favorite daily graphic

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and our weekly is The Mirror, Graphic

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Business, Graphic Showbiz, Junior

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Graphic, and Graphic Sports on

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digital replicas of our work.

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Download graphic News Plus app on the

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Google Play Store, Apple App Store,

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and available on WWW dot Graphic News

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Plus. com as you remain abreast off

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and keep pace with on the minute news

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updates on the go. Home sweet home,

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welcome family and friends. Choose

169
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the bundle that best works for you

170
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from as low as 10 Ghana cities weekly

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for unlimited access to all

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publications, graphic, truth, and

173
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accuracy everyday.

174
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Information is a great source of

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power adding to your options knowing

176
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that quality and standard remains

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intact and our content which is

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accepted as truth and accuracy

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everyday is accessible on the go.

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Access your favorite daily graphic

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and our weekly is the mirror, graphic

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business, graphic showbiz, junior

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graphic, and graphic sports on

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Graphic News Plus app. It's the

185
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digital replicas of our work.

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Download graphic News Plus app on the

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Google Play Store, Apple App Store,

188
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and available on WWW dot Graph News

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Plus. com as you remain abreast off

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and keep pace with on the minute news

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updates on the go. Home sweet home,

192
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welcome family and friends, choose

193
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the bundle that best works for you

194
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from as low as 10 Ghana cities weekly

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for unlimited access to all

196
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publications, graphic, truth, and

197
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accuracy everyday.

198
00:11:48,264 --> 00:11:50,624
Information is a great source of

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00:11:50,624 --> 00:11:52,784
power adding to your options knowing

200
00:11:52,784 --> 00:11:54,624
that quality and standard remains

201
00:11:54,624 --> 00:11:56,384
intact and our content which is

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00:11:56,384 --> 00:11:58,224
accepted as truth and accuracy

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00:11:58,224 --> 00:12:00,224
everyday is accessible on the go.

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00:12:00,224 --> 00:12:02,224
Access your favorite daily graphic

205
00:12:02,224 --> 00:12:03,984
and our weeklys, The Mirror, Graphic

206
00:12:03,984 --> 00:12:05,904
Business, Graphic Showbiz, Junior

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00:12:05,904 --> 00:12:07,744
Graphic, and Graphic Sports on

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00:12:07,744 --> 00:12:09,723
Graphic News Plus app. It's the

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digital replicas of our work.

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Download Graphic News Plus app on the

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Google Play Store, Apple App Store,

212
00:12:15,243 --> 00:12:18,423
and available on WWW dot Graphic News

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Plus. com as you remain abreast of and

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keep pace with on the minute news

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updates on the go. Home sweet home,

216
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welcome family and friends, choose

217
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the bundle that best works for you

218
00:12:29,303 --> 00:12:31,463
from as low as ten Ghana cities weekly

219
00:12:31,463 --> 00:12:33,223
for unlimited access to all

220
00:12:33,223 --> 00:12:35,943
publications, graphic, truth, and

221
00:12:35,943 --> 00:12:37,463
accuracy everyday.

222
00:13:19,663 --> 00:13:21,943
Information is a great source of

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00:13:21,943 --> 00:13:24,103
power adding to your options knowing

224
00:13:24,103 --> 00:13:25,943
that quality and standard remains

225
00:13:25,943 --> 00:13:27,703
intact and our content which is

226
00:13:27,703 --> 00:13:29,543
accepted as truth and accuracy

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00:13:29,543 --> 00:13:31,623
everyday is accessible on the go.

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00:13:31,623 --> 00:13:33,623
Access your favorite daily graphic

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00:13:33,623 --> 00:13:35,383
and our weeklys, The Mirror, Graphic

230
00:13:35,383 --> 00:13:37,303
Business, Graphic Showbiz, Junior

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00:13:37,303 --> 00:13:39,063
Graphic, and Graphic Sports on

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00:13:39,063 --> 00:13:40,983
Graphic News Plus app. It's the

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00:13:40,983 --> 00:13:42,743
Digital Replicas of our work.

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00:13:42,743 --> 00:13:44,823
Download Graphic News Plus app on the

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00:13:44,823 --> 00:13:46,503
Google Play Store, Apple App Store,

236
00:13:46,503 --> 00:13:50,003
and available on WWW dot News Plus.

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00:13:50,003 --> 00:13:52,563
com as you remain abreast off and keep

238
00:13:52,563 --> 00:13:54,723
pace with on the minute news updates

239
00:13:54,723 --> 00:13:57,363
on the go. Home sweet home, welcome

240
00:13:57,363 --> 00:13:59,043
family and friends. Choose the

241
00:13:59,043 --> 00:14:01,043
bundle that best works for you from as

242
00:14:01,043 --> 00:14:03,043
low as 10 Ghana cities weekly for

243
00:14:03,043 --> 00:14:04,483
unlimited access to all

244
00:14:04,483 --> 00:14:07,203
publications, graphic, truth, and

245
00:14:07,203 --> 00:14:08,723
accuracy everyday.

246
00:14:17,403 --> 00:14:19,683
Information is a great source of

247
00:14:19,683 --> 00:14:21,843
power adding to your options knowing

248
00:14:21,843 --> 00:14:23,683
that quality and standard remains

249
00:14:23,683 --> 00:14:25,443
intact and our content which is

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00:14:25,443 --> 00:14:27,283
accepted as truth and accuracy

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00:14:27,283 --> 00:14:29,283
everyday is accessible on the go.

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00:14:29,283 --> 00:14:31,283
Access your favorite daily graphic

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00:14:31,283 --> 00:14:33,043
and our weekly is The Mirror, Graphic

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00:14:33,043 --> 00:14:34,963
Business, Graphic Showbiz, Junior

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00:14:34,963 --> 00:14:36,803
Graphic, and Graphic Sports on

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00:14:36,803 --> 00:14:38,723
Graphic News Plus app. It's the

257
00:14:38,723 --> 00:14:40,483
digital replicas of our work.

258
00:14:40,483 --> 00:14:42,563
Download Graphic News Plus app on the

259
00:14:42,563 --> 00:14:44,243
Google Play Store, Apple App Store,

260
00:14:44,243 --> 00:14:47,423
and available on WWW dot Graphic News

261
00:14:47,423 --> 00:14:50,063
Plus. com as you remain abreast of and

262
00:14:50,063 --> 00:14:51,823
keep pace with on the minute news

263
00:14:51,823 --> 00:14:54,623
updates on the go. Home sweet home,

264
00:14:54,623 --> 00:14:56,463
welcome family and friends. choose

265
00:14:56,463 --> 00:14:58,303
the bundle that best works for you

266
00:14:58,303 --> 00:15:00,463
from as low as ten Ghana cities weekly

267
00:15:00,463 --> 00:15:02,223
for unlimited access to all

268
00:15:02,223 --> 00:15:04,943
publications, graphic, truth, and

269
00:15:04,943 --> 00:15:09,423
accuracy everyday. Information is a

270
00:15:09,423 --> 00:15:11,503
great source of power adding to your

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00:15:11,503 --> 00:15:13,263
options knowing that quality and

272
00:15:13,263 --> 00:15:15,423
standard remains intact and our

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00:15:15,423 --> 00:15:17,003
content which is accepted as truth

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00:15:17,003 --> 00:15:19,163
and accuracy everyday is accessible

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00:15:19,163 --> 00:15:21,403
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276
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283
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284
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285
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286
00:15:42,363 --> 00:15:45,083
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287
00:15:45,623 --> 00:15:47,303
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288
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289
00:15:49,383 --> 00:15:51,303
low as 10 Ghana CDs weekly for

290
00:15:51,303 --> 00:15:52,823
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291
00:15:52,823 --> 00:15:55,543
publications, graphic, truth, and

292
00:15:55,543 --> 00:15:57,063
accuracy everyday.

293
00:16:08,123 --> 00:16:09,723
Traffic business Stanbic Bank

294
00:16:09,723 --> 00:16:13,723
reference eh meeting and ah today an

295
00:16:13,723 --> 00:16:16,123
interesting topic to discuss the

296
00:16:16,123 --> 00:16:17,563
domestic debt exchange program

297
00:16:17,683 --> 00:16:20,523
lessons and implications for how you

298
00:16:20,523 --> 00:16:23,403
invest if you ask me ah domestic debt

299
00:16:23,403 --> 00:16:25,163
exchange has become the most common

300
00:16:25,163 --> 00:16:26,843
phrase here in Ghana since the

301
00:16:26,843 --> 00:16:27,883
beginning of the year we've been

302
00:16:27,883 --> 00:16:29,883
talking a lot about domestic debt

303
00:16:29,883 --> 00:16:32,043
exchange ah people who typically

304
00:16:32,043 --> 00:16:34,123
wouldn't follow business news ah I

305
00:16:34,123 --> 00:16:36,123
think have an idea what domestic debt

306
00:16:36,123 --> 00:16:38,423
exchange is and essentially what

307
00:16:38,423 --> 00:16:41,303
government has done is to swap an

308
00:16:41,303 --> 00:16:44,823
agreement with bond holders with the

309
00:16:44,823 --> 00:16:47,303
new one and you know the basis for this

310
00:16:47,303 --> 00:16:50,103
is because of an IMF program we

311
00:16:50,223 --> 00:16:53,143
anticipate is still in the works was

312
00:16:53,143 --> 00:16:55,383
are supposed to have happened by the

313
00:16:55,383 --> 00:16:56,503
end of this month now it's looking

314
00:16:56,503 --> 00:16:58,983
like it would not some analysts are

315
00:16:58,983 --> 00:17:00,903
saying it's going to happen in the in

316
00:17:00,903 --> 00:17:03,223
the second quarter of this year but

317
00:17:03,223 --> 00:17:05,463
essentially what it is is that people

318
00:17:05,463 --> 00:17:08,563
have monies and now they are confused

319
00:17:08,563 --> 00:17:11,123
about where to invest especially if

320
00:17:11,123 --> 00:17:12,803
you are one of those who didn't

321
00:17:12,803 --> 00:17:14,163
participate in the domestic debt

322
00:17:14,163 --> 00:17:15,923
exchange program. We want to get into

323
00:17:15,923 --> 00:17:17,043
that, what are the implications,

324
00:17:17,043 --> 00:17:18,483
what are the lessons from this

325
00:17:18,483 --> 00:17:19,763
experience, and how is that

326
00:17:19,763 --> 00:17:22,323
affecting investments, ehm, our

327
00:17:22,323 --> 00:17:23,363
financial institutions, the

328
00:17:23,363 --> 00:17:25,283
government too as well, my name is

329
00:17:25,283 --> 00:17:26,883
Darryl Kwa, happy to be with you this

330
00:17:26,883 --> 00:17:29,283
eh, morning, here with me was the

331
00:17:29,283 --> 00:17:31,203
Erica Penson bond holders, they

332
00:17:31,203 --> 00:17:33,843
formed a a committee sort of, and then

333
00:17:33,843 --> 00:17:35,363
the picketed at the Ministry of

334
00:17:35,363 --> 00:17:37,423
Finance and other key institutions

335
00:17:37,423 --> 00:17:38,623
and that led to the government

336
00:17:38,663 --> 00:17:40,463
backtracking on some of its

337
00:17:40,463 --> 00:17:42,543
decisions. We have here the convener

338
00:17:42,543 --> 00:17:46,303
of that eh group, doctor

339
00:17:46,423 --> 00:17:48,543
Eduananchi, doctor Eduwa Nanechi is

340
00:17:48,543 --> 00:17:49,823
a former director general of the

341
00:17:49,823 --> 00:17:50,863
security and exchange commission,

342
00:17:50,863 --> 00:17:52,863
the very commission that regulates

343
00:17:52,863 --> 00:17:54,703
the capital market on which this

344
00:17:54,703 --> 00:17:56,943
domestic debt program took place, so

345
00:17:56,943 --> 00:17:58,383
we are here to have a pre-chat with

346
00:17:58,383 --> 00:18:01,743
him, doc, welcome. Thank you. So, you

347
00:18:01,743 --> 00:18:03,183
are even before the discussion

348
00:18:03,183 --> 00:18:05,583
starts, what is the latest on your

349
00:18:06,123 --> 00:18:07,563
cricketing and the outcomes that

350
00:18:07,563 --> 00:18:10,523
it's brought? Well as you all know eh

351
00:18:10,523 --> 00:18:13,723
we got the exemption finally ah even

352
00:18:13,723 --> 00:18:16,203
though it was difficult and I I I kept

353
00:18:16,203 --> 00:18:19,563
on explaining why we were trying to

354
00:18:19,563 --> 00:18:22,603
get the usual exemption rather than

355
00:18:22,603 --> 00:18:24,843
exempting ourselves because when

356
00:18:24,843 --> 00:18:27,003
the issuer exempt you the issuer has

357
00:18:27,003 --> 00:18:29,483
effectively told you that you are not

358
00:18:29,483 --> 00:18:31,163
part your boss that you are holding

359
00:18:31,163 --> 00:18:33,563
are not part of the trouble boss so you

360
00:18:33,563 --> 00:18:35,723
can go and sleep when your pupa is

361
00:18:35,723 --> 00:18:37,483
ready just go to your bank and it will

362
00:18:37,483 --> 00:18:38,843
be there when your principal is ready

363
00:18:38,843 --> 00:18:40,523
just go to your bank and just be there

364
00:18:40,523 --> 00:18:42,683
that is a comfort wanted for

365
00:18:42,683 --> 00:18:44,683
pensioners and once the government

366
00:18:44,683 --> 00:18:47,323
granted that exemption, we were sure

367
00:18:47,323 --> 00:18:49,563
that everything was going to eh fall

368
00:18:49,563 --> 00:18:52,763
in place. However, eh, the initial

369
00:18:52,803 --> 00:18:56,283
eh coupon and the maturity, the first

370
00:18:56,283 --> 00:18:59,483
one was eh, sixth February, that was

371
00:18:59,483 --> 00:19:02,203
coupon and, and, and, and principal,

372
00:19:02,203 --> 00:19:04,923
the second one was eh, 13th, eh,

373
00:19:04,923 --> 00:19:08,123
February, which was only coupon. By

374
00:19:08,123 --> 00:19:10,203
the time government had to pay,

375
00:19:10,203 --> 00:19:13,303
government it was still he hasn't

376
00:19:13,303 --> 00:19:15,863
finished the eh settlement you know

377
00:19:34,623 --> 00:19:37,023
issue you the boss but this is why

378
00:19:37,023 --> 00:19:38,623
because of the exchange the

379
00:19:38,623 --> 00:19:42,163
settlement day was for people to or a

380
00:19:42,163 --> 00:19:45,283
tender in their old bonds which they

381
00:19:45,283 --> 00:19:47,843
they they have to do and get a the

382
00:19:47,843 --> 00:19:50,323
newborn so that they will be the day

383
00:19:50,323 --> 00:19:52,323
that the old borns will be cancelled

384
00:19:52,323 --> 00:19:54,643
and the newborns issued so that will

385
00:19:54,643 --> 00:19:56,403
be the settlement day after the

386
00:19:56,403 --> 00:19:58,803
settlement day before the issue or

387
00:19:58,803 --> 00:20:00,803
government will know the number of

388
00:20:00,803 --> 00:20:02,883
people who didn't tender in their

389
00:20:02,883 --> 00:20:05,203
bonds and therefore still

390
00:20:05,203 --> 00:20:06,963
outstanding to be able to determine

391
00:20:06,963 --> 00:20:08,963
that these are the people I have to pay

392
00:20:08,963 --> 00:20:12,303
so we agree that once you are unable to

393
00:20:12,303 --> 00:20:15,023
finish the reconciliation and the

394
00:20:15,023 --> 00:20:16,383
administrative processes and the

395
00:20:16,383 --> 00:20:18,063
settlement day has been pushed

396
00:20:18,063 --> 00:20:19,583
forward then let's wait on the

397
00:20:19,583 --> 00:20:21,183
settlement day. Settlement day came

398
00:20:21,183 --> 00:20:22,943
twenty first. So we thought that

399
00:20:22,943 --> 00:20:24,863
anytime from 20 first, the payment

400
00:20:24,863 --> 00:20:27,343
should start coming. We never heard

401
00:20:27,343 --> 00:20:29,583
of this payment. So twenty-seventh,

402
00:20:29,583 --> 00:20:33,343
we went to the ministry and we went

403
00:20:33,343 --> 00:20:34,543
together with the other two

404
00:20:34,543 --> 00:20:36,623
individual bond holders who are not

405
00:20:36,623 --> 00:20:38,143
pensioners. Hm. Then the minister

406
00:20:38,143 --> 00:20:42,203
says, he will issue a that 27th and and

407
00:20:42,203 --> 00:20:45,003
and truly the minister came out with a

408
00:20:45,003 --> 00:20:47,643
statement that 27th and said they

409
00:20:47,643 --> 00:20:49,083
were doing some administrative

410
00:20:49,083 --> 00:20:51,243
issues, matters, handling some

411
00:20:51,243 --> 00:20:54,363
administrative matters, so by 13th

412
00:20:54,363 --> 00:20:57,723
of March, they will start paying the

413
00:20:57,723 --> 00:21:00,203
or the coupons and the and the and the

414
00:21:00,203 --> 00:21:02,923
principals. We waited 13th, we

415
00:21:02,923 --> 00:21:05,243
haven't heard anything, then 14th we

416
00:21:05,243 --> 00:21:06,923
have to make a press release, release

417
00:21:06,923 --> 00:21:09,723
eh, a press statement, ah, you know,

418
00:21:10,123 --> 00:21:11,883
saying that we are unhappy that

419
00:21:11,883 --> 00:21:13,483
government is still not coming

420
00:21:13,483 --> 00:21:16,603
forward to make the payment and

421
00:21:16,603 --> 00:21:19,083
urging government to pay as soon as

422
00:21:19,083 --> 00:21:21,403
possible immediately of course but

423
00:21:21,403 --> 00:21:24,523
not before the close of business on

424
00:21:24,523 --> 00:21:26,203
the I think it was the sixteenth or

425
00:21:26,203 --> 00:21:28,603
fifteenth, Thursday, otherwise, we

426
00:21:28,603 --> 00:21:31,483
would advise eh, ourselves. The same

427
00:21:31,683 --> 00:21:35,403
eh, 14th, government also came out

428
00:21:35,403 --> 00:21:37,083
with a statement that he was, he has

429
00:21:37,083 --> 00:21:39,563
instructed that the payment eh

430
00:21:39,623 --> 00:21:42,103
should start. However, the

431
00:21:42,103 --> 00:21:43,623
statement said they have instructed

432
00:21:43,623 --> 00:21:46,263
that payment should be for the sixth

433
00:21:46,263 --> 00:21:48,183
February one and the 13th February

434
00:21:48,183 --> 00:21:50,343
one. Hm. At the time government was

435
00:21:50,343 --> 00:21:52,103
issuing that statement, already

436
00:21:52,103 --> 00:21:55,223
twentieth February, matured bond

437
00:21:55,223 --> 00:21:58,263
was there, plus its coupon. Mhm. Eh,

438
00:21:58,303 --> 00:22:01,703
six March mature bonds and it coupons

439
00:22:01,703 --> 00:22:03,783
were there. There were other coupons

440
00:22:03,783 --> 00:22:06,903
that were also due around that time.

441
00:22:06,903 --> 00:22:10,663
The government said all those will be

442
00:22:10,663 --> 00:22:12,663
the bid for the payment of those

443
00:22:12,663 --> 00:22:14,503
things will be announced in due

444
00:22:14,503 --> 00:22:16,823
course. Hm. Then we say well, we are

445
00:22:16,823 --> 00:22:20,183
going to study the statement. So, we

446
00:22:20,183 --> 00:22:21,703
we went through the statement, then

447
00:22:21,703 --> 00:22:24,263
we realized that eh, that is not what

448
00:22:24,263 --> 00:22:27,223
should be the case, even though we

449
00:22:27,223 --> 00:22:29,943
recognize that from fifteenth, we

450
00:22:29,943 --> 00:22:32,023
started those who are due, started

451
00:22:32,023 --> 00:22:34,903
receiving the, the payment, so

452
00:22:34,903 --> 00:22:37,703
Thursday, Friday, the payments were

453
00:22:37,703 --> 00:22:41,303
eh, the trick coming in But Monday, we

454
00:22:41,303 --> 00:22:43,143
said look, this is not what we have

455
00:22:43,143 --> 00:22:46,103
bargained for, at least. As far as the

456
00:22:46,103 --> 00:22:49,303
for the pensioners, as far as we are

457
00:22:49,303 --> 00:22:51,223
concerned, we have been exempted.

458
00:22:51,223 --> 00:22:53,543
Mhm. And if we have been exempted, it

459
00:22:53,543 --> 00:22:55,943
means your coupons and your maturity

460
00:22:55,943 --> 00:22:58,183
will be paid as and when it happened

461
00:22:58,183 --> 00:23:00,183
because you don't know about any

462
00:23:00,183 --> 00:23:03,303
problem. But is that not a conduct,

463
00:23:03,303 --> 00:23:04,663
was that not a conditional

464
00:23:04,663 --> 00:23:06,343
exemption? The government said it

465
00:23:06,343 --> 00:23:09,383
exempted you and will pay as and when

466
00:23:09,383 --> 00:23:11,543
it's fiscal situation allows. Yo,

467
00:23:12,623 --> 00:23:14,863
you have exempted, you, you see,

468
00:23:14,863 --> 00:23:17,263
effectively you have said, you owe

469
00:23:17,263 --> 00:23:19,423
some people, then you say, as for you,

470
00:23:19,423 --> 00:23:21,823
this group that I owe, I don't have any

471
00:23:21,823 --> 00:23:24,703
problem. I can handle you the way I'm

472
00:23:24,703 --> 00:23:27,263
handling. Period. No condition. Hm.

473
00:23:27,263 --> 00:23:29,583
For the rest of you, I may not be able to

474
00:23:29,583 --> 00:23:31,183
handle, that is why I want you to come

475
00:23:31,183 --> 00:23:33,023
and negotiate so that I can get some

476
00:23:33,023 --> 00:23:35,023
briefing space. So, once you have

477
00:23:35,023 --> 00:23:37,983
exempted that eh group, there is no

478
00:23:37,983 --> 00:23:39,903
condition whatsoever. Yeah. And I

479
00:23:39,903 --> 00:23:41,583
believe and I said that the minister

480
00:23:41,583 --> 00:23:43,583
knows the implication of that

481
00:23:43,583 --> 00:23:46,223
exemption for by the issuer. It's not

482
00:23:46,223 --> 00:23:48,143
in the finance textbook. I I keep on

483
00:23:48,143 --> 00:23:51,983
saying but we have practical eh ideas

484
00:23:51,983 --> 00:23:54,063
about that even though we haven't had

485
00:23:54,063 --> 00:23:56,703
it in Ghana but we know once the issuer

486
00:23:56,703 --> 00:23:58,543
has exempted you the issuer has said

487
00:23:58,543 --> 00:24:01,903
you are not part of the problems I'm

488
00:24:01,903 --> 00:24:04,063
having this resurrection you are not

489
00:24:04,063 --> 00:24:06,143
part go and sleep, don't come here,

490
00:24:06,143 --> 00:24:08,303
don't even read any material about

491
00:24:08,303 --> 00:24:11,023
wrist rushing, your your boss are as

492
00:24:11,023 --> 00:24:12,943
safe as anything, it is not part of the

493
00:24:12,943 --> 00:24:15,183
trouble bonds, everything that is

494
00:24:15,183 --> 00:24:17,743
with the bonds will be done as I was

495
00:24:17,743 --> 00:24:19,963
doing I don't have a problem with the

496
00:24:19,963 --> 00:24:21,403
other people that I have problem Hm.

497
00:24:21,403 --> 00:24:23,083
That I was dealing with. But then

498
00:24:23,083 --> 00:24:25,083
unfortunately, what is happening is

499
00:24:25,083 --> 00:24:26,923
happening. What is a way forward for

500
00:24:26,923 --> 00:24:29,803
the group? And even before that, tell

501
00:24:29,803 --> 00:24:31,883
me, how individually, how are they

502
00:24:31,883 --> 00:24:33,723
feeling? How are they impacted by

503
00:24:33,723 --> 00:24:35,163
this very decision by the

504
00:24:35,163 --> 00:24:37,483
government's inability to pay as and

505
00:24:37,483 --> 00:24:40,203
when the bonds mature? You see, when

506
00:24:40,203 --> 00:24:42,923
the the maturity, eh, the payment for

507
00:24:42,923 --> 00:24:45,243
the matured coupon, eh, due coupons

508
00:24:45,243 --> 00:24:49,463
and maturity values. Occurred that

509
00:24:49,463 --> 00:24:51,623
the the delay, the complaints were

510
00:24:51,623 --> 00:24:53,623
coming, everybody is expecting to

511
00:24:53,623 --> 00:24:55,943
use the money to do ABC, especially

512
00:24:56,063 --> 00:24:59,223
medication. They will say well, go

513
00:24:59,223 --> 00:25:01,463
and try and get somebody to lend you

514
00:25:01,463 --> 00:25:03,383
some money and do that. Expecting

515
00:25:03,383 --> 00:25:04,983
that when the money comes, you will

516
00:25:04,983 --> 00:25:06,823
pay. So they have endured that. Hm.

517
00:25:06,823 --> 00:25:08,583
And they were thinking that after the

518
00:25:08,583 --> 00:25:11,943
initial processes eh have eh come to

519
00:25:11,943 --> 00:25:13,863
an end. And the government was going

520
00:25:13,863 --> 00:25:15,783
to start. He was going to religiously

521
00:25:15,783 --> 00:25:18,903
pay as and when they are due. So they

522
00:25:18,903 --> 00:25:21,303
are worried very much worried and you

523
00:25:21,303 --> 00:25:22,663
could see it from the statement we

524
00:25:22,663 --> 00:25:24,663
issued yesterday that we are very

525
00:25:24,663 --> 00:25:27,063
much worried, these are a group of

526
00:25:27,063 --> 00:25:29,703
people who many of them are relying

527
00:25:29,703 --> 00:25:32,503
solely on these coupons to, for their

528
00:25:32,503 --> 00:25:35,783
medication, so if you delay it, how do

529
00:25:35,783 --> 00:25:38,103
they buy their drugs? Yes. By how they

530
00:25:38,103 --> 00:25:39,623
move, how do they move? How do they,

531
00:25:39,623 --> 00:25:41,463
how do they survive? So this is a

532
00:25:41,463 --> 00:25:42,983
matter of life and death, this is an

533
00:25:42,983 --> 00:25:44,503
issue that is critical both to

534
00:25:44,503 --> 00:25:46,423
individuals and the nation. That is

535
00:25:46,423 --> 00:25:48,023
why the graphic business and Stanbic

536
00:25:48,023 --> 00:25:50,083
Bank has convened this meeting and it

537
00:25:50,083 --> 00:25:52,323
will be led by experts to discuss and

538
00:25:52,323 --> 00:25:54,643
explore solutions and find a way to

539
00:25:54,643 --> 00:25:56,403
reinvent the wheel and then reboot

540
00:25:56,403 --> 00:25:59,523
the confidence for all of us to trust

541
00:25:59,523 --> 00:26:01,843
in the capital market. So let's wind

542
00:26:01,843 --> 00:26:03,683
up and then join the main discussion

543
00:26:03,683 --> 00:26:05,843
on this domestic debt exchange.

544
00:26:05,843 --> 00:26:07,603
Thank you so much doctor Ebiya Nani

545
00:26:07,603 --> 00:26:09,683
Enchi, convener of the pension bond

546
00:26:09,683 --> 00:26:10,563
holders. Second.

547
00:26:22,623 --> 00:26:24,543
Maximum you are alive, don't leave

548
00:26:24,543 --> 00:26:29,903
the Okay, So, welcome back. Um the

549
00:26:29,903 --> 00:26:31,983
discussion continues even as we wait

550
00:26:31,983 --> 00:26:35,743
for the main forum to start. As you

551
00:26:35,743 --> 00:26:38,143
already know, domestic debt

552
00:26:38,143 --> 00:26:39,743
exchange program as we are going to

553
00:26:39,743 --> 00:26:42,463
discuss involved investment and one

554
00:26:42,463 --> 00:26:44,303
of the key investment institutions

555
00:26:44,303 --> 00:26:46,143
is Stanbic Investment Services

556
00:26:46,143 --> 00:26:48,063
Limited. Sims, we are here with the

557
00:26:48,063 --> 00:26:49,183
managing director and remember,

558
00:26:49,463 --> 00:26:51,583
Stanbic Bank, which is a mother

559
00:26:51,583 --> 00:26:55,343
institutions of Sims, is a partner of

560
00:26:55,343 --> 00:26:57,423
this very critical program, we are

561
00:26:57,423 --> 00:27:00,023
here with eh Kwabina Buama to

562
00:27:00,023 --> 00:27:02,343
understand from an institutional

563
00:27:02,343 --> 00:27:04,503
and a stakeholder perspective How

564
00:27:04,503 --> 00:27:08,583
this eh program affected him and his

565
00:27:08,583 --> 00:27:09,863
clients, how he's working to

566
00:27:09,863 --> 00:27:11,143
insulate them from the impact.

567
00:27:11,143 --> 00:27:14,423
Kwabna, welcome. Thank you. So,

568
00:27:15,503 --> 00:27:19,543
ehm, this very discussion is at the

569
00:27:19,543 --> 00:27:21,383
core of your work. You manage

570
00:27:21,383 --> 00:27:23,303
investments, people savings that

571
00:27:23,303 --> 00:27:25,063
they brought you to invest in return

572
00:27:25,063 --> 00:27:27,543
for earnings. Then the person who

573
00:27:27,543 --> 00:27:30,963
whose eh bonds we bought, whose bonds

574
00:27:30,963 --> 00:27:33,603
we gave our money in exchange for

575
00:27:33,603 --> 00:27:35,443
sales I cannot pay, because of that,

576
00:27:35,443 --> 00:27:37,203
I'm coming in the new terms, terms

577
00:27:37,203 --> 00:27:41,123
that you, the investor, and then the

578
00:27:41,123 --> 00:27:42,323
institution managing the

579
00:27:42,323 --> 00:27:44,643
investment cannot have a CAA, first

580
00:27:44,643 --> 00:27:46,643
tell me, how were you able to take that

581
00:27:46,643 --> 00:27:48,083
decision and how did you communicate

582
00:27:48,083 --> 00:27:51,763
it to your clients? Thank you. So when

583
00:27:51,763 --> 00:27:54,083
it comes to eh, the investment

584
00:27:54,203 --> 00:27:56,883
framework, we have two types of

585
00:27:56,883 --> 00:27:58,963
clients. You have the collect

586
00:27:59,123 --> 00:28:01,043
investment schemes which are

587
00:28:01,043 --> 00:28:03,443
managed by the licensed fund

588
00:28:03,443 --> 00:28:06,803
managers like Sims and other fund

589
00:28:06,803 --> 00:28:09,443
managers. And then you also have the

590
00:28:09,483 --> 00:28:12,403
institutional clients. Eh example

591
00:28:12,403 --> 00:28:14,083
will be your pensions or other

592
00:28:14,083 --> 00:28:15,683
institutions who have segregated

593
00:28:15,683 --> 00:28:17,923
mandates. That you manage on their

594
00:28:17,923 --> 00:28:20,003
behalf. Now when it comes to the

595
00:28:20,003 --> 00:28:21,683
pensions or the other institutional

596
00:28:21,683 --> 00:28:23,603
clients who have given you specific

597
00:28:23,603 --> 00:28:25,443
mandates that you manage on their

598
00:28:25,443 --> 00:28:28,963
behalf. You relay the information to

599
00:28:29,123 --> 00:28:31,923
they do their you give them direction

600
00:28:31,923 --> 00:28:34,723
as to how they should look at the whole

601
00:28:34,723 --> 00:28:36,243
program and what kind of decision

602
00:28:36,243 --> 00:28:38,483
they should make and then they take

603
00:28:38,483 --> 00:28:40,483
the decision for themselves because

604
00:28:40,483 --> 00:28:43,123
these are segregated mandates. When

605
00:28:43,123 --> 00:28:44,323
it comes to the collective

606
00:28:44,323 --> 00:28:46,083
investment schemes like the Unit

607
00:28:46,083 --> 00:28:49,043
Trust and then the mutual funds. It's

608
00:28:49,043 --> 00:28:52,003
it's different. The construct is

609
00:28:52,003 --> 00:28:54,803
such that you have the board of

610
00:28:54,803 --> 00:28:56,723
directors in the case of the mutual

611
00:28:56,723 --> 00:28:59,503
funds who represent the investors

612
00:28:59,503 --> 00:29:02,463
and act on their behalf. Then when it

613
00:29:02,463 --> 00:29:04,543
comes to the unit trust funds, you

614
00:29:04,543 --> 00:29:07,023
have the trustees who also represent

615
00:29:07,023 --> 00:29:09,983
the investors and act on their

616
00:29:09,983 --> 00:29:12,383
behalf. So for all the collective

617
00:29:12,383 --> 00:29:14,143
investment schemes, under the unit

618
00:29:14,143 --> 00:29:16,223
trust funds, we had to go to the

619
00:29:16,223 --> 00:29:19,263
trustee and engage them for us to make

620
00:29:19,263 --> 00:29:22,223
a decision on the program. Then for

621
00:29:22,223 --> 00:29:25,423
the mutual funds, we had to go to the

622
00:29:25,703 --> 00:29:27,743
mutual, that's the board of

623
00:29:27,743 --> 00:29:30,223
directors who then had to make the

624
00:29:30,223 --> 00:29:32,383
decision on behalf of the investors.

625
00:29:32,503 --> 00:29:36,763
And Once those decisions were made

626
00:29:36,763 --> 00:29:39,163
and then you had to restructure your

627
00:29:39,163 --> 00:29:40,763
operations and all that. Tell me, how

628
00:29:40,763 --> 00:29:42,363
did that impact you as an

629
00:29:42,363 --> 00:29:45,963
institution? So two things. Now,

630
00:29:45,963 --> 00:29:50,363
this is not ordinary. Yes. But in

631
00:29:50,363 --> 00:29:52,363
terms of investment decisions and

632
00:29:52,363 --> 00:29:55,083
how the funds are structured, it's

633
00:29:55,083 --> 00:29:56,923
our normal day-to-day engagement

634
00:29:56,923 --> 00:29:59,003
that we have with the trustees or the

635
00:29:59,003 --> 00:30:00,683
board of directors where they make

636
00:30:00,683 --> 00:30:02,923
decisions on behalf of the

637
00:30:02,923 --> 00:30:05,963
investors. So, in this scenario, we

638
00:30:05,963 --> 00:30:08,003
had to engage and they took that

639
00:30:08,003 --> 00:30:10,643
decision on behalf of them. Now, the

640
00:30:10,643 --> 00:30:12,563
plan is that at the next annual

641
00:30:12,563 --> 00:30:14,883
general meeting, that is where we

642
00:30:14,883 --> 00:30:17,203
have a forum to engage all the

643
00:30:17,203 --> 00:30:19,283
investors and give them a

644
00:30:19,283 --> 00:30:22,323
chronological ehm ehm ehm view of

645
00:30:22,323 --> 00:30:24,643
what transpired and how we took the

646
00:30:24,643 --> 00:30:26,323
decision on their behalf and the

647
00:30:26,323 --> 00:30:28,883
impact on their portfolio. Now, in

648
00:30:28,883 --> 00:30:31,043
terms of financial impact, you

649
00:30:31,043 --> 00:30:32,483
remember that under the domestic

650
00:30:32,483 --> 00:30:35,123
debt exchange program, interest

651
00:30:35,123 --> 00:30:37,763
accrued as at the date that the

652
00:30:37,763 --> 00:30:40,003
settlement took effect was not

653
00:30:40,003 --> 00:30:43,083
impacted. That was part the whole

654
00:30:43,083 --> 00:30:45,003
amount that the government rolled

655
00:30:45,003 --> 00:30:47,563
over as a principal. What they are

656
00:30:47,563 --> 00:30:49,803
losing is potential interest

657
00:31:07,123 --> 00:31:09,443
liquidity situation now, you do not

658
00:31:09,443 --> 00:31:11,603
have access to sell off these bonds.

659
00:31:11,603 --> 00:31:13,523
And when you're selling them off, you

660
00:31:13,523 --> 00:31:16,083
sell them off at a discount, lower

661
00:31:16,083 --> 00:31:18,723
than the principal amount. So, if the

662
00:31:18,723 --> 00:31:20,963
investor needs money urgently and

663
00:31:20,963 --> 00:31:23,603
needs to exit now, they may incur some

664
00:31:23,603 --> 00:31:26,883
losses. But if they hold on and wait, I

665
00:31:26,883 --> 00:31:28,083
mean, thankfully, under the

666
00:31:28,083 --> 00:31:29,523
program, the collect investment

667
00:31:29,523 --> 00:31:32,323
scheme have two maturities. 2027,

668
00:31:32,323 --> 00:31:34,643
2028. So, that means that if you're

669
00:31:34,643 --> 00:31:36,723
able to hold on at the market recover,

670
00:31:36,723 --> 00:31:39,283
you would not have lost anything. I

671
00:31:39,283 --> 00:31:41,043
see talking of liquidity challenges

672
00:31:41,043 --> 00:31:42,783
and that was actually one of a

673
00:31:42,783 --> 00:31:44,783
challenges that eh a lot of the

674
00:31:44,783 --> 00:31:47,103
institutions similar to your line of

675
00:31:47,103 --> 00:31:47,983
operations experience

676
00:31:49,383 --> 00:31:51,423
Surprisingly or fortunately, we did

677
00:31:51,423 --> 00:31:53,823
not hear sims say they have liquidity

678
00:31:53,823 --> 00:31:55,103
challenges and because of that

679
00:31:55,103 --> 00:31:57,183
investors or their clients should go

680
00:31:57,183 --> 00:31:58,783
and come tomorrow or whatever. Tell

681
00:31:58,783 --> 00:32:00,543
me, what is the secret? What led to you

682
00:32:00,543 --> 00:32:02,463
being able to withstand the pressure

683
00:32:02,463 --> 00:32:06,463
that this whole program brought? We

684
00:32:06,463 --> 00:32:09,103
we manage different funds and

685
00:32:09,103 --> 00:32:11,583
depending on the profile of the

686
00:32:12,123 --> 00:32:14,843
that you had prior to the debts

687
00:32:14,843 --> 00:32:17,003
exchange. You may have some early

688
00:32:17,003 --> 00:32:19,083
liquidity that you have that's

689
00:32:19,083 --> 00:32:21,003
available for you to manage the

690
00:32:21,003 --> 00:32:23,083
client request. And that's what we

691
00:32:23,083 --> 00:32:26,123
did. And over and above that too, our

692
00:32:26,123 --> 00:32:27,483
own individual engagement,

693
00:32:27,483 --> 00:32:28,843
especially with the top heavy

694
00:32:28,843 --> 00:32:31,883
clients. Yes, to impress upon them,

695
00:32:31,883 --> 00:32:34,843
to hold on, and let things eh, let the

696
00:32:34,843 --> 00:32:37,563
market recover before we pay out, has

697
00:32:37,563 --> 00:32:40,203
also been supportive. Then we also

698
00:32:40,203 --> 00:32:43,463
introduced ehm, class which is not

699
00:32:43,463 --> 00:32:45,783
mark to market but more like your

700
00:32:45,783 --> 00:32:47,383
normal savings account or fixed

701
00:32:47,383 --> 00:32:49,303
deposit that you do. so that also

702
00:32:49,303 --> 00:32:51,303
helped in regaining some confidence

703
00:32:51,303 --> 00:32:54,743
from our clients. Going forward,

704
00:32:55,143 --> 00:32:56,343
the industry has been hit,

705
00:32:56,343 --> 00:32:57,863
individuals have suffered,

706
00:32:57,863 --> 00:32:59,223
institutions have suffered, so

707
00:32:59,223 --> 00:33:00,503
investors are rethinking their

708
00:33:00,503 --> 00:33:02,503
investment decisions. For you, talk

709
00:33:02,503 --> 00:33:04,983
to me, how do we regain that trust? To

710
00:33:04,983 --> 00:33:08,263
be able to start and continue with the

711
00:33:08,263 --> 00:33:09,623
investment culture that we were

712
00:33:09,623 --> 00:33:12,243
building. Actually a tough one

713
00:33:12,243 --> 00:33:14,883
because eh what clients have gone

714
00:33:14,883 --> 00:33:17,123
through in the past three, six months

715
00:33:17,123 --> 00:33:19,763
have not been easy. So we need to

716
00:33:19,763 --> 00:33:22,403
actually go back to the basics and

717
00:33:22,403 --> 00:33:24,803
start the conversation all over

718
00:33:24,803 --> 00:33:28,163
again and educate our clients. I

719
00:33:28,163 --> 00:33:30,323
think number one of the things that we

720
00:33:30,323 --> 00:33:31,763
need to do even as investment

721
00:33:31,803 --> 00:33:34,483
professionals is not to assume that

722
00:33:34,483 --> 00:33:36,963
all our clients understand the

723
00:33:36,963 --> 00:33:39,283
investment market. So we have a part

724
00:33:39,283 --> 00:33:42,323
to play to ensure that we go back to the

725
00:33:42,323 --> 00:33:45,203
basics we talk about risk. Let people

726
00:33:45,203 --> 00:33:47,683
understand that every decision that

727
00:33:47,683 --> 00:33:51,123
we make has risk in it. Eh even

728
00:33:51,123 --> 00:33:52,563
investing in government of Ghana

729
00:33:52,563 --> 00:33:54,643
securities which hither too we said

730
00:33:54,643 --> 00:33:57,443
was risk free is no longer as risk free

731
00:33:57,443 --> 00:34:00,243
as we thought it was. So, there's risk

732
00:34:00,243 --> 00:34:02,483
in every investment. What is

733
00:34:02,483 --> 00:34:03,923
happening with government of Ghana

734
00:34:03,923 --> 00:34:06,483
securities it's not that it's risk,

735
00:34:06,483 --> 00:34:09,203
it's risk free, but rather the

736
00:34:09,203 --> 00:34:11,683
probability of they not paying you

737
00:34:19,623 --> 00:34:21,623
clients will not put all their

738
00:34:21,623 --> 00:34:23,383
investment in government of Ghana

739
00:34:23,383 --> 00:34:26,423
securities but will diversify and

740
00:34:26,423 --> 00:34:28,903
make sure that you have enough spread

741
00:34:28,903 --> 00:34:32,343
so that if one goes down, the other is

742
00:34:32,343 --> 00:34:34,423
there to support you. Then the other

743
00:34:34,423 --> 00:34:36,663
thing too is understand the

744
00:34:36,663 --> 00:34:39,223
liquidity needs of our clients. And

745
00:34:39,223 --> 00:34:41,223
make sure that we are not chasing

746
00:34:41,223 --> 00:34:43,543
after returns. If you have bills to

747
00:34:43,543 --> 00:34:46,023
pay in three months in a year, we're

748
00:34:46,023 --> 00:34:46,983
making sure that whatever

749
00:34:46,983 --> 00:34:48,903
investment we are presenting to you,

750
00:34:49,623 --> 00:34:52,343
will not suffer any market

751
00:34:52,703 --> 00:34:55,303
revaluations so that there is some

752
00:34:55,303 --> 00:34:57,463
consistency in the amount that is

753
00:34:57,463 --> 00:34:59,303
being paid and the recovery of your

754
00:34:59,303 --> 00:35:01,863
principal is very high so there are

755
00:35:01,863 --> 00:35:03,863
lessons for us but we're going back to

756
00:35:03,863 --> 00:35:05,303
our clients to start the whole

757
00:35:05,303 --> 00:35:07,063
conversation around investment

758
00:35:07,063 --> 00:35:09,463
again and and and that is very good

759
00:35:09,463 --> 00:35:11,223
because at the end of the day if

760
00:35:11,223 --> 00:35:13,623
confidence in investment is high it

761
00:35:13,623 --> 00:35:15,703
means we have a lot of patient capital

762
00:35:15,703 --> 00:35:17,543
with which the government and other

763
00:35:17,543 --> 00:35:19,603
development agencies can to develop

764
00:35:19,603 --> 00:35:22,323
the country. But on the issue of eh

765
00:35:22,323 --> 00:35:24,563
confidence, we've seen treasury

766
00:35:24,563 --> 00:35:26,723
bill purchases being over

767
00:35:26,723 --> 00:35:29,523
subscribed, even post the DD EP. And

768
00:35:29,523 --> 00:35:31,443
we've seen that happen at a time that

769
00:35:31,443 --> 00:35:33,603
the rates, the yields have come down

770
00:35:33,603 --> 00:35:36,963
from 35 to about 19% and now 18% and

771
00:35:36,963 --> 00:35:38,963
below. What does that tell you about

772
00:35:38,963 --> 00:35:40,563
confidence in treasury bills,

773
00:35:40,563 --> 00:35:41,683
confidence in the government's

774
00:35:41,683 --> 00:35:43,843
ability to pay and the issue of trust

775
00:35:43,843 --> 00:35:46,563
that we are trying to rebuild? I mean,

776
00:35:46,563 --> 00:35:49,423
the good part about this is that so

777
00:35:49,423 --> 00:35:51,503
far, treasury bill repayments have

778
00:35:51,503 --> 00:35:53,583
been consistent. And the government

779
00:35:53,583 --> 00:35:56,463
has not renerged on its obligations

780
00:35:56,463 --> 00:35:58,303
as far as the treasury bills are

781
00:35:58,303 --> 00:36:01,423
concerned. Now it's a a demand and

782
00:36:01,423 --> 00:36:04,063
supply. You have an auction system

783
00:36:04,063 --> 00:36:07,263
that allows the clients or the banks

784
00:36:07,263 --> 00:36:09,423
to indicate to government at what

785
00:36:09,423 --> 00:36:11,183
rate they are willing to lend to

786
00:36:11,183 --> 00:36:13,983
government. And government

787
00:36:14,823 --> 00:36:18,623
works around that. So

788
00:36:19,123 --> 00:36:22,563
the rate that they are bringing based

789
00:36:22,563 --> 00:36:24,083
on the volumes that they have,

790
00:36:24,083 --> 00:36:26,163
naturally they want to satisfy their

791
00:36:26,163 --> 00:36:27,603
client request of the treasury

792
00:36:27,603 --> 00:36:30,083
bills. So they lower the rates in

793
00:36:30,083 --> 00:36:32,083
order to get their bits to

794
00:36:32,083 --> 00:36:34,403
government. So there's excess

795
00:36:34,403 --> 00:36:36,483
liquidity on that side. That is

796
00:36:36,483 --> 00:36:39,203
chasing a fixed amount of borrowing

797
00:36:39,203 --> 00:36:40,963
from government. And that is giving

798
00:36:40,963 --> 00:36:42,803
the government an upper hand to be

799
00:36:42,803 --> 00:36:45,043
able to drop the interest rates. And

800
00:36:45,043 --> 00:36:47,123
if you recall, last week, the

801
00:36:47,123 --> 00:36:49,503
government started paying the bond

802
00:36:49,503 --> 00:36:51,823
holders. That extra money that has

803
00:36:51,823 --> 00:36:53,663
come in. And if these monies are

804
00:36:53,663 --> 00:36:56,703
chasing the same amount of eh

805
00:36:56,703 --> 00:36:58,223
borrowing that the government is

806
00:36:58,223 --> 00:36:59,983
doing, obviously the government has

807
00:36:59,983 --> 00:37:02,623
an upper hand to be able to reduce the

808
00:37:02,623 --> 00:37:04,943
the borrowing. But what will cement

809
00:37:04,943 --> 00:37:07,503
this decline is inflation, seeing

810
00:37:07,503 --> 00:37:09,823
inflation drop consistently, and

811
00:37:09,823 --> 00:37:11,263
that will support that the currency

812
00:37:11,263 --> 00:37:13,583
being stable, that will support why

813
00:37:13,583 --> 00:37:15,103
they are dropping interest rates.

814
00:37:15,103 --> 00:37:18,063
Good, so lower interest rates are

815
00:37:18,123 --> 00:37:19,403
for the economy, good for the

816
00:37:19,403 --> 00:37:20,683
government, it means governments

817
00:37:20,683 --> 00:37:22,843
ehm debt service cost will come down,

818
00:37:22,843 --> 00:37:24,363
it means generally how much

819
00:37:24,363 --> 00:37:26,123
government is required to borrow to,

820
00:37:26,123 --> 00:37:27,803
to take care of things will come down,

821
00:37:27,803 --> 00:37:29,643
but how sustainable is this? These

822
00:37:29,643 --> 00:37:31,083
are some of the questions that will be

823
00:37:31,083 --> 00:37:33,483
asking, we have inflation above 52%,

824
00:37:33,483 --> 00:37:36,923
we have eh, the the T bill rate around

825
00:37:36,923 --> 00:37:41,403
18%, that is about 30% gap for the

826
00:37:41,403 --> 00:37:43,163
investor, how sustainable is that?

827
00:37:43,163 --> 00:37:44,763
And even for the central bank

828
00:37:44,763 --> 00:37:46,603
interest rate, the policy rate above

829
00:37:46,603 --> 00:37:49,783
20% how can we ensure that these

830
00:37:49,783 --> 00:37:51,623
things are recalibrated in a

831
00:37:51,623 --> 00:37:53,463
sustainable manner that affects you

832
00:37:53,463 --> 00:37:55,143
the investor positively and the

833
00:37:55,143 --> 00:37:57,063
entire economy positively. So join

834
00:37:57,063 --> 00:37:59,543
us at the main discussion for us to

835
00:37:59,543 --> 00:38:01,543
hear from our experts on how to

836
00:38:01,543 --> 00:38:03,943
rebuild confidence, how to get you to

837
00:38:03,943 --> 00:38:05,223
understand the dynamics of

838
00:38:05,223 --> 00:38:08,263
investment, post the DDP. And have a

839
00:38:08,263 --> 00:38:10,743
good day. Thank you. Thank you. Thank

840
00:38:10,743 --> 00:38:13,303
you. I don't know.

841
00:38:13,903 --> 00:38:17,143
Good, good, good. Shall we now

842
00:38:17,143 --> 00:38:18,823
welcome a round of applause. Mister

843
00:38:18,823 --> 00:38:20,263
Buhani Assema who is editor of

844
00:38:20,263 --> 00:38:21,703
graphic business to give us the

845
00:38:21,703 --> 00:38:22,263
welcome address.

846
00:38:29,623 --> 00:38:31,223
Thank you Mister Amwa.

847
00:38:52,623 --> 00:38:56,943
Ehm as a foremost credible and most

848
00:38:56,943 --> 00:38:58,543
influential brand, graphic

849
00:38:58,543 --> 00:39:01,583
business has always set the agenda

850
00:39:01,583 --> 00:39:04,943
for the nation. We have provided our

851
00:39:04,943 --> 00:39:06,543
platform for national discourse

852
00:39:06,543 --> 00:39:10,063
over the past. Yes, since the paper

853
00:39:10,063 --> 00:39:13,023
came into circulation. In 2014,

854
00:39:13,023 --> 00:39:15,503
however, the first ever

855
00:39:17,123 --> 00:39:19,443
graphic business breakfast meeting

856
00:39:19,443 --> 00:39:22,803
was held in Accra. This meeting

857
00:39:22,803 --> 00:39:24,483
brought together former finance

858
00:39:24,483 --> 00:39:27,923
ministers and the then sitting

859
00:39:27,923 --> 00:39:31,043
minister of finance. It was on the

860
00:39:31,043 --> 00:39:36,803
same topic. That is the state of the

861
00:39:57,623 --> 00:40:02,023
one. We chose and we have

862
00:40:02,223 --> 00:40:04,663
decided to provide this platform

863
00:40:04,663 --> 00:40:07,383
this for this engagement because we

864
00:40:07,383 --> 00:40:09,303
chose to be part of the solution and

865
00:40:09,303 --> 00:40:12,763
not part of the problem. And in doing

866
00:40:12,763 --> 00:40:16,283
so we want to enhance our democratic

867
00:40:16,283 --> 00:40:19,803
governance pillars in this. For some

868
00:40:19,803 --> 00:40:22,283
reason, it's been said that graphic

869
00:40:22,283 --> 00:40:24,523
is ehm sorry, Ghana is an analysis of

870
00:40:24,523 --> 00:40:27,003
peace among the turbulence eh West

871
00:40:27,003 --> 00:40:29,083
African sub region. It is not for

872
00:40:29,083 --> 00:40:30,523
nothing. Because

873
00:40:32,623 --> 00:40:34,863
of the peaceful nature we find

874
00:40:34,863 --> 00:40:39,103
ourselves in And this forum is part of

875
00:40:39,103 --> 00:40:40,623
that process of deepening financial

876
00:40:40,623 --> 00:40:43,103
inclusion and also building the

877
00:40:43,103 --> 00:40:45,023
pillars upon which our democratic

878
00:40:45,023 --> 00:40:46,623
governance tribes.

879
00:40:48,623 --> 00:40:53,223
So for us at graphic business,

880
00:40:53,423 --> 00:40:56,023
this is what we continue to do, to set

881
00:40:56,023 --> 00:40:57,623
the agenda for national discourse,

882
00:40:57,623 --> 00:41:02,343
and also to provide expertise and

883
00:41:02,343 --> 00:41:04,743
experts who are here today to give us

884
00:41:04,743 --> 00:41:09,383
the insights into what is really our

885
00:41:09,383 --> 00:41:10,103
national challenge.

886
00:41:15,123 --> 00:41:16,963
Okay, so I heard my voice again.

887
00:41:19,623 --> 00:41:22,823
And we are fortunate to have our

888
00:41:22,823 --> 00:41:25,543
partner Stanbic Bank, partner is in

889
00:41:25,543 --> 00:41:28,823
this particular program. Mine is a

890
00:41:28,823 --> 00:41:30,583
short one, just to welcome you and not

891
00:41:30,583 --> 00:41:32,663
to talk plenty, so I will not take much

892
00:41:32,663 --> 00:41:36,583
of your time. It is our hope. That this

893
00:41:36,583 --> 00:41:39,783
discourse will provide the answers

894
00:41:39,783 --> 00:41:42,103
to some of the nagging questions my

895
00:41:42,103 --> 00:41:45,143
brother Ama was. Was. And also of

896
00:41:45,143 --> 00:41:47,143
course, chat the way forward on where

897
00:41:47,143 --> 00:41:49,703
we want to go as a nation. We, as

898
00:41:49,703 --> 00:41:52,983
graphic business, will continue to

899
00:41:53,123 --> 00:41:57,123
hold on to our credible platforms and

900
00:41:57,123 --> 00:41:59,203
we want to partner businesses to move

901
00:41:59,203 --> 00:42:00,963
forward this economy. I've always

902
00:42:00,963 --> 00:42:03,523
said this, we are a business. If the

903
00:42:03,523 --> 00:42:05,283
economy goes down, we go down, nobody

904
00:42:05,283 --> 00:42:06,403
is buying newspaper. If you are

905
00:42:06,403 --> 00:42:08,483
hungry, you don't buy newspaper. So

906
00:42:08,483 --> 00:42:10,403
our platforms will be used for the

907
00:42:10,403 --> 00:42:12,243
good of the economy. Irrespective of

908
00:42:12,243 --> 00:42:14,323
what people will say. And we will not

909
00:42:14,323 --> 00:42:17,043
tread along the lines where eh,

910
00:42:17,043 --> 00:42:19,843
others do tread. I mean I'm sure most

911
00:42:19,843 --> 00:42:22,403
of you have heard the judgements of

912
00:42:22,403 --> 00:42:24,783
the high courts last week which puts

913
00:42:24,783 --> 00:42:26,943
into question the credibility of the

914
00:42:26,943 --> 00:42:28,623
work of journalists but that is a

915
00:42:28,623 --> 00:42:29,823
subject matter for another day.

916
00:42:29,823 --> 00:42:32,783
Today, we are here to discuss the DEP

917
00:42:32,783 --> 00:42:35,423
and how all of us got a haircut. On this

918
00:42:35,423 --> 00:42:37,503
note, I wish to welcome you all to this

919
00:42:37,503 --> 00:42:38,543
gathering. Thank you very much.

920
00:42:40,123 --> 00:42:43,723
Thank you very much. You see,

921
00:42:43,723 --> 00:42:45,723
everybody has his own concerns. He

922
00:42:45,723 --> 00:42:47,003
says, if the economy is not doing

923
00:42:47,003 --> 00:42:48,283
well, you will not buy the graphic

924
00:42:48,283 --> 00:42:50,283
business or maybe the daily graphic.

925
00:42:50,283 --> 00:42:52,683
So for him, the economy must do well.

926
00:42:52,683 --> 00:42:55,323
And if the economy is not doing well

927
00:42:55,323 --> 00:42:57,163
also, we wouldn't have a lot of, you

928
00:42:57,163 --> 00:42:58,843
know, fans ready available to

929
00:42:58,843 --> 00:43:01,323
invest. Since this is a graphic

930
00:43:01,323 --> 00:43:02,443
business Stan Big Bank breakfast

931
00:43:02,443 --> 00:43:04,123
meeting would take some opening

932
00:43:04,123 --> 00:43:07,083
remarks from the CEO and MD of Stanbic

933
00:43:07,083 --> 00:43:08,843
Bank and Graphic would start with the

934
00:43:08,843 --> 00:43:11,163
MD of graphic communications group,

935
00:43:11,163 --> 00:43:13,243
Ato Afo. Let's welcome him with a

936
00:43:13,243 --> 00:43:13,883
round of applause.

937
00:43:18,123 --> 00:43:20,523
So Atu tells me that he's waived his

938
00:43:20,523 --> 00:43:22,523
opportunity to speak so we'd invite

939
00:43:22,523 --> 00:43:25,323
the CEO of Stanbic Bank Ghana Kwamina

940
00:43:25,323 --> 00:43:26,123
Asumini

941
00:43:44,123 --> 00:43:47,083
Thank you very much. I'm sure you're

942
00:43:47,083 --> 00:43:49,723
wondering which kind of Kwamena

943
00:43:49,723 --> 00:43:53,083
Asumini is this? So my name is Kwabina

944
00:43:53,083 --> 00:43:56,123
Bwama and I'm the CEO for Stanbic

945
00:43:56,123 --> 00:43:57,883
Investment Management Services

946
00:43:57,883 --> 00:43:59,723
Limited. And this is the asset

947
00:43:59,723 --> 00:44:02,683
management arm of the bank. And I'll

948
00:44:02,683 --> 00:44:04,443
do the introductory remark on behalf

949
00:44:04,443 --> 00:44:06,843
of Stanbic Bank.

950
00:44:07,603 --> 00:44:10,443
I believe one of the questions we've

951
00:44:10,443 --> 00:44:13,163
asked ourselves as investors. And

952
00:44:13,663 --> 00:44:17,143
professionals is how did we get here?

953
00:44:17,583 --> 00:44:19,303
And what happened?

954
00:44:21,123 --> 00:44:24,643
It's a question that we've all been

955
00:44:24,643 --> 00:44:27,763
talking about and discussing. And

956
00:44:27,763 --> 00:44:29,683
for us as investment professionals,

957
00:44:29,683 --> 00:44:33,443
I think one thing is very clear. We ask

958
00:44:33,443 --> 00:44:35,763
ourselves, did we educate our

959
00:44:35,763 --> 00:44:38,563
clients well enough? For them to

960
00:44:38,563 --> 00:44:40,643
understand exactly what they were

961
00:44:40,643 --> 00:44:43,843
doing. And I guess most of us will say,

962
00:44:43,843 --> 00:44:47,923
maybe not well enough. So we are part

963
00:44:47,923 --> 00:44:51,423
of the issue. But a bigger question

964
00:44:51,423 --> 00:44:54,543
for us is, how do we get out of this?

965
00:44:55,223 --> 00:44:59,183
And it sends us back to the basics of

966
00:44:59,183 --> 00:45:00,863
things that were taught in school.

967
00:45:00,863 --> 00:45:03,743
The fundamentals of investments.

968
00:45:03,743 --> 00:45:06,623
And ensuring that our client

969
00:45:06,623 --> 00:45:08,703
understand exactly what they are

970
00:45:08,703 --> 00:45:12,383
going into. We've always forgotten

971
00:45:12,383 --> 00:45:14,783
about the fact that risk is in

972
00:45:14,783 --> 00:45:17,903
everything that we do. In fact, if you

973
00:45:17,903 --> 00:45:19,743
choose not to go out of your house,

974
00:45:19,743 --> 00:45:23,183
because of fear of an accident, even

975
00:45:23,183 --> 00:45:26,683
staying in your house is a risk. So

976
00:45:26,683 --> 00:45:29,723
every decision that we make as

977
00:45:29,723 --> 00:45:32,843
investors, there is some risk. But

978
00:45:32,843 --> 00:45:36,443
what level of risk is possible or what

979
00:45:36,443 --> 00:45:38,763
level of risk can I take as an

980
00:45:38,763 --> 00:45:41,163
investor? And these are the things

981
00:45:41,163 --> 00:45:42,603
that we as investment

982
00:45:42,643 --> 00:45:45,723
professionals, we are learning to do

983
00:45:45,723 --> 00:45:48,603
and ensuring that every client that

984
00:45:48,603 --> 00:45:52,203
we engage, one, the understanding of

985
00:45:52,203 --> 00:45:55,363
risk is clear. And then two, the

986
00:45:55,363 --> 00:45:57,123
investment choices they are making,

987
00:45:57,323 --> 00:46:00,323
they are not only looking at returns

988
00:46:00,323 --> 00:46:03,123
but also ensuring that their

989
00:46:03,123 --> 00:46:05,523
investment objectives, their

990
00:46:05,523 --> 00:46:08,403
liquidity needs are met in that

991
00:46:08,403 --> 00:46:11,043
decision that they are making. I

992
00:46:11,043 --> 00:46:12,243
believe that this morning's

993
00:46:12,243 --> 00:46:15,203
conversation will drum home the

994
00:46:15,203 --> 00:46:17,683
importance of these basic truths and

995
00:46:17,683 --> 00:46:20,163
hard truths that we have to learn as

996
00:46:20,163 --> 00:46:22,083
investment professionals and then

997
00:46:22,083 --> 00:46:24,963
also as investors. Thank you for

998
00:46:24,963 --> 00:46:27,303
coming and I pray you have a wonderful

999
00:46:27,303 --> 00:46:30,183
conversation Thank you very much

1000
00:46:30,183 --> 00:46:31,943
Kobna. Of course, we would have a

1001
00:46:31,943 --> 00:46:33,143
wonderful conversation and I like

1002
00:46:33,143 --> 00:46:34,983
the bit about, you know, the truth

1003
00:46:34,983 --> 00:46:37,703
when it comes to investment. Because

1004
00:46:37,703 --> 00:46:39,543
for many of us, when we are investing,

1005
00:46:39,543 --> 00:46:41,543
sometimes we are giving guaranteed

1006
00:46:41,543 --> 00:46:44,183
returns. So I look at it and I say, oh, I

1007
00:46:44,183 --> 00:46:45,943
have a guaranteed return. Every

1008
00:46:45,943 --> 00:46:48,023
morning when I wake up, I check my

1009
00:46:48,023 --> 00:46:49,783
investment and I know that oh, I am on

1010
00:46:49,783 --> 00:46:53,303
course. And if I'm hit by such a news

1011
00:46:53,303 --> 00:46:55,703
eventually, I ask myself, where did I

1012
00:46:55,703 --> 00:46:58,283
go wrong after all, you promised me

1013
00:46:58,323 --> 00:47:00,523
guaranteed returns. When we were

1014
00:47:00,523 --> 00:47:02,123
talking, you never told me about mark

1015
00:47:02,123 --> 00:47:05,163
to market. So why all of a sudden, a

1016
00:47:05,163 --> 00:47:07,003
conversation about market to

1017
00:47:07,003 --> 00:47:08,603
market. We'll talk about all of these

1018
00:47:08,603 --> 00:47:11,563
later on. But let's now introduce our

1019
00:47:11,563 --> 00:47:13,723
chairperson for the occasion. And

1020
00:47:13,723 --> 00:47:15,883
our chairperson is the first female

1021
00:47:15,883 --> 00:47:17,563
managing director of the Ghana Stock

1022
00:47:17,563 --> 00:47:20,043
Exchange. Appointed by the council

1023
00:47:20,043 --> 00:47:22,763
on November twenty-four 2022. Now

1024
00:47:22,763 --> 00:47:24,283
she joined the exchangers deputy

1025
00:47:24,283 --> 00:47:25,803
managing director on August one

1026
00:47:25,803 --> 00:47:28,283
2020. And has been in the capital

1027
00:47:28,283 --> 00:47:30,043
market industry for over

1028
00:47:30,043 --> 00:47:31,883
twenty-four years and is highly

1029
00:47:31,883 --> 00:47:33,403
respected for her technical

1030
00:47:33,403 --> 00:47:35,323
knowledge, business acumen,

1031
00:47:35,323 --> 00:47:37,323
outstanding professionalism, and

1032
00:47:37,323 --> 00:47:39,563
integrity. Her experience covers

1033
00:47:39,563 --> 00:47:41,163
market, stock,

1034
00:47:43,123 --> 00:47:45,523
Ladies and gentlemen, let's welcome

1035
00:47:45,523 --> 00:47:48,323
the MD of the Ghana Stock Exchange,

1036
00:47:48,323 --> 00:47:50,323
Abnamwa with a round of applause.

1037
00:48:16,123 --> 00:48:18,523
Thank you Winston, my new found

1038
00:48:18,523 --> 00:48:20,523
brother, Mister Amua.

1039
00:48:22,083 --> 00:48:24,123
Distinguished ladies and

1040
00:48:24,123 --> 00:48:27,323
gentlemen, captains of industry. a

1041
00:48:27,323 --> 00:48:28,443
very good morning to everyone.

1042
00:48:30,623 --> 00:48:34,403
Good morning. Good morning The cocoa

1043
00:48:34,403 --> 00:48:35,923
is not going down very well this

1044
00:48:35,923 --> 00:48:38,963
morning, I see. Thank you very much

1045
00:48:38,963 --> 00:48:40,563
management of graphic

1046
00:48:40,563 --> 00:48:42,643
communications group, Stanbic

1047
00:48:42,643 --> 00:48:45,603
Bank, Ghana, and the organizers of

1048
00:48:45,603 --> 00:48:47,603
this highly reputed thought

1049
00:48:47,603 --> 00:48:50,243
leadership program in Ghana. It's

1050
00:48:50,243 --> 00:48:51,923
been my dream to receive an

1051
00:48:51,923 --> 00:48:54,563
invitation to attend this and today

1052
00:48:54,563 --> 00:48:55,683
it's come true.

1053
00:48:58,623 --> 00:49:01,183
It's indeed an honor to chair and give

1054
00:49:01,183 --> 00:49:04,143
my remarks on today's theme of the

1055
00:49:04,143 --> 00:49:07,343
DDEP, lessons and implications for

1056
00:49:07,343 --> 00:49:10,783
how you or should I say how we

1057
00:49:10,983 --> 00:49:14,943
invest. Ladies and gentlemen, as you

1058
00:49:14,943 --> 00:49:16,783
all know, government has recently

1059
00:49:16,823 --> 00:49:19,103
concluded restructuring of a large

1060
00:49:19,103 --> 00:49:22,223
part of its domestic debts. Or as

1061
00:49:22,223 --> 00:49:25,023
Bwahine said, the haircut has

1062
00:49:25,023 --> 00:49:27,983
happened. And we are all busy dusting

1063
00:49:27,983 --> 00:49:30,463
off our shaving hair. And getting

1064
00:49:30,623 --> 00:49:33,263
ready to admire ourselves in the

1065
00:49:33,263 --> 00:49:37,183
mirror again. The financial and

1066
00:49:37,183 --> 00:49:39,823
investment space has suffered some

1067
00:49:39,823 --> 00:49:42,783
major knocks with regards to trust

1068
00:49:42,783 --> 00:49:45,423
and confidence that it used to enjoy.

1069
00:49:46,023 --> 00:49:49,823
We cannot gloss over the its impact on

1070
00:49:49,823 --> 00:49:51,983
investor confidence and what it

1071
00:49:51,983 --> 00:49:54,943
means for investment and savings in

1072
00:49:54,943 --> 00:49:58,783
future. Ladies and gentlemen, we

1073
00:49:58,783 --> 00:50:02,543
cannot allow this crisis to go to

1074
00:50:02,543 --> 00:50:05,423
waste. We need see this as an

1075
00:50:05,423 --> 00:50:07,263
opportunity to revise our economic

1076
00:50:07,263 --> 00:50:10,463
models for a prosperous future.

1077
00:50:11,223 --> 00:50:14,783
The DDEP, despite everything, has

1078
00:50:14,783 --> 00:50:17,423
presented us with the silver lining.

1079
00:50:18,183 --> 00:50:21,423
And that is the opportunity

1080
00:50:21,543 --> 00:50:25,503
to reset our interest rate and

1081
00:50:25,503 --> 00:50:29,103
investment returns regime. To

1082
00:50:29,103 --> 00:50:31,583
affordable and sustainable levels

1083
00:50:31,583 --> 00:50:33,983
for all. Governments, businesses

1084
00:50:34,903 --> 00:50:37,883
individuals investors, we must

1085
00:50:37,883 --> 00:50:40,763
reset our interest rate regime and

1086
00:50:40,763 --> 00:50:43,083
investment returns as well.

1087
00:50:44,163 --> 00:50:47,163
Single digit interest rates on

1088
00:50:47,163 --> 00:50:48,603
government bonds or government

1089
00:50:48,603 --> 00:50:52,283
securities as prevails now. Means

1090
00:50:52,283 --> 00:50:54,923
that government debt service levels

1091
00:50:54,923 --> 00:50:59,463
will fall. Freeing up revenue that

1092
00:50:59,463 --> 00:51:01,383
can be used for investment in

1093
00:51:01,383 --> 00:51:03,303
critical, social, and economic

1094
00:51:03,503 --> 00:51:06,823
infrastructure. Revenue that can be

1095
00:51:06,823 --> 00:51:09,603
used for investment in critical It

1096
00:51:09,603 --> 00:51:11,603
also means that the private sector

1097
00:51:11,603 --> 00:51:14,323
has a chance of accessing affordable

1098
00:51:14,363 --> 00:51:17,923
capital. And I see many captains here

1099
00:51:17,923 --> 00:51:20,963
and every time the cost of capital

1100
00:51:21,003 --> 00:51:24,083
comes at the top of the challenges

1101
00:51:24,083 --> 00:51:28,883
facing the sector. Two weeks ago, I

1102
00:51:28,883 --> 00:51:30,883
received a term sheet for a small

1103
00:51:30,883 --> 00:51:32,963
overdraft facility we requested

1104
00:51:32,963 --> 00:51:35,283
from one of our banks. Not Stanbic

1105
00:51:35,283 --> 00:51:38,963
Bank. But the interest rate quoted

1106
00:51:39,323 --> 00:51:45,243
was forty two point 9 1 percent.

1107
00:51:48,123 --> 00:51:51,883
Forty two point 9 1 percent. I

1108
00:51:51,883 --> 00:51:56,043
chuckled. The silver lining is here.

1109
00:51:56,403 --> 00:51:58,923
We must grab the opportunity

1110
00:51:59,923 --> 00:52:03,483
DDEP gives us. For businesses to

1111
00:52:03,483 --> 00:52:07,003
finance operations at much lower and

1112
00:52:07,003 --> 00:52:10,363
sustainable levels. The single

1113
00:52:10,363 --> 00:52:12,283
digit interest rate regime on

1114
00:52:12,283 --> 00:52:15,003
treasury instruments also means

1115
00:52:15,003 --> 00:52:19,483
that investors, you, I, our

1116
00:52:19,483 --> 00:52:22,203
pensioners, our individual bond

1117
00:52:22,203 --> 00:52:26,603
holders, the private sector, the

1118
00:52:26,603 --> 00:52:29,483
pension funds, banks, asset

1119
00:52:29,483 --> 00:52:33,243
managers, all of us. We must look for

1120
00:52:33,243 --> 00:52:37,403
additional returns. By investing in

1121
00:52:37,403 --> 00:52:40,683
the private sector. We cannot fund

1122
00:52:40,683 --> 00:52:43,243
our lifestyles. By getting

1123
00:52:44,243 --> 00:52:47,563
guaranteed risk free returns from

1124
00:52:47,563 --> 00:52:50,123
government. Like every other

1125
00:52:50,123 --> 00:52:52,843
country, its investment in the

1126
00:52:52,843 --> 00:52:55,323
private sector that gives that

1127
00:52:55,323 --> 00:52:57,963
additional return we are all looking

1128
00:52:57,963 --> 00:53:00,203
for. And by investing in the private

1129
00:53:00,203 --> 00:53:02,443
sector, which is our real engine of

1130
00:53:02,443 --> 00:53:04,843
growth and transformation of our

1131
00:53:04,843 --> 00:53:08,483
economy. We will be meeting the

1132
00:53:08,483 --> 00:53:10,643
objectives that we have set for

1133
00:53:10,643 --> 00:53:14,483
ourselves I say DDEP is a silver

1134
00:53:14,483 --> 00:53:17,123
lining we must grab with both hands

1135
00:53:17,123 --> 00:53:20,883
and fly with it. Distinguished

1136
00:53:20,883 --> 00:53:24,323
guests, a few other lessons from DDEP

1137
00:53:24,323 --> 00:53:27,203
for me. Transparency and

1138
00:53:27,203 --> 00:53:30,803
accountability. It is critical that

1139
00:53:30,803 --> 00:53:32,803
if we are going to rebuild trust and

1140
00:53:32,803 --> 00:53:35,123
confidence in our economy,

1141
00:53:35,323 --> 00:53:38,723
government, private institutions

1142
00:53:38,923 --> 00:53:41,603
to the large extent the individual,

1143
00:53:41,603 --> 00:53:44,483
the taxpayer. We must conduct

1144
00:53:44,483 --> 00:53:46,243
ourselves in a transparent and

1145
00:53:46,243 --> 00:53:48,723
accountable manner to build trust

1146
00:53:48,723 --> 00:53:52,083
with other stakeholders. Fiscal

1147
00:53:52,083 --> 00:53:55,043
discipline. This is necessary for

1148
00:53:55,043 --> 00:53:56,563
sustainable economic growth.

1149
00:53:57,403 --> 00:54:00,083
Government must prioritize

1150
00:54:00,083 --> 00:54:02,403
economic and social investments.

1151
00:54:02,403 --> 00:54:05,203
And must avoid using expensive

1152
00:54:05,243 --> 00:54:09,463
debts. To pay monuments and service

1153
00:54:09,463 --> 00:54:12,503
more debts. And their monuments goes

1154
00:54:12,503 --> 00:54:15,863
to 700, 000 public servants. And

1155
00:54:15,863 --> 00:54:18,263
today we spend more than 40% of

1156
00:54:18,263 --> 00:54:21,223
revenues paying a monument and the

1157
00:54:21,223 --> 00:54:24,103
rest paying public debt. We need to

1158
00:54:24,103 --> 00:54:26,023
spend where it matters most.

1159
00:54:27,623 --> 00:54:29,703
Public private partnerships,

1160
00:54:29,703 --> 00:54:32,583
another area we must look at. This

1161
00:54:32,583 --> 00:54:34,583
helps leverage resources and

1162
00:54:34,583 --> 00:54:38,263
expertise of both public and private

1163
00:54:38,263 --> 00:54:40,663
sectors for the benefits of the

1164
00:54:40,663 --> 00:54:43,943
economy. Sustainable interest rate

1165
00:54:43,943 --> 00:54:46,823
regime. I cannot stop calling this a

1166
00:54:46,823 --> 00:54:48,903
silver lining that we must hold

1167
00:54:48,903 --> 00:54:52,983
sacred and sustain. Ladies and

1168
00:54:52,983 --> 00:54:56,103
gentlemen, a vibrant capital market

1169
00:54:56,103 --> 00:54:58,023
is what we need for economic

1170
00:54:58,023 --> 00:55:01,423
transformation. And I say the Ghana

1171
00:55:01,423 --> 00:55:03,183
Stock Exchange provides such a

1172
00:55:03,183 --> 00:55:06,863
platform to achieve this. Our three

1173
00:55:06,863 --> 00:55:08,703
markets, the main market for

1174
00:55:08,703 --> 00:55:10,863
equities, the alternative for

1175
00:55:10,863 --> 00:55:14,383
growth market for SMEs and the Ghana

1176
00:55:14,383 --> 00:55:16,063
fixed income market for debt

1177
00:55:16,063 --> 00:55:19,023
securities. Facilitate the raising

1178
00:55:19,023 --> 00:55:21,183
of capital by government and

1179
00:55:21,183 --> 00:55:24,063
businesses And remains a viable

1180
00:55:24,063 --> 00:55:27,103
platform for investors to seek

1181
00:55:27,103 --> 00:55:29,743
reasonable returns. The exchange

1182
00:55:30,123 --> 00:55:31,963
introduce our green social and

1183
00:55:31,963 --> 00:55:34,363
sustainability themed segments of

1184
00:55:34,363 --> 00:55:36,843
the bond market last year to enable

1185
00:55:36,843 --> 00:55:39,803
companies list such products and for

1186
00:55:39,803 --> 00:55:42,443
investors to trade in them. Our over

1187
00:55:42,443 --> 00:55:44,123
the counter rules by have been

1188
00:55:44,123 --> 00:55:46,683
approved for investors to trade in

1189
00:55:46,683 --> 00:55:49,323
unlisted public securities. And

1190
00:55:49,323 --> 00:55:51,563
soon we will launch our commercial

1191
00:55:51,563 --> 00:55:55,883
paper market. Ghana, like every

1192
00:55:55,883 --> 00:55:58,363
country that has transformed or

1193
00:55:58,363 --> 00:56:01,323
seeks to transform itself Needs

1194
00:56:01,623 --> 00:56:04,343
vibrant capital market and stock

1195
00:56:04,343 --> 00:56:07,623
exchange And I want to encourage all

1196
00:56:07,623 --> 00:56:10,503
unlisted companies to consider

1197
00:56:10,943 --> 00:56:14,663
the use of any of our markets.

1198
00:56:14,783 --> 00:56:18,663
Or all of them. Sooner rather than

1199
00:56:18,663 --> 00:56:21,383
later. To achieve the economic and

1200
00:56:21,383 --> 00:56:23,783
personal transformation. We all

1201
00:56:23,783 --> 00:56:27,543
yearn for. Finally what are some of

1202
00:56:27,543 --> 00:56:29,703
the things we need to think of as

1203
00:56:29,703 --> 00:56:32,603
investors? Diversification

1204
00:56:33,283 --> 00:56:36,843
Kwabna raised this. All of us need to

1205
00:56:36,843 --> 00:56:40,203
go back to the basics of investment By

1206
00:56:40,243 --> 00:56:42,363
diversifying our portfolios to

1207
00:56:42,363 --> 00:56:46,283
minimize risk and exposure. When the

1208
00:56:46,283 --> 00:56:49,963
returns being offered is too good to

1209
00:56:49,963 --> 00:56:53,563
be true. Even when it's supposedly

1210
00:56:53,563 --> 00:56:57,563
risk free. Think about it again.

1211
00:56:59,623 --> 00:57:03,623
Businesses Consider financing with

1212
00:57:03,623 --> 00:57:06,823
some equity too. The benefits far

1213
00:57:06,823 --> 00:57:10,183
outweigh the of openness and

1214
00:57:10,183 --> 00:57:13,383
accountability. Major countries

1215
00:57:13,383 --> 00:57:15,543
and companies have developed

1216
00:57:15,543 --> 00:57:18,103
because they brought in other equity

1217
00:57:18,143 --> 00:57:20,583
partners. Seek professional

1218
00:57:20,583 --> 00:57:24,823
advice. Many of us don't do that. As

1219
00:57:24,823 --> 00:57:26,903
much as we will send our cars to a

1220
00:57:26,903 --> 00:57:28,983
mechanic or see the doctor or go to

1221
00:57:28,983 --> 00:57:32,483
doctor Google. When we not well. Many

1222
00:57:32,483 --> 00:57:34,483
of us do not reach out to the

1223
00:57:34,483 --> 00:57:37,043
investment professionals. And we

1224
00:57:37,043 --> 00:57:39,923
need to rethink our attitude towards

1225
00:57:39,923 --> 00:57:42,803
the investment of our hard earned

1226
00:57:42,803 --> 00:57:46,803
income. Financial literacy. And

1227
00:57:46,803 --> 00:57:49,043
it's a matter very very close to the

1228
00:57:49,043 --> 00:57:51,203
stock exchanges heart. It is

1229
00:57:51,203 --> 00:57:53,523
worrying how low financial literacy

1230
00:57:53,523 --> 00:57:56,883
is among both the educated and less

1231
00:57:56,883 --> 00:57:59,203
educated. Resulting in people

1232
00:57:59,203 --> 00:58:01,603
falling for all kinds of ponzi

1233
00:58:01,603 --> 00:58:03,943
schemes. We need the support of

1234
00:58:03,943 --> 00:58:06,823
regulators, market players, CSO,

1235
00:58:06,823 --> 00:58:09,703
media, graphic business, and all

1236
00:58:09,703 --> 00:58:12,023
stakeholders to embed financial

1237
00:58:12,063 --> 00:58:14,503
literacy across this country

1238
00:58:15,423 --> 00:58:17,223
particularly starting with our

1239
00:58:17,223 --> 00:58:19,463
schools. Last year, the stock

1240
00:58:19,463 --> 00:58:22,823
exchange visited 37 tertiary and

1241
00:58:22,823 --> 00:58:24,823
senior high schools with our

1242
00:58:24,823 --> 00:58:26,743
financial literacy programs

1243
00:58:26,743 --> 00:58:28,583
including investment education

1244
00:58:28,703 --> 00:58:32,343
tours, capital market quiz, stock

1245
00:58:32,343 --> 00:58:34,883
pitch petition together with our

1246
00:58:34,883 --> 00:58:36,243
partners, the Young Investor

1247
00:58:36,243 --> 00:58:39,123
Network, reaching over 5000

1248
00:58:39,123 --> 00:58:43,043
students last year alone. We need to

1249
00:58:43,043 --> 00:58:45,283
accelerate these initiatives.

1250
00:58:46,203 --> 00:58:49,443
Digitalization adopting and

1251
00:58:49,443 --> 00:58:50,803
accelerating digital

1252
00:58:50,923 --> 00:58:53,683
technologies. Will speed up access

1253
00:58:53,683 --> 00:58:56,403
to financial products and support

1254
00:58:56,403 --> 00:58:58,963
financial inclusion. Market

1255
00:58:58,963 --> 00:59:00,963
players need to collaborate more

1256
00:59:00,963 --> 00:59:04,223
with fintech to continue to develop

1257
00:59:04,223 --> 00:59:06,783
digital portals that will make

1258
00:59:06,783 --> 00:59:09,903
trading and investment in financial

1259
00:59:09,903 --> 00:59:12,303
literacy easier and more

1260
00:59:12,303 --> 00:59:15,423
convenient. GSE and our partners

1261
00:59:15,423 --> 00:59:17,423
have launched tools like the GSE

1262
00:59:17,423 --> 00:59:20,943
market watch portal, trade life, CD

1263
00:59:20,943 --> 00:59:23,583
manager, second stacks to name a few.

1264
00:59:23,583 --> 00:59:27,423
To improve such market access. In

1265
00:59:27,423 --> 00:59:28,703
conclusion, ladies and gentlemen,

1266
00:59:29,383 --> 00:59:32,463
rebuilding confidence and trust in

1267
00:59:32,463 --> 00:59:35,423
the investment landscape requires a

1268
00:59:35,623 --> 00:59:38,663
effort from all of us. We must

1269
00:59:38,663 --> 00:59:40,423
prioritize transparency,

1270
00:59:41,023 --> 00:59:43,383
accountability, fiscal

1271
00:59:43,383 --> 00:59:45,543
discipline, diversification,

1272
00:59:46,543 --> 00:59:49,303
digitalization, and investment

1273
00:59:49,503 --> 00:59:52,183
literacy. Considering

1274
00:59:52,223 --> 00:59:55,623
investments, we must diversify our

1275
00:59:55,623 --> 00:59:57,863
portfolios. At the stock exchange

1276
00:59:57,863 --> 01:00:00,823
and working with the SEC, we are

1277
01:00:00,823 --> 01:00:02,983
looking to bring more products to the

1278
01:00:02,983 --> 01:00:05,923
market. We must stay update about

1279
01:00:05,923 --> 01:00:09,443
market information. By doing so, we

1280
01:00:09,443 --> 01:00:12,323
create a sustainable and prosperous

1281
01:00:12,323 --> 01:00:15,363
future for our country and for all of

1282
01:00:15,363 --> 01:00:18,963
us. It is worth noting that markets

1283
01:00:18,963 --> 01:00:22,963
change. Issues change. Returns

1284
01:00:22,963 --> 01:00:25,363
change. Even governments may

1285
01:00:25,363 --> 01:00:27,683
change. But the investing

1286
01:00:27,683 --> 01:00:31,203
principles largely remain the same.

1287
01:00:31,203 --> 01:00:34,483
Thank you for your attention. And

1288
01:00:34,483 --> 01:00:37,363
let's get to work. I wish all of us

1289
01:00:37,623 --> 01:00:39,703
year a successful deliberation.

1290
01:00:45,623 --> 01:00:47,783
Thank you very very much. Let's give

1291
01:00:47,783 --> 01:00:48,743
you another round of applause.

1292
01:00:51,123 --> 01:00:54,883
I like the conclusion. Governments

1293
01:00:54,883 --> 01:00:56,483
may change. Lots of things may

1294
01:00:56,483 --> 01:00:58,323
change. But the investment

1295
01:00:58,363 --> 01:01:01,603
principles largely remain the same.

1296
01:01:01,643 --> 01:01:04,083
So today we've learnt that eh the

1297
01:01:04,083 --> 01:01:06,803
DDEP, more like a silver lining and

1298
01:01:06,803 --> 01:01:08,803
it's now time for us to take advantage

1299
01:01:08,923 --> 01:01:11,283
of it. Okay, we'll get into it

1300
01:01:11,283 --> 01:01:12,963
shortly. Time now for our panel

1301
01:01:12,963 --> 01:01:14,483
discussion and I'll be introducing

1302
01:01:14,483 --> 01:01:17,283
the panelist. Our first panelist is

1303
01:01:17,283 --> 01:01:19,443
the former chief executive officer

1304
01:01:19,443 --> 01:01:21,123
of the National Pensions Regulatory

1305
01:01:21,123 --> 01:01:23,443
Authority. Now he was the acting

1306
01:01:23,443 --> 01:01:24,803
managing director of Universal

1307
01:01:24,803 --> 01:01:26,163
Merchant Bank during the bank's

1308
01:01:26,163 --> 01:01:28,243
transitional period. He's also

1309
01:01:28,243 --> 01:01:29,923
served as a board member and audit

1310
01:01:29,923 --> 01:01:31,683
committee chairman for Universal

1311
01:01:31,683 --> 01:01:33,923
Merchant Bank and also served as the

1312
01:01:33,923 --> 01:01:35,123
board chairman for all terrain

1313
01:01:35,123 --> 01:01:36,963
services limited, a hospitality

1314
01:01:36,963 --> 01:01:38,563
company which operates in over 10

1315
01:01:38,563 --> 01:01:40,003
countries across Africa,

1316
01:01:40,003 --> 01:01:41,523
Millennium Insurance Company

1317
01:01:41,523 --> 01:01:43,763
Limited and Appointed Time Screen

1318
01:01:43,763 --> 01:01:45,683
Printing Company Limited. He's

1319
01:01:45,683 --> 01:01:47,203
currently a non-executive director

1320
01:01:47,203 --> 01:01:49,603
of Data Bank Mfund Limited, Casa

1321
01:01:49,603 --> 01:01:51,363
Preco Company Limited, and Ghana

1322
01:01:51,363 --> 01:01:53,103
Deposit Protection Corp preaching.

1323
01:01:53,103 --> 01:01:55,263
He's also an executive director of

1324
01:01:55,263 --> 01:01:56,783
Rescovery Limited, an insurance

1325
01:01:56,783 --> 01:01:59,903
brokerage and consultancy firm. Now

1326
01:01:59,903 --> 01:02:01,503
his employment history spans across

1327
01:02:01,503 --> 01:02:03,663
the financial services sector that

1328
01:02:03,663 --> 01:02:05,823
is pensions, insurance, banking,

1329
01:02:05,823 --> 01:02:08,063
finance and leasing amongst others.

1330
01:02:08,063 --> 01:02:10,223
Now he as a chartered accountant

1331
01:02:10,223 --> 01:02:12,783
trained with KPMG and his formal

1332
01:02:12,783 --> 01:02:14,143
education took him through the

1333
01:02:14,143 --> 01:02:15,503
Manchester Business School for his

1334
01:02:15,503 --> 01:02:16,783
masters of business administration

1335
01:02:16,903 --> 01:02:19,423
and the University of Bradford for

1336
01:02:19,423 --> 01:02:20,543
his doctorate in business

1337
01:02:20,543 --> 01:02:23,483
administration he's a fellow of the

1338
01:02:23,483 --> 01:02:25,403
Chartered Institute of he's a fellow

1339
01:02:25,403 --> 01:02:26,203
of the Institute of Chartered

1340
01:02:26,203 --> 01:02:27,963
Accountants Ghana a member of the

1341
01:02:27,963 --> 01:02:29,083
Chartered Institute of Taxation

1342
01:02:29,083 --> 01:02:31,003
Ghana and Chartered Insurance

1343
01:02:31,003 --> 01:02:33,403
Institute Ghana let's welcome

1344
01:02:33,403 --> 01:02:35,403
doctor Daniel Sedo with a round of

1345
01:02:35,403 --> 01:02:35,723
applause

1346
01:02:42,123 --> 01:02:44,203
Our next panelist is an associate

1347
01:02:44,203 --> 01:02:45,723
professor of economics at the

1348
01:02:45,723 --> 01:02:47,003
Department of Economics of the

1349
01:02:47,003 --> 01:02:48,363
University of Ghana where he's been

1350
01:02:48,363 --> 01:02:50,443
lecturing since May two thousand.

1351
01:02:50,483 --> 01:02:52,923
He's also an external member of the

1352
01:02:52,923 --> 01:02:54,443
monetary policy committee of the

1353
01:02:54,443 --> 01:02:56,843
Central Bank of Ghana. In charge of

1354
01:02:56,843 --> 01:02:59,003
taking decisions on the monetary

1355
01:02:59,003 --> 01:03:01,403
policy directions for Ghana. He

1356
01:03:01,403 --> 01:03:03,083
holds a PhD in economics from the

1357
01:03:03,083 --> 01:03:04,283
Nottingham Business for the

1358
01:03:04,283 --> 01:03:05,563
Nottingham School of Economics,

1359
01:03:05,563 --> 01:03:07,483
University of Nottingham in the UK.

1360
01:03:07,483 --> 01:03:09,563
Prior to that, he attended the

1361
01:03:09,563 --> 01:03:12,203
prestigious Harvard University as a

1362
01:03:12,203 --> 01:03:13,483
special student of the

1363
01:03:13,483 --> 01:03:15,083
distinguished department of

1364
01:03:15,083 --> 01:03:17,563
economics for his PhD coursework.

1365
01:03:18,123 --> 01:03:19,883
He obtained his master of philosophy

1366
01:03:19,883 --> 01:03:21,163
in economics and bachelor of arts in

1367
01:03:21,163 --> 01:03:22,683
economics and sociality degrees

1368
01:03:22,683 --> 01:03:24,523
from Ghana's premier university,

1369
01:03:24,523 --> 01:03:27,723
the University of Ghana. He's a

1370
01:03:27,723 --> 01:03:28,843
development economist with

1371
01:03:28,843 --> 01:03:30,763
research interest in the following

1372
01:03:30,763 --> 01:03:32,363
areas, international trade,

1373
01:03:32,363 --> 01:03:34,443
macroeconomic policy, small

1374
01:03:34,443 --> 01:03:35,403
enterprises development,

1375
01:03:35,403 --> 01:03:36,923
international trade policy,

1376
01:03:36,923 --> 01:03:39,643
financial and monetary economics,

1377
01:03:39,643 --> 01:03:41,563
international macroeconomics, and

1378
01:03:41,563 --> 01:03:44,603
applied economics. Recently, he's

1379
01:03:44,603 --> 01:03:46,363
taking a keen interest in natural

1380
01:03:46,363 --> 01:03:49,463
resource especially in exploring

1381
01:03:49,463 --> 01:03:51,703
the environmental impact of macro

1382
01:03:51,703 --> 01:03:53,303
economic policies especially trade

1383
01:03:53,303 --> 01:03:56,903
and trade policies. Let's welcome

1384
01:03:56,903 --> 01:03:58,743
professor Ebu Texan.

1385
01:04:05,623 --> 01:04:08,983
And our final panelist is currently

1386
01:04:08,983 --> 01:04:10,583
the director general of the

1387
01:04:10,583 --> 01:04:11,783
securities and exchange commission

1388
01:04:11,783 --> 01:04:14,183
Ghana and chairman of the Ghana

1389
01:04:14,183 --> 01:04:15,543
Investments and Securities

1390
01:04:15,543 --> 01:04:17,863
Institute. He's also a member of the

1391
01:04:17,863 --> 01:04:19,543
executive council of the West Africa

1392
01:04:19,543 --> 01:04:20,983
Securities Regulatory Association

1393
01:04:20,983 --> 01:04:23,783
and he also serves as a member of the

1394
01:04:23,783 --> 01:04:25,063
National Pensions Regulatory

1395
01:04:25,063 --> 01:04:26,663
Authority and the Financial

1396
01:04:26,663 --> 01:04:28,263
Stability Advisory Council in

1397
01:04:28,263 --> 01:04:30,183
Ghana. Now, his working experience

1398
01:04:30,183 --> 01:04:31,943
has revolved around lecturing and

1399
01:04:31,943 --> 01:04:34,263
investment banking. He spent over 20

1400
01:04:34,263 --> 01:04:36,423
years in investment banking with

1401
01:04:36,423 --> 01:04:38,183
Data Bank Group where he played

1402
01:04:38,183 --> 01:04:39,663
various roles including head of

1403
01:04:39,663 --> 01:04:41,503
asset management and head of

1404
01:04:41,503 --> 01:04:43,743
research. Now he lectured briefly in

1405
01:04:43,743 --> 01:04:44,783
marketing at the University of

1406
01:04:44,783 --> 01:04:47,343
Ghana, business school from 1996 to

1407
01:04:47,343 --> 01:04:50,623
1998 and also eh a facilitator in a

1408
01:04:50,623 --> 01:04:51,823
case study in a corporate finance

1409
01:04:51,823 --> 01:04:54,623
class at Harvard Business School in

1410
01:04:54,623 --> 01:04:56,943
two thousand and 8. He was a BSE

1411
01:04:56,943 --> 01:04:58,383
administration management option

1412
01:04:58,383 --> 01:05:00,783
with first class honors and an MBA

1413
01:05:00,783 --> 01:05:02,143
marketing from the University of

1414
01:05:02,143 --> 01:05:03,583
Ghana. He also has a post graduate

1415
01:05:03,583 --> 01:05:05,903
diploma in corporate finance and

1416
01:05:05,903 --> 01:05:07,103
management from the Soban

1417
01:05:07,103 --> 01:05:09,083
University in Pari and a PhD in

1418
01:05:09,083 --> 01:05:10,683
systematic theology and

1419
01:05:10,683 --> 01:05:12,523
organizational leadership from the

1420
01:05:51,123 --> 01:05:52,803
let me just get the microphones to our

1421
01:05:52,803 --> 01:05:54,963
panelist. While I try to

1422
01:06:00,123 --> 01:06:01,883
So let me just get the microphone to

1423
01:06:01,883 --> 01:06:03,243
our panelist. We'll do that shortly.

1424
01:06:03,243 --> 01:06:05,243
And then we'll start the

1425
01:06:05,243 --> 01:06:08,523
conversation On the lessons, well,

1426
01:06:08,523 --> 01:06:11,323
this is steep. All the lessons that

1427
01:06:11,323 --> 01:06:12,683
you can learn. Thank you very much.

1428
01:06:12,803 --> 01:06:15,403
Thank you. I think you can have mine.

1429
01:06:28,123 --> 01:06:30,043
Great. So let's start off with you.

1430
01:06:30,043 --> 01:06:32,123
I'll start with you professor Ebo

1431
01:06:32,123 --> 01:06:34,443
Texin and you know before we get into

1432
01:06:34,443 --> 01:06:36,283
everything about investment on all,

1433
01:06:36,283 --> 01:06:38,683
just by way of talking about the

1434
01:06:38,683 --> 01:06:40,123
triggers of the domestic debt

1435
01:06:40,123 --> 01:06:43,323
exchange program. What really got us

1436
01:06:43,323 --> 01:06:45,483
into the debt exchange program?

1437
01:06:48,623 --> 01:06:52,943
Ah thank you ah Winston and ehm I want

1438
01:06:52,943 --> 01:06:56,423
to express my ah

1439
01:06:56,543 --> 01:06:58,823
appreciation to graphic for

1440
01:06:58,823 --> 01:07:00,423
inviting me to be part of this

1441
01:07:00,423 --> 01:07:02,823
discussion. I've followed closely

1442
01:07:02,823 --> 01:07:04,663
what has been going on here over the

1443
01:07:04,663 --> 01:07:08,103
past year. And so it's a privilege to

1444
01:07:08,103 --> 01:07:10,023
be here to share my thoughts on the

1445
01:07:10,143 --> 01:07:13,783
DDEP. Um if you ask me what triggered

1446
01:07:13,783 --> 01:07:16,423
the whole of this deputy structured

1447
01:07:16,423 --> 01:07:18,663
is because Ghana has been very very

1448
01:07:20,163 --> 01:07:22,763
inefficient in managing our public

1449
01:07:22,763 --> 01:07:26,043
finances and ehm over the years

1450
01:07:26,043 --> 01:07:29,403
especially ehm, after

1451
01:07:38,483 --> 01:07:41,323
over the years, been running huge

1452
01:07:41,323 --> 01:07:44,443
fiscal deficits. And that has meant

1453
01:07:44,443 --> 01:07:48,603
that we we borrow to finance that gap.

1454
01:07:48,603 --> 01:07:53,243
And over the especially in the 2000s

1455
01:07:53,443 --> 01:07:57,163
when the political climate

1456
01:07:57,603 --> 01:08:01,803
has been more of trying to use

1457
01:08:01,803 --> 01:08:04,683
physical populism to win elections

1458
01:08:04,683 --> 01:08:06,843
we've had a various governments

1459
01:08:06,963 --> 01:08:10,203
pursue party agenda different from

1460
01:08:10,203 --> 01:08:12,683
the national development agenda and

1461
01:08:12,683 --> 01:08:15,163
more often than not have committed

1462
01:08:15,163 --> 01:08:18,363
our resources to funding those

1463
01:08:18,363 --> 01:08:20,123
special programs that the parties

1464
01:08:20,123 --> 01:08:22,603
have promised their electorates

1465
01:08:24,123 --> 01:08:27,403
at the same time in some of the years,

1466
01:08:27,683 --> 01:08:29,803
we've not mobilized enough revenue.

1467
01:08:30,083 --> 01:08:33,243
So with fiscal populism in all of the

1468
01:08:33,243 --> 01:08:35,083
development needs that we have,

1469
01:08:35,083 --> 01:08:37,643
we've run huge fiscal deficits,

1470
01:08:37,643 --> 01:08:41,323
especially in election years. And

1471
01:08:41,323 --> 01:08:44,683
so, we borrowed over the years, you

1472
01:08:44,683 --> 01:08:46,283
remember in two thousand and

1473
01:08:47,723 --> 01:08:49,963
the year 2000, our debt to GP creation

1474
01:08:49,963 --> 01:08:53,563
was 185% of our GDP. And

1475
01:08:54,123 --> 01:08:56,523
president Kufo took over over the

1476
01:08:56,523 --> 01:08:58,123
first six years, we tried as much as

1477
01:08:58,123 --> 01:09:01,803
possible to have access to the ehm

1478
01:09:02,403 --> 01:09:05,723
Hipic initiative, which we did. And

1479
01:09:05,723 --> 01:09:07,483
by two thousand and six, our debt to

1480
01:09:07,483 --> 01:09:11,083
GDP ratio had dropped to 26%. Sure.

1481
01:09:11,083 --> 01:09:13,963
Now over the years from two thousand

1482
01:09:13,963 --> 01:09:17,403
and six, to 2020 in just 14 years.

1483
01:09:17,603 --> 01:09:20,763
We have consistently been borrowing

1484
01:09:21,123 --> 01:09:24,443
especially when we got access to ICM.

1485
01:09:24,443 --> 01:09:27,243
I don't force positions thought that

1486
01:09:27,243 --> 01:09:29,563
that was free money that was coming in

1487
01:09:29,563 --> 01:09:33,723
but when you get onto the ICM it comes

1488
01:09:33,723 --> 01:09:37,003
with some good resources but if you

1489
01:09:37,003 --> 01:09:38,603
don't clear clean up the mess in your

1490
01:09:38,603 --> 01:09:41,163
economy that market will punish you

1491
01:09:41,163 --> 01:09:44,283
and what we witnessed in middle part

1492
01:09:44,283 --> 01:09:47,483
of 2021 to 2022 was as a result of that

1493
01:09:47,483 --> 01:09:50,763
ah because the way the money flies and

1494
01:09:50,763 --> 01:09:53,083
the money will fly out if investors

1495
01:09:53,083 --> 01:09:54,443
are not too confident in the economy

1496
01:09:54,443 --> 01:09:57,423
and if you look at Ever COVID hit.

1497
01:09:57,423 --> 01:09:59,663
We've had a situation where we've not

1498
01:09:59,663 --> 01:10:02,063
kept to our fiscal consolidation

1499
01:10:02,063 --> 01:10:04,783
efforts. And therefore, once our

1500
01:10:04,783 --> 01:10:07,183
debts to this situation went above 70

1501
01:10:07,183 --> 01:10:10,223
percent. investors began to get

1502
01:10:10,223 --> 01:10:12,703
concerned about ability to repay.

1503
01:10:12,703 --> 01:10:15,503
And if you remember what happened

1504
01:10:15,503 --> 01:10:18,303
when the 2022 budget was presented,

1505
01:10:18,303 --> 01:10:21,663
with the E levy, and a debate that went

1506
01:10:21,663 --> 01:10:24,303
on in parliament, don't forget that

1507
01:10:24,303 --> 01:10:25,823
the E levy was supposed to raking

1508
01:10:25,823 --> 01:10:27,503
about 7 billion. Okay. Which was

1509
01:10:27,503 --> 01:10:31,103
going to be about 6. 5% of the revenue

1510
01:10:31,103 --> 01:10:32,703
that we are going to collect in that

1511
01:10:32,703 --> 01:10:34,383
year. So whilst parliament

1512
01:10:34,623 --> 01:10:37,103
struggling to pass that. He gave a

1513
01:10:37,103 --> 01:10:39,103
clear signal to investors that Ghana

1514
01:10:39,103 --> 01:10:40,543
was not going to be able to meet his

1515
01:10:40,543 --> 01:10:42,623
fiscal consolidation efforts. And

1516
01:10:42,623 --> 01:10:44,063
other credit agencies came in,

1517
01:10:44,063 --> 01:10:45,023
downgraded us

1518
01:11:13,623 --> 01:11:17,623
ehm the sort of issues that we need to

1519
01:11:17,623 --> 01:11:20,423
tackle as in federals of getting that

1520
01:11:20,423 --> 01:11:22,263
support from the IMF. Great. Now you

1521
01:11:22,263 --> 01:11:23,783
you you talked about fiscal

1522
01:11:23,783 --> 01:11:25,863
populism, you've talked about how

1523
01:11:25,863 --> 01:11:27,623
we've not been very careful with

1524
01:11:27,623 --> 01:11:29,383
expenditure and all. We've been to

1525
01:11:29,383 --> 01:11:31,303
the I mean IMF 17 times, some would

1526
01:11:31,303 --> 01:11:33,223
argue it doesn't look like it's going

1527
01:11:33,223 --> 01:11:35,783
to stop anytime soon. So if I'm

1528
01:11:35,783 --> 01:11:37,783
looking at the current situation,

1529
01:11:37,783 --> 01:11:41,063
how sure am I that we are not going to

1530
01:11:41,063 --> 01:11:43,943
get into it again and so how safe would

1531
01:11:43,943 --> 01:11:47,423
my investments be going forward? Ah

1532
01:11:47,423 --> 01:11:48,863
Winston you don't have to worry about

1533
01:11:48,863 --> 01:11:51,903
the the safety of your investment we

1534
01:11:51,903 --> 01:11:54,303
don't have a lot of investment assets

1535
01:11:54,303 --> 01:11:56,063
in Ghana no matter what if you want to

1536
01:11:56,063 --> 01:11:59,023
invest tragedy bill bonds will be one

1537
01:11:59,023 --> 01:12:00,623
of the alternatives that you need to

1538
01:12:00,623 --> 01:12:02,703
take a look at apart from inverting

1539
01:12:02,703 --> 01:12:05,423
investing equity in any of our public

1540
01:12:05,423 --> 01:12:08,063
eh our private enterprises but

1541
01:13:08,123 --> 01:13:11,023
to be given that mandate to ensure

1542
01:13:11,623 --> 01:13:14,023
managers of the economy commit to the

1543
01:13:14,023 --> 01:13:15,703
fiscal responsibility rules that

1544
01:13:15,703 --> 01:13:18,823
we've put in place. So that if our

1545
01:13:18,823 --> 01:13:21,383
fiscal deficit drops

1546
01:13:29,123 --> 01:13:31,843
point anytime soon. As for whether

1547
01:13:31,843 --> 01:13:34,403
the IMF will return to Ghana or not, I

1548
01:13:34,403 --> 01:13:35,523
mean when we were leaving in twenty

1549
01:13:35,523 --> 01:13:37,923
19, we thought that it was going to

1550
01:13:37,923 --> 01:13:39,363
take some time for them to come back.

1551
01:13:39,363 --> 01:13:42,763
Only for them to be coming back in less

1552
01:13:42,763 --> 01:13:45,323
than four years. So I cannot predict

1553
01:13:45,323 --> 01:13:46,763
whether they are going to come back or

1554
01:13:46,763 --> 01:13:50,203
not but we shouldn't take it for

1555
01:13:50,203 --> 01:13:52,763
granted that ah we would never do

1556
01:13:52,763 --> 01:13:54,603
anything about our situation. I

1557
01:13:54,603 --> 01:13:56,763
think that what should be clear to

1558
01:13:56,763 --> 01:13:58,523
Ghanaians is that no single

1559
01:13:58,523 --> 01:14:01,163
government within a period of eight

1560
01:14:01,163 --> 01:14:03,083
years will be able to develop Ghana.

1561
01:14:03,083 --> 01:14:05,563
It's not going to happen. It has to be

1562
01:14:08,123 --> 01:14:09,883
need to commit to a national

1563
01:14:09,883 --> 01:14:12,443
development plan that has been put in

1564
01:14:13,223 --> 01:14:15,743
enemy has been accepted nationally

1565
01:14:15,743 --> 01:14:18,303
to be the the blueprint for our

1566
01:14:18,303 --> 01:14:19,423
development and every government

1567
01:14:19,423 --> 01:14:22,463
that comes in will come in actualize

1568
01:14:22,823 --> 01:14:25,423
our yearly budgets to be meeting

1569
01:14:25,423 --> 01:14:27,423
those development plans and this is

1570
01:14:27,423 --> 01:14:29,103
going to take us more than two decades

1571
01:14:29,103 --> 01:14:30,703
for us to see any meaningful

1572
01:14:30,703 --> 01:14:33,503
development but if we put pressure on

1573
01:14:33,503 --> 01:14:35,743
them to deliver within four years

1574
01:14:35,743 --> 01:14:38,463
though they will go the way of the

1575
01:14:38,463 --> 01:14:40,063
fiscal populism that is the problem

1576
01:14:40,063 --> 01:14:42,683
that we have some of the initiatives

1577
01:14:42,683 --> 01:14:45,163
are just wasteful. Some of them are

1578
01:14:45,163 --> 01:14:46,683
not prioritized well, we don't need

1579
01:14:46,683 --> 01:14:48,123
them now, we don't have the resources

1580
01:14:48,123 --> 01:14:50,283
to do them. But because it's a promise

1581
01:14:50,283 --> 01:14:52,123
that has been made, and if you look at

1582
01:14:52,123 --> 01:14:55,003
even the 2020 elections, the the

1583
01:14:55,003 --> 01:14:56,763
competition between a major patches

1584
01:14:56,763 --> 01:14:58,283
were, what they had been able to

1585
01:14:58,283 --> 01:14:58,523
achieve

1586
01:15:13,123 --> 01:15:15,043
an economy to levels that we would not

1587
01:15:15,043 --> 01:15:17,043
expect to happen so we need

1588
01:15:34,623 --> 01:15:36,303
do and one of the things we've become

1589
01:15:36,303 --> 01:15:39,183
very used to. So, just this morning,

1590
01:15:39,503 --> 01:15:41,103
someone told me that don't just talk

1591
01:15:41,103 --> 01:15:42,463
about the problems, talk about the

1592
01:15:42,463 --> 01:15:43,503
solutions, I'll come back to you,

1593
01:15:43,503 --> 01:15:44,543
we'll talk about the solutions.

1594
01:15:44,543 --> 01:15:45,583
Okay. Because all the things that

1595
01:15:45,583 --> 01:15:48,523
you've identified, some of the and

1596
01:15:48,523 --> 01:15:50,763
projects that may not help us. But

1597
01:15:50,763 --> 01:15:53,243
reverend Obama Tete, let me just find

1598
01:15:53,243 --> 01:15:54,363
out from you. I mean, a lot of people

1599
01:15:54,363 --> 01:15:55,643
are asking themselves this very

1600
01:15:55,643 --> 01:15:59,243
simple question. Why is it

1601
01:15:59,243 --> 01:16:01,883
necessary? Why should I even think of

1602
01:16:01,883 --> 01:16:04,843
investing or investment based on all

1603
01:16:04,843 --> 01:16:06,363
that has been happening in the

1604
01:16:06,363 --> 01:16:09,503
country? Yeah, thank you.

1605
01:16:14,623 --> 01:16:15,663
Okay, I think it can happen.

1606
01:16:21,123 --> 01:16:25,123
Okay, thank you ehm Winston eh for

1607
01:16:25,123 --> 01:16:28,323
that. I will start by maybe just

1608
01:16:28,323 --> 01:16:29,763
trying to touch a little bit. Sure.

1609
01:16:29,763 --> 01:16:32,563
Previous question and in relation to

1610
01:16:32,563 --> 01:16:35,603
investment. And that's to say that, I

1611
01:16:35,603 --> 01:16:39,203
think the DDE, for me, one of the

1612
01:16:39,203 --> 01:16:42,163
lessons is the fact that the macro

1613
01:16:42,163 --> 01:16:46,483
economic environment can and thus

1614
01:16:46,483 --> 01:16:49,363
impact on investments. And

1615
01:16:49,923 --> 01:16:51,523
we we need to have that understanding

1616
01:16:51,523 --> 01:16:54,723
that, you know, the what is happening

1617
01:16:55,123 --> 01:16:56,323
within the macroeconomic

1618
01:16:56,323 --> 01:16:57,843
environment can impact investment.

1619
01:16:58,123 --> 01:17:02,323
Ehm there are some shocks that can

1620
01:17:02,323 --> 01:17:04,643
come, some may be self-inflicted,

1621
01:17:04,643 --> 01:17:07,923
some may be external, but either way,

1622
01:17:07,923 --> 01:17:10,563
I think the cardinal point is that

1623
01:17:10,563 --> 01:17:13,283
what happens within the broad

1624
01:17:13,283 --> 01:17:16,003
macroeconomic environment will

1625
01:17:16,003 --> 01:17:18,963
impact on investment. So the

1626
01:17:18,963 --> 01:17:20,323
question is, how do you understand

1627
01:17:20,523 --> 01:17:23,043
the shocks? Are there some things you

1628
01:17:23,043 --> 01:17:26,323
can do? Ehm, because hear a lot of

1629
01:17:26,323 --> 01:17:28,323
talk, safety, safety, safety, but

1630
01:17:28,323 --> 01:17:30,563
the question is, ehm, there are risk

1631
01:17:30,563 --> 01:17:34,483
out there and I think the ehm, the MD of

1632
01:17:34,523 --> 01:17:37,683
eh, Stanbic Investment Limited and

1633
01:17:37,683 --> 01:17:39,923
then our chairperson alluded to the

1634
01:17:39,923 --> 01:17:42,403
fact that there is always a element of

1635
01:17:42,403 --> 01:17:44,803
risk. So the question comes down to

1636
01:17:44,803 --> 01:17:47,923
how do you eh, position yourself

1637
01:17:47,963 --> 01:17:52,483
to protect or minimize the impact

1638
01:17:52,523 --> 01:17:56,863
of ehm, the risk on your investment.

1639
01:17:56,903 --> 01:17:58,703
So to answer your question,

1640
01:17:58,703 --> 01:18:00,303
investment is something that I

1641
01:18:00,303 --> 01:18:02,303
believe that eh we all need to do

1642
01:18:02,303 --> 01:18:04,783
because it's forward looking. So

1643
01:18:04,783 --> 01:18:06,143
maybe let me distinguish between

1644
01:18:06,143 --> 01:18:08,063
savings and investment. So savings

1645
01:18:08,063 --> 01:18:10,783
is a part of your income that you do not

1646
01:18:10,783 --> 01:18:14,943
consume. Okay, but if you do nothing

1647
01:18:14,943 --> 01:18:18,703
about your savings, the forces in the

1648
01:18:18,703 --> 01:18:20,303
macroeconomic environment like

1649
01:18:20,303 --> 01:18:22,463
inflation or depreciation of the

1650
01:18:22,463 --> 01:18:25,583
currency can reduce the value of your

1651
01:18:25,583 --> 01:18:28,523
saving one of the prudent responses

1652
01:18:28,523 --> 01:18:31,483
is to put your savings to work. And

1653
01:18:31,483 --> 01:18:33,723
that is what investment is all about.

1654
01:18:33,723 --> 01:18:38,363
So not just ehm keep I mean not just not

1655
01:18:38,363 --> 01:18:40,763
spending all the income as in saving a

1656
01:18:40,763 --> 01:18:43,243
bit. But putting the savings to work.

1657
01:18:43,243 --> 01:18:45,563
But in putting the savings to work,

1658
01:18:45,563 --> 01:18:48,123
you need to recognize that there will

1659
01:18:48,123 --> 01:18:51,483
be some degree of risk. And a lot of it

1660
01:18:51,483 --> 01:18:53,803
may come from the macro economic

1661
01:18:53,843 --> 01:18:56,523
environment. And that's where the

1662
01:18:56,523 --> 01:18:59,163
issue of understanding the

1663
01:18:59,163 --> 01:19:02,203
investment landscape is all about so

1664
01:19:02,203 --> 01:19:05,163
that you can make informed eh

1665
01:19:05,163 --> 01:19:08,123
decisions about how to invest.

1666
01:19:08,163 --> 01:19:11,243
Knowing that there could be this risk

1667
01:19:11,243 --> 01:19:13,243
and that risk. There's a continuum.

1668
01:19:13,243 --> 01:19:14,683
When we talk about risk, there's low

1669
01:19:14,683 --> 01:19:17,563
risk. Uh there's moderate risk. And

1670
01:19:17,563 --> 01:19:20,363
then there is high risk. I think a

1671
01:19:20,363 --> 01:19:22,523
problem is people do not understand

1672
01:19:22,523 --> 01:19:24,523
or appreciate the fact of the risk.

1673
01:19:24,523 --> 01:19:27,723
And all they look for is where can I get

1674
01:19:27,723 --> 01:19:30,203
the best returns. So you have people

1675
01:19:30,203 --> 01:19:32,203
chasing returns. Without

1676
01:19:32,203 --> 01:19:34,843
recognizing that there will always

1677
01:19:35,123 --> 01:19:37,843
be an element of risk. When you're

1678
01:19:37,843 --> 01:19:40,403
putting your savings to work. So I

1679
01:19:40,403 --> 01:19:42,483
think it's about how we improve

1680
01:19:43,163 --> 01:19:46,083
financial literacy, how we get

1681
01:19:46,083 --> 01:19:47,523
people to understand and appreciate

1682
01:19:47,523 --> 01:19:50,483
how investment should be done. Uh get

1683
01:19:50,483 --> 01:19:52,643
people to understand that when you

1684
01:19:52,643 --> 01:19:55,043
are selecting a particular asset

1685
01:19:55,043 --> 01:19:57,923
class, inform yourself about the

1686
01:19:57,923 --> 01:20:00,243
potential risk. And ask yourself

1687
01:20:00,363 --> 01:20:03,763
what can I do to mitigate

1688
01:20:04,403 --> 01:20:07,543
the risk but I wouldn't say that

1689
01:20:07,543 --> 01:20:08,503
because there's

1690
01:20:29,623 --> 01:20:31,383
week, at the end of every week, I check

1691
01:20:31,383 --> 01:20:33,943
my investments. Then I realized that

1692
01:20:33,943 --> 01:20:36,183
the percentage that I was guaranteed

1693
01:20:36,183 --> 01:20:37,863
or I was told I will be earning, which

1694
01:20:37,863 --> 01:20:39,703
has been advertised on the company's

1695
01:20:39,703 --> 01:20:41,063
website, it's not what I was getting.

1696
01:20:41,823 --> 01:20:44,983
So I took my money. At the time I was

1697
01:20:44,983 --> 01:20:48,023
thinking of going to buy bonds. And

1698
01:20:48,123 --> 01:20:49,483
I was getting ready to go and buy

1699
01:20:49,483 --> 01:20:54,483
bones, I there could be a haircut. I

1700
01:20:54,483 --> 01:20:58,003
held on. Waiting to invest in

1701
01:20:58,003 --> 01:21:00,803
treasury bills. Then when I read the

1702
01:21:00,803 --> 01:21:03,923
debt exchange, the amended one that

1703
01:21:03,923 --> 01:21:06,323
said, treasury bills are not

1704
01:21:06,323 --> 01:21:08,803
affected, but could be affected in

1705
01:21:08,803 --> 01:21:11,523
did I post again? And I asked myself,

1706
01:21:11,523 --> 01:21:15,203
so what do I do? And that's the reality

1707
01:21:15,203 --> 01:21:17,123
many Ghanaians find themselves in.

1708
01:21:17,123 --> 01:21:19,283
You know, why would be, but their

1709
01:21:19,283 --> 01:21:22,523
reality today is that, where do I from

1710
01:21:22,523 --> 01:21:25,803
here So let me give you an example of

1711
01:21:25,803 --> 01:21:27,723
what I'm talking about about being

1712
01:21:27,723 --> 01:21:29,483
informed in the investment

1713
01:21:29,483 --> 01:21:31,563
decisions you make. There is

1714
01:21:31,563 --> 01:21:33,483
something called concentration

1715
01:21:33,483 --> 01:21:36,523
risk. Okay, and that's where you've

1716
01:21:36,523 --> 01:21:40,603
you pack or put all your investment in

1717
01:21:40,603 --> 01:21:44,283
one particular instrument. You

1718
01:21:44,283 --> 01:21:45,643
know, the other speakers talked

1719
01:21:45,643 --> 01:21:47,403
about diversification and that's

1720
01:21:47,403 --> 01:21:49,243
looking at it from the other side. But

1721
01:21:49,243 --> 01:21:50,923
what people don't know is that they

1722
01:21:50,923 --> 01:21:52,843
fall to this concentration risk.

1723
01:21:52,843 --> 01:21:54,443
because they convince themselves

1724
01:21:54,443 --> 01:21:57,323
that this area is totally risk free.

1725
01:21:58,123 --> 01:22:00,603
Returns are good and then therefore,

1726
01:22:00,603 --> 01:22:03,723
I must go in, you know, everything.

1727
01:22:04,003 --> 01:22:06,923
You you must be aware that there's the

1728
01:22:06,923 --> 01:22:08,923
element of concentration risk. You

1729
01:22:08,923 --> 01:22:11,643
were saying that you managed to move,

1730
01:22:11,643 --> 01:22:13,243
but assuming you didn't move, you

1731
01:22:13,243 --> 01:22:14,923
would have been caught. Sure. In that

1732
01:22:14,923 --> 01:22:17,483
concentration risk. So, what people

1733
01:22:17,483 --> 01:22:21,083
should do is to diversify their

1734
01:22:21,083 --> 01:22:23,803
investment. No matter how good a

1735
01:22:23,803 --> 01:22:26,443
particular eh, asset class may

1736
01:22:26,443 --> 01:22:29,703
appear to be you need to remember that

1737
01:22:29,703 --> 01:22:32,583
if you concentrate all your

1738
01:22:32,583 --> 01:22:34,503
investment in that particular asset

1739
01:22:34,503 --> 01:22:36,903
class, you are, you're open to

1740
01:22:36,903 --> 01:22:38,823
anything that can go wrong because

1741
01:22:38,823 --> 01:22:40,103
you know, there's this principle

1742
01:22:40,103 --> 01:22:41,943
that no matter how well you plan,

1743
01:22:41,943 --> 01:22:45,063
something can go wrong. The one of the

1744
01:22:45,063 --> 01:22:47,463
things I had said earlier on is that we

1745
01:22:47,463 --> 01:22:50,103
as in the investment professionals

1746
01:22:50,103 --> 01:22:53,063
need to revisit the way they even sell

1747
01:22:53,063 --> 01:22:55,703
fixed income products so that people

1748
01:22:55,703 --> 01:22:58,723
get a better understanding. So I

1749
01:22:58,723 --> 01:23:00,563
think it really boils down like again

1750
01:23:00,563 --> 01:23:03,363
the previous speaker said going back

1751
01:23:03,363 --> 01:23:05,763
to the basics of investment and to

1752
01:23:05,763 --> 01:23:08,083
understand that there is always an

1753
01:23:08,083 --> 01:23:11,683
element of risk. Okay, with every

1754
01:23:11,683 --> 01:23:14,563
investment you know, as a class. So,

1755
01:23:14,563 --> 01:23:16,163
the question is, how are you

1756
01:23:16,163 --> 01:23:18,723
minimizing the risk? Because once

1757
01:23:18,723 --> 01:23:20,323
you are investing, you're putting

1758
01:23:20,323 --> 01:23:24,083
your savings to work. When you, for

1759
01:23:24,083 --> 01:23:25,843
instance, decide to invest on your in

1760
01:23:25,843 --> 01:23:27,523
your own business, maybe some

1761
01:23:27,523 --> 01:23:29,283
commercial business or whatever.

1762
01:23:29,283 --> 01:23:31,603
You are taking some risk. When you

1763
01:23:31,603 --> 01:23:33,923
invest in financial assets, you're

1764
01:23:33,923 --> 01:23:35,123
also taking some risks. The question

1765
01:23:35,123 --> 01:23:37,203
is, what degree of risk are you taking

1766
01:23:37,203 --> 01:23:40,563
And how do you structure your

1767
01:23:40,563 --> 01:23:43,123
investment in such a way that you

1768
01:23:43,123 --> 01:23:45,683
minimize the risk. Now, if for

1769
01:23:45,683 --> 01:23:48,323
instance, you keep part of your

1770
01:23:48,363 --> 01:23:52,243
savings in pure savings. You put part

1771
01:23:52,243 --> 01:23:54,563
in different asset classes. It's not

1772
01:23:54,563 --> 01:23:57,363
likely that all the different asset

1773
01:23:57,363 --> 01:23:59,283
classes would be impacted

1774
01:23:59,283 --> 01:24:01,603
negatively, okay? And that's why the

1775
01:24:01,603 --> 01:24:03,663
principle of diversity occasion. Uh

1776
01:24:03,663 --> 01:24:06,703
it's still a very important rule when

1777
01:24:06,703 --> 01:24:09,663
it comes to investing. So my answer is

1778
01:24:09,663 --> 01:24:13,023
that investing still pays. It is a way

1779
01:24:13,023 --> 01:24:16,863
to if you like buy the future in terms

1780
01:24:16,863 --> 01:24:20,063
of preparing or trying to you know

1781
01:24:20,063 --> 01:24:23,103
assure a certain kind of you know

1782
01:24:23,103 --> 01:24:25,423
income flow in the future. However,

1783
01:24:25,423 --> 01:24:27,423
you must know that there is risk. So

1784
01:24:27,423 --> 01:24:29,583
the question is, how are you

1785
01:24:29,583 --> 01:24:32,063
structuring your investment to

1786
01:24:32,123 --> 01:24:34,523
minimize the potential risk.

1787
01:24:34,523 --> 01:24:36,443
Remember I said earlier on that if you

1788
01:24:36,443 --> 01:24:37,643
take the macroeconomic environment

1789
01:24:37,643 --> 01:24:40,923
that impacts on investment, there

1790
01:24:40,923 --> 01:24:44,523
can be some that are eh external or you

1791
01:24:44,523 --> 01:24:45,963
know some of the shocks are such that

1792
01:24:45,963 --> 01:24:47,963
is without I mean outside the control

1793
01:24:47,963 --> 01:24:50,763
of let's say even the ehm the the the

1794
01:24:50,763 --> 01:24:52,123
those in charge of the economic

1795
01:24:52,123 --> 01:24:54,283
management of the economy. So there

1796
01:24:54,283 --> 01:24:55,803
are some shocks that will come. There

1797
01:24:55,803 --> 01:24:56,923
are some shocks that are

1798
01:24:56,923 --> 01:24:59,723
self-inflicted like prof eh said.

1799
01:24:59,723 --> 01:25:02,283
But the question is you the investor,

1800
01:25:02,283 --> 01:25:04,603
you accept that investment is good.

1801
01:25:04,603 --> 01:25:07,163
It's a sure way to grow your savings.

1802
01:25:07,163 --> 01:25:09,803
To ensure that savings are not eroded

1803
01:25:09,803 --> 01:25:11,883
by inflation and so on and so forth.

1804
01:25:11,883 --> 01:25:14,043
But how do you structure your

1805
01:25:14,043 --> 01:25:17,323
investment so that you minimize the

1806
01:25:17,323 --> 01:25:19,083
risk. I think that really is the

1807
01:25:19,083 --> 01:25:20,603
issue. Okay we'll look at ah

1808
01:25:20,603 --> 01:25:22,203
structuring of investment so you

1809
01:25:22,203 --> 01:25:23,243
minimize the risk. But let me get

1810
01:25:23,243 --> 01:25:25,323
doctor eh you know Daniel Sedo and and

1811
01:25:25,323 --> 01:25:26,763
find his view on a very important

1812
01:25:26,763 --> 01:25:28,683
issue because there are persons who

1813
01:25:28,683 --> 01:25:30,043
are affected by the financial sector

1814
01:25:30,043 --> 01:25:32,683
clean up. And so for these persons

1815
01:25:32,683 --> 01:25:36,203
they look back and in convincing them

1816
01:25:36,203 --> 01:25:38,283
you tell them oh you have to

1817
01:25:38,283 --> 01:25:41,003
diversify. They tell you, but I did,

1818
01:25:41,003 --> 01:25:44,843
and I was still hit. So, for that

1819
01:25:44,843 --> 01:25:46,923
person who's been affected multiple

1820
01:25:46,923 --> 01:25:50,603
times, amidst diversification. How

1821
01:25:50,603 --> 01:25:53,083
do we convince that person, now is the

1822
01:25:53,083 --> 01:25:57,223
time? Hello, thank you very much for

1823
01:25:57,223 --> 01:25:59,223
the question. I believe it has to do

1824
01:25:59,223 --> 01:26:02,823
with trust. Hm. Um and we need to

1825
01:26:02,823 --> 01:26:05,303
appreciate the fact that we are a

1826
01:26:05,303 --> 01:26:08,023
developing country. And not many of

1827
01:26:08,023 --> 01:26:10,583
us are well educated. Not many of us

1828
01:26:10,583 --> 01:26:12,663
understand the financial issues.

1829
01:26:13,023 --> 01:26:15,783
Now when you find yourself in this

1830
01:26:15,783 --> 01:26:17,463
kind of situation, you want to

1831
01:26:17,463 --> 01:26:21,783
address the trusting behaviors. And

1832
01:26:21,783 --> 01:26:24,903
the very first one is, I have to rely

1833
01:26:25,123 --> 01:26:28,003
somebody. So I need to rely on the

1834
01:26:28,003 --> 01:26:30,643
financial market players. Just like

1835
01:26:30,643 --> 01:26:32,883
when I'm sick, I go to the doctor and I

1836
01:26:32,883 --> 01:26:35,043
want to believe that the doctor will

1837
01:26:35,043 --> 01:26:38,083
give me the best of care. And my

1838
01:26:38,083 --> 01:26:39,363
understanding is that the doctor

1839
01:26:39,363 --> 01:26:42,243
should know more than I do. So that's

1840
01:26:42,243 --> 01:26:44,723
the first line. And we need to get the

1841
01:26:44,723 --> 01:26:46,323
people who play in that space to

1842
01:26:46,323 --> 01:26:49,283
appreciate this fact. And not be

1843
01:26:49,283 --> 01:26:52,643
opportunistic behaviors. Number

1844
01:26:52,643 --> 01:26:55,203
two is we have something of value.

1845
01:26:55,723 --> 01:26:58,803
Which is risk. That is why we are

1846
01:26:58,803 --> 01:27:00,323
engaging the people in the financial

1847
01:27:00,323 --> 01:27:02,883
services sector. Now if we don't have

1848
01:27:02,883 --> 01:27:05,443
anything of value, we will not even

1849
01:27:05,443 --> 01:27:07,763
talk to them. There is something that

1850
01:27:07,763 --> 01:27:10,483
mattered to us. And we are concerned

1851
01:27:10,483 --> 01:27:13,043
about it. We want to get it protected.

1852
01:27:13,043 --> 01:27:15,203
We want to get it to appreciate. That

1853
01:27:15,203 --> 01:27:18,003
is why we engage them. And again, they

1854
01:27:18,003 --> 01:27:20,643
don't have to abuse that. Number

1855
01:27:20,643 --> 01:27:23,843
three is, we know that we have goals,

1856
01:27:23,843 --> 01:27:26,863
we have aspirations. We know we to

1857
01:27:26,863 --> 01:27:28,543
coin the strength to work will no

1858
01:27:28,543 --> 01:27:30,943
longer be there and we want to rely on

1859
01:27:30,943 --> 01:27:32,623
our investment. We know we have

1860
01:27:32,623 --> 01:27:34,943
children who must go to school. So we

1861
01:27:34,943 --> 01:27:36,463
are saving money towards people

1862
01:27:36,463 --> 01:27:39,503
going to school. So we need to engage

1863
01:27:39,503 --> 01:27:41,903
these players to appreciate these

1864
01:27:41,903 --> 01:27:45,263
things. Now what you see very often is

1865
01:27:45,263 --> 01:27:47,503
when these players put emphasis on

1866
01:27:47,503 --> 01:27:49,583
themselves instead of the customer.

1867
01:27:49,583 --> 01:27:52,223
Then we start getting the problem. So

1868
01:27:52,223 --> 01:27:54,783
of these three things I mentioned,

1869
01:27:54,783 --> 01:27:59,563
the of it all is that me as an investor

1870
01:27:59,603 --> 01:28:03,563
my success depends on the quality of

1871
01:28:03,563 --> 01:28:06,283
decision the financial players make

1872
01:28:06,483 --> 01:28:09,403
and our problem is the quality of the

1873
01:28:09,403 --> 01:28:11,963
decisions we make okay I'll give you

1874
01:28:11,963 --> 01:28:14,763
very little one. I didn't know Mister

1875
01:28:14,763 --> 01:28:17,403
Buhama before. I just saw him here.

1876
01:28:17,683 --> 01:28:21,323
Now some few months back, I engaged

1877
01:28:21,323 --> 01:28:23,963
him on phone. And I wanted to invest.

1878
01:28:24,083 --> 01:28:27,323
And I told him, will default. He said

1879
01:28:27,323 --> 01:28:31,563
no. Hm. We argued. And I said perhaps

1880
01:28:31,563 --> 01:28:33,243
you know something I don't know.

1881
01:28:33,363 --> 01:28:36,683
Government will default. What

1882
01:28:36,683 --> 01:28:38,763
happened? He is the person I'm

1883
01:28:38,763 --> 01:28:41,803
relying on. And I've heard people say

1884
01:28:41,923 --> 01:28:45,883
we must make informed decision. But

1885
01:28:45,883 --> 01:28:47,963
where is the information to make that

1886
01:28:47,963 --> 01:28:50,763
informed decision? Now if you go on

1887
01:28:50,763 --> 01:28:52,203
the website of this financial

1888
01:28:52,203 --> 01:28:54,443
institution, skeletal

1889
01:28:54,443 --> 01:28:57,743
information. This have some bit of

1890
01:28:57,743 --> 01:28:59,823
education. I try to look at the

1891
01:28:59,823 --> 01:29:01,663
numbers. You don't get enough

1892
01:29:01,663 --> 01:29:04,703
details. If you pick the banks, just

1893
01:29:04,703 --> 01:29:07,343
oppose them. The words they use to

1894
01:29:07,343 --> 01:29:09,023
describe various things differ.

1895
01:29:09,063 --> 01:29:12,143
It's not standardized. So how do I

1896
01:29:12,143 --> 01:29:14,863
make that analysis? So we have a

1897
01:29:14,863 --> 01:29:17,903
problem of behavior. Or character.

1898
01:29:17,903 --> 01:29:20,303
And we must seek to be talking about.

1899
01:29:20,303 --> 01:29:22,623
If we can address that, nobody is

1900
01:29:22,623 --> 01:29:24,703
saying there will be no risk. Nobody

1901
01:29:24,703 --> 01:29:26,623
is saying that. And nobody is saying

1902
01:29:26,623 --> 01:29:28,463
that we do not appreciate the fact

1903
01:29:28,463 --> 01:29:31,423
that there are trust mechanism built

1904
01:29:31,423 --> 01:29:33,743
into our society. Now for instance,

1905
01:29:33,743 --> 01:29:36,703
if you take the banks, you are asked to

1906
01:29:36,903 --> 01:29:39,423
reserve something with the central

1907
01:29:39,423 --> 01:29:41,823
bank, that is a primary reserve. You

1908
01:29:41,823 --> 01:29:43,343
have your statutory reserves.

1909
01:29:43,703 --> 01:29:45,823
Additionally, you are asked to buy

1910
01:29:45,823 --> 01:29:47,423
insurance. That is the deposit

1911
01:29:47,423 --> 01:29:49,503
protection insurance which they pay

1912
01:29:49,503 --> 01:29:52,383
for. Those are mechanism to engender

1913
01:29:52,383 --> 01:29:55,903
confidence. Fantastic. Similarly,

1914
01:29:55,903 --> 01:29:57,183
if you take the insurance companies,

1915
01:29:57,183 --> 01:29:59,103
they have what they call the rescue

1916
01:29:59,103 --> 01:30:02,883
fund. They have the me of leveraging

1917
01:30:02,883 --> 01:30:04,483
on other institutions that is

1918
01:30:04,483 --> 01:30:06,643
reinsurance. So there's if there's a

1919
01:30:06,643 --> 01:30:10,083
claim, they can readily take money

1920
01:30:10,083 --> 01:30:11,763
from various places to pay your

1921
01:30:11,763 --> 01:30:14,803
claims. Now if you take pensions, it

1922
01:30:14,803 --> 01:30:17,203
has an interesting structure where

1923
01:30:17,203 --> 01:30:19,043
they introduce trustees and

1924
01:30:19,043 --> 01:30:21,363
introduce custodians. So trustees

1925
01:30:21,363 --> 01:30:23,363
don't see the money. The moneys run

1926
01:30:23,363 --> 01:30:25,203
through custodians. Just to protect

1927
01:30:25,203 --> 01:30:27,523
it. But when you ask yourself the

1928
01:30:27,523 --> 01:30:29,443
critical questions, are they

1929
01:30:29,443 --> 01:30:31,523
following the mechanism we put in

1930
01:30:31,523 --> 01:30:34,483
place? The answer is no. So we make

1931
01:30:34,623 --> 01:30:37,823
so easy for the system to fail. And

1932
01:30:37,823 --> 01:30:40,303
what has happened to us is our own

1933
01:30:40,303 --> 01:30:42,783
making. I mean we can talk about all

1934
01:30:42,783 --> 01:30:45,183
kinds of excuses. And nobody is

1935
01:30:45,183 --> 01:30:46,463
saying that with the best of

1936
01:30:46,463 --> 01:30:48,143
intention, there wouldn't be

1937
01:30:48,143 --> 01:30:50,503
failure. It's possible. And that's

1938
01:30:50,503 --> 01:30:52,623
why we put in the mechanism. But when

1939
01:30:52,623 --> 01:30:55,503
we set out to do what is wrong, look,

1940
01:30:55,503 --> 01:30:57,903
it's certain that we will fail. And so

1941
01:30:57,903 --> 01:30:59,903
what has happened to us is our own

1942
01:30:59,903 --> 01:31:01,903
making, if you want me to trust you,

1943
01:31:02,023 --> 01:31:05,963
which I need to, then we start we need

1944
01:31:05,963 --> 01:31:07,323
to start putting up the best of

1945
01:31:07,323 --> 01:31:07,883
behaviors.

1946
01:31:14,623 --> 01:31:19,503
I put my trust in the analyst, the

1947
01:31:19,503 --> 01:31:23,023
expert. And he tells me, oh, let's do

1948
01:31:23,023 --> 01:31:26,303
this. And you at the time, new

1949
01:31:26,303 --> 01:31:27,903
government was going to default,

1950
01:31:27,903 --> 01:31:29,663
Argued government was going to

1951
01:31:29,663 --> 01:31:32,303
default. But the person who was

1952
01:31:32,303 --> 01:31:34,623
convincing you, said government was

1953
01:31:34,623 --> 01:31:36,783
not going to default. I'm sure the

1954
01:31:36,783 --> 01:31:38,463
questioning the man listening to us

1955
01:31:38,463 --> 01:31:40,863
right now is asking is, so how do I

1956
01:31:40,863 --> 01:31:43,663
trust that aspect, who is supposed to

1957
01:31:43,663 --> 01:31:47,263
help me make the right decisions? The

1958
01:31:47,263 --> 01:31:49,303
the things, we need to get out

1959
01:31:49,303 --> 01:31:50,583
properly, ourselves properly

1960
01:31:50,583 --> 01:31:53,303
informed and properly educated. Eh

1961
01:31:53,303 --> 01:31:54,903
reverend talk about the macro

1962
01:31:54,903 --> 01:31:57,303
economic environment. We need to

1963
01:31:57,303 --> 01:31:59,623
make our students of development.

1964
01:31:59,903 --> 01:32:02,103
Prof talk about the political

1965
01:32:02,103 --> 01:32:05,383
issues. We need to find a way to start

1966
01:32:05,383 --> 01:32:08,663
correcting that. Look, there's no

1967
01:32:08,663 --> 01:32:09,943
way we will move away from the

1968
01:32:09,943 --> 01:32:11,863
financial system. They are part of

1969
01:32:11,863 --> 01:32:14,423
us. Investment will continue to do.

1970
01:32:14,623 --> 01:32:17,223
The elephant in the room is

1971
01:32:17,223 --> 01:32:20,263
inflation. How do we bring down, how

1972
01:32:20,263 --> 01:32:22,103
do we get people to behave properly?

1973
01:32:22,223 --> 01:32:25,223
How do we, when we mobilize

1974
01:32:25,223 --> 01:32:27,783
resources, how do we put it in the best

1975
01:32:27,783 --> 01:32:29,783
of investment? The MD of the stock

1976
01:32:29,783 --> 01:32:31,863
exchange talk about investing,

1977
01:32:31,903 --> 01:32:34,343
investing properly. How do we

1978
01:32:34,343 --> 01:32:36,423
identify those projects that will

1979
01:32:36,423 --> 01:32:39,063
serve us well? So that our resources

1980
01:32:39,063 --> 01:32:42,743
we channel. Eh look we just need to

1981
01:32:42,743 --> 01:32:44,983
prop ourselves and be one another's

1982
01:32:44,983 --> 01:32:46,903
keeper and serve as a cheque on one

1983
01:32:46,903 --> 01:32:49,143
another and demand that we do things

1984
01:32:49,143 --> 01:32:50,823
properly. If we start doing

1985
01:32:51,123 --> 01:32:53,363
properly, yes we'll be on course. If

1986
01:32:53,363 --> 01:32:54,883
we start disclosing information,

1987
01:32:54,923 --> 01:32:58,083
even on the stock exchange, how many

1988
01:32:58,083 --> 01:33:00,083
of the people listed on the stock

1989
01:33:00,083 --> 01:33:01,443
exchange? I'm talking of the entity.

1990
01:33:01,803 --> 01:33:04,243
Disclose enough information that

1991
01:33:04,283 --> 01:33:06,723
independently, you can do the

1992
01:33:06,723 --> 01:33:09,363
analysis. I used to work elsewhere in

1993
01:33:09,363 --> 01:33:11,283
my previous life. The company was

1994
01:33:11,283 --> 01:33:13,283
listed. I have a shareholder from

1995
01:33:13,283 --> 01:33:15,843
South Africa who will call and will

1996
01:33:15,843 --> 01:33:17,763
spend about one hour with me, asking

1997
01:33:17,763 --> 01:33:20,563
all manner of questions. How many of

1998
01:33:20,623 --> 01:33:23,343
our people here as ability to ask

1999
01:33:23,343 --> 01:33:25,743
those questions Not many. But

2000
01:33:25,743 --> 01:33:27,663
unfortunately, what that's what we

2001
01:33:27,663 --> 01:33:29,823
are rather than abusing. And that is

2002
01:33:29,823 --> 01:33:31,823
what is creating the problem. So my

2003
01:33:31,823 --> 01:33:33,583
point is that let us all start

2004
01:33:33,583 --> 01:33:35,743
behaving properly. Because we are

2005
01:33:35,743 --> 01:33:38,303
all hurting. Eh, even if you leave

2006
01:33:38,303 --> 01:33:40,623
your money in the bank. You are not

2007
01:33:40,623 --> 01:33:43,183
even sure. Look, I'll tell you my own

2008
01:33:43,183 --> 01:33:47,103
experience. 2019, They said KYC. I

2009
01:33:47,103 --> 01:33:49,103
should bring the bio data page of my

2010
01:33:49,103 --> 01:33:51,923
passport. I did. Two weeks after,

2011
01:33:51,963 --> 01:33:55,603
somebody went, forge my signature,

2012
01:33:55,603 --> 01:33:58,323
took all the money, two accounts, and

2013
01:33:58,323 --> 01:34:00,803
closed the account. Hm. The bank in

2014
01:34:00,803 --> 01:34:03,683
this country, I went to the MDA and I

2015
01:34:03,683 --> 01:34:05,443
said, I won't take this from you. We

2016
01:34:05,443 --> 01:34:08,803
got it sorted out. About three months

2017
01:34:08,803 --> 01:34:11,603
ago, a niece of mine, one of the big

2018
01:34:11,603 --> 01:34:13,203
banks in this country, she was

2019
01:34:13,203 --> 01:34:15,283
outside. Somebody went into her

2020
01:34:15,283 --> 01:34:16,963
account, transferred money to a

2021
01:34:16,963 --> 01:34:20,083
certain mobile phone. 30, 000. The

2022
01:34:20,083 --> 01:34:22,643
case is still running I have even run

2023
01:34:22,643 --> 01:34:25,363
it with the supervisors, the banking

2024
01:34:25,363 --> 01:34:27,843
supervisors, is still hanging. I

2025
01:34:27,843 --> 01:34:31,763
give you another case. Hm? I ran an

2026
01:34:31,763 --> 01:34:33,683
insurance brokerage. So we should

2027
01:34:33,683 --> 01:34:35,683
not limit the issues to bank and

2028
01:34:35,683 --> 01:34:40,163
security. Now my best client, I did a

2029
01:34:40,163 --> 01:34:42,003
policy for them, we dotted the eyes,

2030
01:34:42,003 --> 01:34:44,083
we crossed the Ts. There was a claim.

2031
01:34:44,083 --> 01:34:45,923
We went to the insurance company.

2032
01:34:46,123 --> 01:34:48,963
They won't pay. I ran to the

2033
01:34:48,963 --> 01:34:51,763
regulator, a caller there was a

2034
01:34:51,763 --> 01:34:54,563
ruling in our favor. The regulator

2035
01:34:54,563 --> 01:34:57,763
says pay, they won't pay. And I went

2036
01:34:57,763 --> 01:35:00,963
back to the commissioner, and I said,

2037
01:35:00,963 --> 01:35:03,283
what's happening? In my presence, he

2038
01:35:03,283 --> 01:35:05,443
called the MD off that insurance

2039
01:35:05,443 --> 01:35:07,843
company. And say you must pay by

2040
01:35:07,843 --> 01:35:10,963
Friday. That was last year. Even as I

2041
01:35:10,963 --> 01:35:12,963
speak today, they haven't paid.

2042
01:35:13,723 --> 01:35:17,923
Issues of trust. The issues are real.

2043
01:35:17,963 --> 01:35:20,883
And we need to develop develop our

2044
01:35:20,883 --> 01:35:22,963
financial services sector. So we

2045
01:35:22,963 --> 01:35:24,903
must start behaving properly. Mm

2046
01:35:24,903 --> 01:35:26,903
well now that we have eh reverend

2047
01:35:26,903 --> 01:35:28,263
Obamaet and you've raised a lot of

2048
01:35:28,263 --> 01:35:29,863
issues about information and all.

2049
01:35:29,863 --> 01:35:31,383
Maybe you would eh you know take time

2050
01:35:31,383 --> 01:35:32,743
to address some of these concerns

2051
01:35:32,743 --> 01:35:34,023
that eh doctor said has raised.

2052
01:35:34,023 --> 01:35:36,023
Reverend Ogwami Tete. Yeah thank you

2053
01:35:36,023 --> 01:35:38,423
Winston. I think ehm okay one of the

2054
01:35:38,423 --> 01:35:40,583
points I had written was eh in my

2055
01:35:40,583 --> 01:35:42,503
notice the importance of

2056
01:35:42,503 --> 01:35:45,383
information ehm in in the

2057
01:35:45,383 --> 01:35:47,063
development of the market in

2058
01:35:47,063 --> 01:35:49,783
eliciting ehm more confidence

2059
01:35:50,143 --> 01:35:53,703
in investors. Ehm the

2060
01:35:54,123 --> 01:35:55,723
the Ghana Soccer Exchange has

2061
01:35:55,723 --> 01:35:59,163
disclosed eh disclosures eh for the

2062
01:35:59,163 --> 01:36:02,123
various issuers that are have listed

2063
01:36:02,123 --> 01:36:04,923
securities on their ehm

2064
01:36:06,123 --> 01:36:09,323
on the platform the question which I

2065
01:36:09,323 --> 01:36:11,483
think doctor Sedo alluded to is

2066
01:36:11,483 --> 01:36:15,563
whether people are able to

2067
01:36:15,563 --> 01:36:19,563
interrogate especially the issuers

2068
01:36:19,563 --> 01:36:23,323
to get more more answers to

2069
01:36:23,323 --> 01:36:26,603
questions. Um I think it's still goes

2070
01:36:26,603 --> 01:36:28,843
back to the level of if you like

2071
01:36:28,843 --> 01:36:31,963
financial awareness or people tend

2072
01:36:31,963 --> 01:36:35,083
to rely more on what the other person

2073
01:36:35,083 --> 01:36:37,223
would this is good. Put your money in

2074
01:36:37,223 --> 01:36:39,223
rather than trying to understand

2075
01:36:39,223 --> 01:36:42,423
issues and then raise questions. So,

2076
01:36:42,983 --> 01:36:44,743
there is some provision for

2077
01:36:44,743 --> 01:36:47,303
information. I think there's still

2078
01:36:47,303 --> 01:36:49,303
more room. So, for instance, at the

2079
01:36:49,303 --> 01:36:51,863
SEC, we are working on a on a on a

2080
01:36:51,863 --> 01:36:55,623
certain project to create a certain

2081
01:36:55,663 --> 01:36:58,503
database that investors can tap in

2082
01:36:58,503 --> 01:37:00,903
and get more information about

2083
01:37:01,623 --> 01:37:04,503
you know, the listed companies and

2084
01:37:04,503 --> 01:37:07,283
other investment schemes within the

2085
01:37:07,283 --> 01:37:10,723
eh is a project that is ongoing. Eh we

2086
01:37:10,723 --> 01:37:12,643
did something which eh if you go to our

2087
01:37:12,643 --> 01:37:14,963
website for instance eh we have what

2088
01:37:14,963 --> 01:37:17,283
we call a colour coding scheme which

2089
01:37:17,283 --> 01:37:19,203
will for instance indicate to you

2090
01:37:19,203 --> 01:37:21,443
that maybe this particular fund

2091
01:37:21,443 --> 01:37:25,603
manager has some regulatory issue to

2092
01:37:25,603 --> 01:37:27,683
resolve so that if you have to deal

2093
01:37:27,683 --> 01:37:30,483
with that particular ehm you know

2094
01:37:30,483 --> 01:37:33,443
entity you can ask some questions why

2095
01:37:34,623 --> 01:37:36,543
do you have this particular you know

2096
01:37:36,543 --> 01:37:39,503
color code on the SEC side? What are

2097
01:37:39,503 --> 01:37:42,143
you doing about it? So, I think we are

2098
01:37:42,143 --> 01:37:45,823
working on improving the access to

2099
01:37:45,823 --> 01:37:47,103
information because information

2100
01:37:47,103 --> 01:37:50,463
really is what drives behavior

2101
01:37:50,503 --> 01:37:53,823
and and let me slip this in and I think

2102
01:37:54,223 --> 01:37:56,063
for your people, Winston, the media,

2103
01:37:56,063 --> 01:37:58,063
I would say that it's also important

2104
01:37:58,063 --> 01:38:01,903
that kind of information you put out

2105
01:38:01,903 --> 01:38:05,003
on the the financial

2106
01:38:05,043 --> 01:38:09,723
ehm market eh sometimes ehm it

2107
01:38:10,623 --> 01:38:15,423
a bit eh what where would I use ehm eh a

2108
01:38:15,423 --> 01:38:17,823
bit sensational and that can trigger

2109
01:38:17,823 --> 01:38:19,823
ehm a certain reaction because

2110
01:38:19,823 --> 01:38:23,103
people rely on what they hear and then

2111
01:38:23,103 --> 01:38:25,583
it elicits a certain kind of response

2112
01:38:25,583 --> 01:38:28,223
eh I've had cause to raise issues

2113
01:38:28,223 --> 01:38:31,103
about some of the eh reporting that

2114
01:38:31,103 --> 01:38:34,863
has been eh done but I totally agree

2115
01:38:34,863 --> 01:38:38,623
that information is critical ehm the

2116
01:38:38,623 --> 01:38:42,283
market must put out more information

2117
01:38:42,283 --> 01:38:45,163
We, the regulator, we are working on

2118
01:38:45,163 --> 01:38:47,883
also creating eh access to more

2119
01:38:47,883 --> 01:38:49,483
information that would enable

2120
01:38:49,483 --> 01:38:52,683
people to make informed decision. I

2121
01:38:52,683 --> 01:38:54,843
think that we need to build the

2122
01:38:54,843 --> 01:38:56,683
culture of people asking questions

2123
01:38:56,683 --> 01:39:00,123
and getting answers rather than just

2124
01:39:00,123 --> 01:39:03,643
relying on the say so of this person or

2125
01:39:03,643 --> 01:39:05,723
that person, whether it's a relative

2126
01:39:05,723 --> 01:39:08,683
or or or whatever it is. Let's let's

2127
01:39:08,683 --> 01:39:11,783
interrogate issues more. I think we

2128
01:39:11,783 --> 01:39:13,863
may not be up there but we can still

2129
01:39:13,863 --> 01:39:16,423
encourage that and I think some of the

2130
01:39:16,463 --> 01:39:19,223
initiatives of trying to create some

2131
01:39:19,223 --> 01:39:22,423
awareness in the schools. The

2132
01:39:22,423 --> 01:39:23,783
universities. It's all part of

2133
01:39:23,783 --> 01:39:25,223
getting people to become more

2134
01:39:25,223 --> 01:39:27,863
comfortable with these issues so

2135
01:39:27,863 --> 01:39:29,943
they can ask questions. So, some

2136
01:39:29,943 --> 01:39:32,263
information is available and people

2137
01:39:32,263 --> 01:39:34,983
need to you know, access them and then

2138
01:39:34,983 --> 01:39:36,823
also then ask questions so that they

2139
01:39:36,823 --> 01:39:38,983
can make the kind of decision but I

2140
01:39:38,983 --> 01:39:40,883
would strongly say that people must

2141
01:39:40,883 --> 01:39:43,603
also learn to own their decisions.

2142
01:39:43,603 --> 01:39:45,443
One of the things we say is that if you

2143
01:39:45,443 --> 01:39:47,923
are a financial adviser, you are not

2144
01:39:47,923 --> 01:39:51,363
to make decisions for the the

2145
01:39:52,283 --> 01:39:54,403
investor, you should let the

2146
01:39:54,403 --> 01:39:56,643
investor because otherwise you you

2147
01:39:56,643 --> 01:39:58,963
would use, you can use your own let's

2148
01:39:58,963 --> 01:40:01,363
say risk profile, you may have a

2149
01:40:01,363 --> 01:40:03,763
certain appetite for this or that and

2150
01:40:03,763 --> 01:40:06,323
you can use that but you must guide the

2151
01:40:06,323 --> 01:40:09,583
investor, let him understand the

2152
01:40:09,583 --> 01:40:12,623
trade off, the characteristics of

2153
01:40:12,623 --> 01:40:15,023
the different investment products

2154
01:40:15,023 --> 01:40:17,823
so that they can own the the decision.

2155
01:40:17,823 --> 01:40:21,023
You know, I know maybe we may not be

2156
01:40:21,023 --> 01:40:22,623
there but that is where we must be

2157
01:40:22,623 --> 01:40:24,543
headed where should I give you

2158
01:40:24,543 --> 01:40:27,663
feedback? Yes. Now, anytime I've

2159
01:40:27,663 --> 01:40:29,823
been engaged by financial analyst or

2160
01:40:29,823 --> 01:40:32,063
adviser, they have always done

2161
01:40:32,063 --> 01:40:35,263
everything possible. To get you to

2162
01:40:35,263 --> 01:40:37,503
invest. In fact, he does, he or she

2163
01:40:37,503 --> 01:40:41,023
does everything possible. So, by the

2164
01:40:41,123 --> 01:40:43,283
time you are done, you are giving him

2165
01:40:43,283 --> 01:40:46,323
or her, your money. It's not like, you

2166
01:40:46,323 --> 01:40:48,083
know, opening everything to you for

2167
01:40:48,083 --> 01:40:50,803
you to make a decision If, I mean, even

2168
01:40:50,803 --> 01:40:51,923
when you're done, they're done

2169
01:40:51,923 --> 01:40:52,963
talking to you, they call you

2170
01:40:52,963 --> 01:40:54,323
tomorrow and say, have you made up

2171
01:40:54,323 --> 01:40:55,763
your mind now? Should I bring the form

2172
01:40:55,763 --> 01:40:57,283
so that you feel? And I'm sure a lot of

2173
01:40:57,283 --> 01:40:58,403
people would, I mean, it would

2174
01:40:58,403 --> 01:41:00,083
testify. So, we don't even have it. I

2175
01:41:00,083 --> 01:41:01,043
mean, it's like, you're being

2176
01:41:01,043 --> 01:41:03,923
compelled. You know, to make a

2177
01:41:03,923 --> 01:41:05,363
decision. So, maybe that's

2178
01:41:05,363 --> 01:41:06,803
something you should even because

2179
01:41:06,803 --> 01:41:09,683
that's how we feel all the time when

2180
01:41:09,683 --> 01:41:12,143
these advise an analyst engagers.

2181
01:41:12,823 --> 01:41:15,343
I I think maybe those are, you know,

2182
01:41:15,343 --> 01:41:17,823
they are purely marketing, their

2183
01:41:17,823 --> 01:41:19,503
product, and maybe they are living

2184
01:41:19,503 --> 01:41:23,023
the aspect of helping you the

2185
01:41:23,023 --> 01:41:26,063
investor to make a choice because

2186
01:41:26,063 --> 01:41:28,623
otherwise, they should really let

2187
01:41:28,623 --> 01:41:31,663
you understand all the option but

2188
01:41:31,663 --> 01:41:33,503
they may just sell you their product.

2189
01:41:33,503 --> 01:41:35,823
So, I would say it's something that

2190
01:41:35,823 --> 01:41:37,583
needs to be working on in terms of the

2191
01:41:37,583 --> 01:41:39,423
market operators, the investment

2192
01:41:39,423 --> 01:41:41,983
advisers, or the marketing reps of

2193
01:41:41,983 --> 01:41:44,543
the fund managers to make sure that

2194
01:41:44,623 --> 01:41:47,903
they provide you know if you like eh a

2195
01:41:47,903 --> 01:41:51,103
balanced view but on top of that as a

2196
01:41:51,103 --> 01:41:54,383
regulator and indeed eh the ehm MD of

2197
01:41:54,383 --> 01:41:56,783
the Ghana Socket Exchange made that

2198
01:41:56,783 --> 01:41:59,663
point we must be able to do a lot

2199
01:41:59,663 --> 01:42:03,583
broader financial education so that

2200
01:42:03,583 --> 01:42:06,623
even though the marketing rep or or

2201
01:42:06,623 --> 01:42:08,223
investment adviser of that

2202
01:42:08,223 --> 01:42:10,303
particular fund manager is giving

2203
01:42:10,303 --> 01:42:12,383
you pressure and you know trying to

2204
01:42:12,383 --> 01:42:15,323
just sell a product to get you to sign

2205
01:42:15,323 --> 01:42:17,483
on the dotted line. If you have a

2206
01:42:17,483 --> 01:42:20,283
certain broader understanding, you

2207
01:42:20,283 --> 01:42:22,283
may ask some questions and then you

2208
01:42:22,283 --> 01:42:24,043
can know whether you are just being

2209
01:42:24,043 --> 01:42:25,403
real roaded into a particular

2210
01:42:26,203 --> 01:42:28,283
product or not. So, I I would agree

2211
01:42:28,283 --> 01:42:31,083
that we need to do more in terms of

2212
01:42:31,083 --> 01:42:33,403
financial literacy

2213
01:42:34,123 --> 01:42:36,923
across board so that people can ask

2214
01:42:36,923 --> 01:42:38,203
questions. I think one of the

2215
01:42:38,203 --> 01:42:39,003
problems, people don't ask

2216
01:42:39,003 --> 01:42:41,323
questions. You know, they just take

2217
01:42:41,323 --> 01:42:44,423
it that once this person works with eh

2218
01:42:44,423 --> 01:42:47,383
reputable eh company whatever they

2219
01:42:47,383 --> 01:42:49,863
say is gospel, but I think that there

2220
01:42:49,863 --> 01:42:51,943
is a place of asking questions, what

2221
01:42:51,943 --> 01:42:53,943
can go wrong? What is the downside?

2222
01:42:53,943 --> 01:42:56,663
You know, etcetera, etcetera. So, it

2223
01:42:56,663 --> 01:42:58,823
all comes down to, you know, how we get

2224
01:42:58,823 --> 01:43:01,223
people to be more informed and to own

2225
01:43:01,223 --> 01:43:02,983
the decision. I I think that people

2226
01:43:02,983 --> 01:43:04,663
must get to the point where they own

2227
01:43:04,663 --> 01:43:06,103
the decision. Otherwise, you always

2228
01:43:06,103 --> 01:43:08,343
be pointing your hand. Oh, this

2229
01:43:08,343 --> 01:43:10,263
person led me to this but I think that

2230
01:43:10,263 --> 01:43:12,503
you must, it's your own money, it's

2231
01:43:12,503 --> 01:43:15,683
your future want to ehm invest for, so

2232
01:43:15,683 --> 01:43:17,443
you must own it, and you must ask for

2233
01:43:17,443 --> 01:43:19,283
it, you must be comfortable. One of

2234
01:43:19,283 --> 01:43:21,443
the the lessons I picked from Warren

2235
01:43:21,443 --> 01:43:22,963
Buffet, he said he will never invest

2236
01:43:22,963 --> 01:43:24,643
in something he doesn't understand.

2237
01:43:24,643 --> 01:43:27,523
Okay, so I think owning it means that

2238
01:43:27,523 --> 01:43:30,243
just as as much as you can, but I

2239
01:43:30,243 --> 01:43:32,803
totally agree that ehm, we need to

2240
01:43:32,803 --> 01:43:36,003
step up financial literacy, so that

2241
01:43:36,003 --> 01:43:38,483
people can be more empowered to

2242
01:43:38,683 --> 01:43:41,603
interrogate ehm, the investment

2243
01:43:41,603 --> 01:43:43,503
advisers and then the financial

2244
01:43:43,503 --> 01:43:45,423
information that's put out by

2245
01:43:45,423 --> 01:43:47,583
various issuers and fund management

2246
01:43:47,623 --> 01:43:50,943
eh companies. Alright, so this is the

2247
01:43:50,943 --> 01:43:52,783
graphic business stand big bank

2248
01:43:52,783 --> 01:43:54,863
breakfast meeting and the theme for

2249
01:43:54,863 --> 01:43:57,583
ah today's meeting is on the domestic

2250
01:43:57,583 --> 01:43:59,503
debt exchange program lessons and

2251
01:43:59,503 --> 01:44:02,623
implication on how you invest. I'll

2252
01:44:02,623 --> 01:44:04,703
get to you eh you know eh professor

2253
01:44:04,703 --> 01:44:06,943
Texan because you've talked about we

2254
01:44:06,943 --> 01:44:08,063
deal with the macroeconomic

2255
01:44:08,063 --> 01:44:09,423
situation but before we do that

2256
01:44:09,423 --> 01:44:11,423
haven't listened to reverend doctor

2257
01:44:11,423 --> 01:44:13,883
Obama doctor Dansedo. I'm sure

2258
01:44:13,883 --> 01:44:15,243
people are asking the final question

2259
01:44:15,243 --> 01:44:17,163
when it comes to this. What should be

2260
01:44:17,163 --> 01:44:18,763
the a posture or attitude towards

2261
01:44:18,763 --> 01:44:22,663
investment? Ah you've heard the

2262
01:44:22,663 --> 01:44:24,903
experts talk about ah what you need to

2263
01:44:24,903 --> 01:44:27,943
do ehm we should go on to invest I mean

2264
01:44:28,063 --> 01:44:32,823
if we want our economy to develop we

2265
01:44:32,823 --> 01:44:34,983
want Ghana to develop we should

2266
01:44:34,983 --> 01:44:37,463
expect that the resources that are

2267
01:44:37,463 --> 01:44:39,383
needed for the development of our

2268
01:44:39,383 --> 01:44:42,903
economy will come from within so like

2269
01:44:42,903 --> 01:44:45,703
reverend said if we save let us

2270
01:44:45,703 --> 01:44:46,903
transform our savings into

2271
01:44:46,903 --> 01:44:49,383
investment the parasector gets hold

2272
01:44:49,383 --> 01:44:51,143
of those resources they can create

2273
01:44:51,143 --> 01:44:54,163
jobs we get jobs to expand the

2274
01:44:54,163 --> 01:44:56,403
productive base of the economy and

2275
01:44:56,403 --> 01:44:58,243
then Ghana becomes better off. So as

2276
01:44:58,243 --> 01:45:00,483
for investment, we should go on to

2277
01:45:00,483 --> 01:45:03,443
invest. And like you've said, I mean,

2278
01:45:03,443 --> 01:45:04,963
you need to diversify your

2279
01:45:04,963 --> 01:45:07,523
investment. You don't need to put all

2280
01:45:07,523 --> 01:45:09,443
your eggs into one basket. It's very

2281
01:45:09,443 --> 01:45:12,243
important. But the death of

2282
01:45:12,243 --> 01:45:14,563
knowledge that individuals require

2283
01:45:16,123 --> 01:45:19,483
well above the literacy level of most

2284
01:45:19,483 --> 01:45:22,523
people who invest. So there's a need

2285
01:45:22,523 --> 01:45:26,123
for enough education even in the

2286
01:45:26,123 --> 01:45:28,923
local dialect. For the

2287
01:45:30,003 --> 01:45:34,123
pensioner who has just retired and

2288
01:45:42,123 --> 01:45:44,843
the Lord comes to call him or her. So we

2289
01:45:44,843 --> 01:45:47,403
need to educate her. I've I've had a

2290
01:45:47,403 --> 01:45:51,083
lot of ehm education to do myself even

2291
01:45:51,083 --> 01:45:53,163
for some of my colleagues mm who are

2292
01:45:53,163 --> 01:45:55,323
very well educated asking a lot of

2293
01:45:55,323 --> 01:45:57,083
questions about what they should be

2294
01:45:57,083 --> 01:45:59,483
doing and what they shouldn't do so

2295
01:45:59,483 --> 01:46:02,763
definitely we need to adopt that

2296
01:46:02,763 --> 01:46:06,683
attitude that yes we go on ehm we

2297
01:46:06,683 --> 01:46:08,843
should make it possible for

2298
01:46:08,843 --> 01:46:10,523
government to mobilize the majority

2299
01:46:10,523 --> 01:46:13,323
of its resources from within and not

2300
01:46:13,323 --> 01:46:15,243
from outside because it comes with a

2301
01:46:15,243 --> 01:46:17,483
lot of other disruptions when things

2302
01:46:17,483 --> 01:46:20,463
don't go on well imagine if most

2303
01:46:20,463 --> 01:46:22,463
people who held the domestic bonds

2304
01:46:22,463 --> 01:46:25,343
were domestic residents would not

2305
01:46:25,343 --> 01:46:27,983
have had a sharp depreciation that

2306
01:46:27,983 --> 01:46:29,823
took place over the last year because

2307
01:46:29,823 --> 01:46:32,223
most of the non residents were taking

2308
01:46:32,223 --> 01:46:33,823
their investment out that would have

2309
01:46:33,823 --> 01:46:36,463
stabilized us our crisis here but so

2310
01:46:36,463 --> 01:46:37,823
it would have had its impact on

2311
01:46:37,823 --> 01:46:41,023
inflation and all of that then also

2312
01:46:41,023 --> 01:46:43,983
the fact that and

2313
01:46:50,123 --> 01:46:54,123
confidence in the fact that we

2314
01:46:54,123 --> 01:46:55,803
shouldn't expect any of this to

2315
01:46:55,803 --> 01:46:58,363
happen anytime soon if you are able to

2316
01:46:58,363 --> 01:47:01,163
clean up this mess well, I must admit

2317
01:47:01,163 --> 01:47:05,163
that the whole DDE program has really

2318
01:47:05,163 --> 01:47:07,883
dented the confidence of most

2319
01:47:08,803 --> 01:47:10,763
uninformed investors, I will tell

2320
01:47:10,763 --> 01:47:13,643
you, I mean, a woman told me that why

2321
01:47:13,643 --> 01:47:15,723
are they telling her that government

2322
01:47:16,003 --> 01:47:18,283
would not pay, she didn't give her

2323
01:47:18,283 --> 01:47:18,843
money to government

2324
01:47:45,623 --> 01:47:47,463
the government For them to

2325
01:47:47,463 --> 01:47:49,383
understand. So there's a lot of

2326
01:47:49,383 --> 01:47:51,863
education that needs to go on but what

2327
01:47:51,863 --> 01:47:54,663
is important is that we need to drum

2328
01:47:54,663 --> 01:47:56,883
home the fact that we have to continue

2329
01:47:56,883 --> 01:47:59,523
to invest. Pension funds will always

2330
01:47:59,523 --> 01:48:02,563
get pension obligations that are

2331
01:48:02,563 --> 01:48:04,963
deducted and sent to them. They will

2332
01:48:04,963 --> 01:48:06,883
have to invest it. They will have to

2333
01:48:06,883 --> 01:48:09,363
hold government bonds. I mean all of

2334
01:48:09,363 --> 01:48:11,923
that. But I think that this is also the

2335
01:48:11,923 --> 01:48:13,363
opportunity time for the Ghana stock

2336
01:48:13,363 --> 01:48:15,923
exchange. To also begin to let people

2337
01:48:15,923 --> 01:48:17,443
know that. As an

2338
01:48:51,123 --> 01:48:52,803
But I will say that yes, your attitude

2339
01:48:52,803 --> 01:48:55,203
is, we are still going to invest. We

2340
01:48:55,203 --> 01:48:57,083
are not going to change okay Attitude

2341
01:48:57,083 --> 01:48:59,003
towards investment. Okay. Talking

2342
01:48:59,003 --> 01:49:00,443
about pension funds and all, I mean,

2343
01:49:00,443 --> 01:49:01,803
Doctor Sedo, you you you had a

2344
01:49:01,803 --> 01:49:03,483
presentation somewhere last month

2345
01:49:03,483 --> 01:49:07,083
and you had a lot of proposals on how we

2346
01:49:07,083 --> 01:49:09,323
can even use these funds which you

2347
01:49:09,323 --> 01:49:11,323
believe would go a long way in

2348
01:49:11,323 --> 01:49:13,563
increasing, in confidence,

2349
01:49:13,563 --> 01:49:15,723
investor confidence. Please share

2350
01:49:15,723 --> 01:49:17,883
some of them with us. Okay, thank you

2351
01:49:17,883 --> 01:49:20,203
very much. Eh, I'll do some quick

2352
01:49:20,203 --> 01:49:23,483
reaction from then link it up. Now,

2353
01:49:23,483 --> 01:49:25,563
people must understand what they are

2354
01:49:25,563 --> 01:49:28,503
doing. That's true. But we must that

2355
01:49:28,503 --> 01:49:30,103
we are developing country, We are not

2356
01:49:30,103 --> 01:49:33,303
there yet. And so we must show a lot of

2357
01:49:33,303 --> 01:49:35,623
empathy when we find ourselves in

2358
01:49:35,623 --> 01:49:38,103
responsible position. Number two,

2359
01:49:38,103 --> 01:49:39,943
we must look at our regulatory

2360
01:49:39,943 --> 01:49:42,263
architecture. And our regulators

2361
01:49:42,263 --> 01:49:43,623
must start taking responsibility.

2362
01:49:43,743 --> 01:49:47,623
Now if you take pensions, this

2363
01:49:47,623 --> 01:49:49,623
regular money come in, indeed

2364
01:49:49,623 --> 01:49:51,063
pension is bigger than oil.

2365
01:49:51,743 --> 01:49:54,903
Seriously. The biggest enemy of

2366
01:49:54,903 --> 01:49:58,103
pension is inflation. Inflation is

2367
01:49:58,103 --> 01:50:01,383
over 50%. Then you direct people

2368
01:50:01,503 --> 01:50:04,743
to channel the revenue, the

2369
01:50:04,743 --> 01:50:06,263
resources they mobilize to

2370
01:50:06,263 --> 01:50:09,703
government. And so you have over 80%

2371
01:50:09,703 --> 01:50:12,103
of pension resources being with

2372
01:50:12,103 --> 01:50:14,583
government. Pension is long term

2373
01:50:14,583 --> 01:50:16,423
fund. And you are giving it to

2374
01:50:16,423 --> 01:50:17,463
government for recurrent

2375
01:50:17,463 --> 01:50:18,903
expenditure. Look, you are

2376
01:50:18,903 --> 01:50:20,503
certainly setting up ourselves to

2377
01:50:20,503 --> 01:50:23,143
fail. How much is government even

2378
01:50:23,143 --> 01:50:26,183
paying? And if you look at it

2379
01:50:26,183 --> 01:50:27,543
critically, the return on

2380
01:50:27,543 --> 01:50:28,903
investment therefore is negative.

2381
01:50:28,903 --> 01:50:32,383
And when a guy go on pension. He can't

2382
01:50:32,383 --> 01:50:35,583
enjoy his life. So as educated

2383
01:50:35,583 --> 01:50:37,263
people, we need to be interrogating

2384
01:50:37,263 --> 01:50:39,743
these things. And say, how do we

2385
01:50:39,743 --> 01:50:42,463
dismantle and rebuild this economy?

2386
01:50:42,823 --> 01:50:44,863
Reverend talk about the larger

2387
01:50:44,863 --> 01:50:46,383
economy. Yes, that's where the

2388
01:50:46,383 --> 01:50:49,023
problem is coming from. I often ask

2389
01:50:49,023 --> 01:50:51,103
myself, what is government doing

2390
01:50:51,103 --> 01:50:54,623
with money? And we need to be real. If

2391
01:50:54,623 --> 01:50:56,223
government is putting money in

2392
01:50:56,223 --> 01:50:58,223
productive ventures, prof said it

2393
01:50:58,223 --> 01:51:00,063
earlier. Then we would not be

2394
01:51:00,123 --> 01:51:01,803
worried, we will be generating

2395
01:51:01,803 --> 01:51:05,803
employment. But can we say, let's

2396
01:51:05,803 --> 01:51:08,923
develop a proper capital market. Not

2397
01:51:08,923 --> 01:51:10,843
the ones we have. We have something.

2398
01:51:10,843 --> 01:51:14,363
But that is not. And you have a poor

2399
01:51:14,363 --> 01:51:17,403
package with integrity. With right

2400
01:51:17,403 --> 01:51:19,403
thinking people, people who are not

2401
01:51:19,403 --> 01:51:23,083
there to abuse ignorant people. So we

2402
01:51:23,083 --> 01:51:25,003
channel resources for projects.

2403
01:51:25,123 --> 01:51:27,803
Simple illustration is Tema

2404
01:51:27,803 --> 01:51:31,003
Motorway. Can we say if we channel

2405
01:51:31,003 --> 01:51:33,083
pension resources to build a

2406
01:51:33,083 --> 01:51:36,043
motorway, do it properly. And toll it

2407
01:51:36,043 --> 01:51:39,083
properly, private investment that

2408
01:51:39,083 --> 01:51:41,083
we can generate the returns, we can

2409
01:51:41,083 --> 01:51:43,483
see the physical thing there. We are

2410
01:51:43,483 --> 01:51:45,403
using it, we are benefiting from it,

2411
01:51:45,403 --> 01:51:48,923
we are willing to pay for it. That is a

2412
01:51:48,923 --> 01:51:51,723
good way to match long term funds with

2413
01:51:51,723 --> 01:51:54,363
long term projects. Some of the

2414
01:51:54,363 --> 01:51:56,763
interchanges we talk about, do we

2415
01:51:56,763 --> 01:51:58,603
really need those interchanges? I

2416
01:51:58,603 --> 01:52:01,263
don't think so. Hm. If we develop a

2417
01:52:01,263 --> 01:52:03,663
proper mass transit system. You see

2418
01:52:03,663 --> 01:52:06,223
that most of us who drove here, we

2419
01:52:06,223 --> 01:52:09,423
won't be driving. So what is it that we

2420
01:52:09,423 --> 01:52:10,783
are pushing money into government to

2421
01:52:10,783 --> 01:52:12,623
do? No, we need to check ourselves.

2422
01:52:12,623 --> 01:52:14,303
Particularly, those of us in

2423
01:52:14,303 --> 01:52:15,903
leadership. Of course, those of you

2424
01:52:15,903 --> 01:52:17,663
in leadership, not me any longer.

2425
01:52:19,623 --> 01:52:22,983
You see, those are the real things And

2426
01:52:22,983 --> 01:52:26,423
I even ask myself eh, I used to have

2427
01:52:26,423 --> 01:52:30,343
good friends in Lagos. So I hear the

2428
01:52:30,343 --> 01:52:33,863
Nigerian story. That Obasanjo calls

2429
01:52:33,863 --> 01:52:37,223
eh, Dangote. That I see a lot of cement

2430
01:52:37,223 --> 01:52:38,983
being imported. Can't

2431
01:52:42,623 --> 01:52:44,943
can offer you. That is the Dango

2432
01:53:09,123 --> 01:53:10,963
the earlier we start having the

2433
01:53:10,963 --> 01:53:13,123
mindset that we must first give

2434
01:53:13,123 --> 01:53:15,283
something to get what we are looking

2435
01:53:15,283 --> 01:53:17,443
for in return the better it will be for

2436
01:53:17,443 --> 01:53:20,423
us. You will see that whilst we're

2437
01:53:20,423 --> 01:53:21,623
talking about this debt exchange,

2438
01:53:21,623 --> 01:53:23,703
our approach, the physical approach

2439
01:53:23,703 --> 01:53:27,223
to tax people the more. And I'm asking

2440
01:53:27,223 --> 01:53:31,223
myself, who is in difficulty? Is it

2441
01:53:31,223 --> 01:53:32,663
the government? Or the individual?

2442
01:53:33,023 --> 01:53:35,783
What is the price of Kwatem? Quatem

2443
01:53:35,783 --> 01:53:37,543
that used to be about 3-four cities.

2444
01:53:37,543 --> 01:53:39,383
It's now one hundred and forty-five

2445
01:53:39,383 --> 01:53:42,103
cities. How many people can afford

2446
01:53:42,103 --> 01:53:44,743
that? So the way we think about the

2447
01:53:44,743 --> 01:53:47,863
issues is very critical. Look, we

2448
01:53:47,863 --> 01:53:49,623
need the investment. We need people

2449
01:53:49,623 --> 01:53:51,863
to mobilize resources. That is true.

2450
01:53:51,863 --> 01:53:55,703
But till we leadership with honesty

2451
01:53:55,703 --> 01:53:58,583
and accountability, we will have

2452
01:53:58,583 --> 01:54:00,103
challenges. And I'm challenging

2453
01:54:00,103 --> 01:54:01,943
everybody who find himself in

2454
01:54:01,943 --> 01:54:04,903
leadership. To say that if somebody

2455
01:54:04,903 --> 01:54:07,863
brings me one CD, I want to preserve it

2456
01:54:07,863 --> 01:54:11,143
with interest. And it's about, no, I

2457
01:54:11,143 --> 01:54:13,063
will give you illustration of the

2458
01:54:13,063 --> 01:54:15,943
person who raised me up. Very early

2459
01:54:15,943 --> 01:54:17,943
age, trustworthy, illiterate

2460
01:54:17,943 --> 01:54:20,663
woman. But people will bring money to

2461
01:54:20,663 --> 01:54:23,063
her for safe keeping. And he will call

2462
01:54:23,063 --> 01:54:25,783
you Daniel, Winston brought this

2463
01:54:25,783 --> 01:54:28,903
money. Check it. Go and put it here and

2464
01:54:28,903 --> 01:54:31,143
make sure nobody takes it. What he is

2465
01:54:31,143 --> 01:54:32,583
trying to do is, you can't steal it

2466
01:54:32,583 --> 01:54:35,063
yourself. Mhm. And when somebody

2467
01:54:35,063 --> 01:54:37,303
else come, can you give me change? She

2468
01:54:37,303 --> 01:54:39,863
says no. Winston brought the money in

2469
01:54:39,863 --> 01:54:42,823
this denomination. When he comes, we

2470
01:54:42,823 --> 01:54:45,303
must give it to him. And that is what we

2471
01:54:45,303 --> 01:54:48,743
should be doing. Eh, why are we

2472
01:54:48,743 --> 01:54:50,583
worried about investment? People

2473
01:54:50,583 --> 01:54:52,423
would invest, people are looking for

2474
01:54:52,423 --> 01:54:54,183
returns, and I keep saying the bigger

2475
01:54:54,183 --> 01:54:58,143
issue is the inflation how would we

2476
01:54:58,143 --> 01:55:01,823
tackle our inflation? I would dare

2477
01:55:01,823 --> 01:55:03,983
say that government should look at

2478
01:55:03,983 --> 01:55:06,623
taxation. If you look at the way we

2479
01:55:06,623 --> 01:55:09,343
structure our economy, we base

2480
01:55:09,343 --> 01:55:11,823
everything on taxation. Why is it

2481
01:55:11,823 --> 01:55:13,103
difficult to solve the

2482
01:55:13,103 --> 01:55:14,703
transportation problem? Why is it

2483
01:55:14,703 --> 01:55:16,383
that we can't do the mass transit? Do

2484
01:55:16,383 --> 01:55:17,983
you know why? It won't be done by

2485
01:55:17,983 --> 01:55:19,983
politicians. It won't. Mm. Why?

2486
01:55:19,983 --> 01:55:21,903
Because if you bring the car, it will

2487
01:55:21,903 --> 01:55:23,583
take eh duty.

2488
01:55:31,123 --> 01:55:34,163
If you use that tax to do production,

2489
01:55:34,163 --> 01:55:36,723
you can't be competitive on the well

2490
01:55:36,723 --> 01:55:38,723
market. Because your competitor

2491
01:55:38,723 --> 01:55:40,003
elsewhere is not paying those

2492
01:55:40,003 --> 01:55:42,803
things. So you need to wave off that.

2493
01:55:42,803 --> 01:55:44,883
We should be telling ourselves that

2494
01:55:44,883 --> 01:55:47,363
we want to expand businesses to

2495
01:55:47,363 --> 01:55:49,923
create first employment. Now when

2496
01:55:49,923 --> 01:55:52,003
people are employed and paid well,

2497
01:55:52,003 --> 01:55:54,563
they have read on the table, roof

2498
01:55:54,563 --> 01:55:57,363
overhead, kids go to school, you will

2499
01:55:57,363 --> 01:56:00,243
get them in the consumption tax. That

2500
01:56:00,243 --> 01:56:03,023
is how you grow these things. So let's

2501
01:56:03,023 --> 01:56:05,903
look at the entities that are

2502
01:56:05,903 --> 01:56:08,383
productive. Not the ones who get

2503
01:56:08,383 --> 01:56:11,523
government patronage, no. Those

2504
01:56:11,523 --> 01:56:13,603
people who do their own work and sell

2505
01:56:13,603 --> 01:56:16,003
to the ordinary person, take out the

2506
01:56:16,003 --> 01:56:18,003
taxes, encourage them to grow,

2507
01:56:18,003 --> 01:56:20,963
employ a lot more people, don't let us

2508
01:56:20,963 --> 01:56:22,963
put government as the engine of

2509
01:56:22,963 --> 01:56:24,883
growth. Government itself knows

2510
01:56:24,883 --> 01:56:26,643
that they are not the engine of

2511
01:56:26,643 --> 01:56:29,683
growth. I ask myself, I look at MTN

2512
01:56:29,683 --> 01:56:33,203
numbers. How come MTN is making so

2513
01:56:33,203 --> 01:56:35,683
much? As at the end of the year, their

2514
01:56:35,683 --> 01:56:38,323
equity is a little over 5 billion. But

2515
01:56:38,323 --> 01:56:41,043
net profit is over 2 billion. I say

2516
01:56:41,043 --> 01:56:43,143
wow. What is it that they are doing

2517
01:56:43,143 --> 01:56:46,823
right And our own entity that we have

2518
01:56:46,823 --> 01:56:50,343
is not able to do that. Do we know?

2519
01:56:50,623 --> 01:56:54,183
We sing, let's look at the banking

2520
01:56:54,183 --> 01:56:56,743
sector. Okay. There are issues

2521
01:56:56,743 --> 01:56:58,983
there. And we need to be honest with

2522
01:56:58,983 --> 01:57:00,743
ourselves. And then we need to look

2523
01:57:00,743 --> 01:57:03,943
harder at the numbers. Now the banks

2524
01:57:03,943 --> 01:57:05,143
are doing something that is quite

2525
01:57:05,143 --> 01:57:08,103
interesting. Their own equity

2526
01:57:08,103 --> 01:57:09,623
holding is very small.

2527
01:57:11,123 --> 01:57:12,883
Chunk of the money they use is

2528
01:57:12,883 --> 01:57:15,283
depositors money. Sure. The chunk of

2529
01:57:15,283 --> 01:57:16,963
the money they put in government

2530
01:57:16,963 --> 01:57:20,003
bonds is depositors money. But how

2531
01:57:20,003 --> 01:57:21,683
much of that do they share with the

2532
01:57:21,683 --> 01:57:27,823
depositor? Tell me. Did a depositor

2533
01:57:27,823 --> 01:57:30,223
doesn't benefit from the risk, they

2534
01:57:30,223 --> 01:57:33,503
assume. They get all the rewards. And

2535
01:57:33,503 --> 01:57:35,263
today the banks are in difficulty.

2536
01:57:35,263 --> 01:57:36,863
And they still looking for

2537
01:57:36,863 --> 01:57:38,943
depositors money. And I'm saying

2538
01:57:38,943 --> 01:57:41,263
till we start treating people well.

2539
01:57:41,263 --> 01:57:44,783
My essence is on trust. Trust come

2540
01:57:44,783 --> 01:57:47,503
from building relationship. So we

2541
01:57:47,503 --> 01:57:48,943
till we start building relationship

2542
01:57:48,943 --> 01:57:52,303
with investors. And depositors. We

2543
01:57:52,303 --> 01:57:54,783
would all go in circles. And run into

2544
01:57:54,823 --> 01:57:59,043
difficulty. Okay, yes, reverend. We

2545
01:57:59,043 --> 01:58:00,963
spoke about what the regulators must

2546
01:58:00,963 --> 01:58:02,883
be, so I'm sure you tuck away from that

2547
01:58:02,883 --> 01:58:06,143
angle too So Winston, I just wanted to

2548
01:58:06,143 --> 01:58:08,383
touch on one of the points that Doctor

2549
01:58:08,383 --> 01:58:10,543
Sedom made with regard to pension

2550
01:58:10,543 --> 01:58:13,103
funds. Cuz I I just wanted to agree

2551
01:58:13,103 --> 01:58:14,863
that pension funds are very

2552
01:58:14,863 --> 01:58:18,143
critical. Um if you take countries

2553
01:58:18,143 --> 01:58:22,223
like Chile, Malaysia, the impact of

2554
01:58:22,223 --> 01:58:24,783
pension funds, investing in the real

2555
01:58:24,783 --> 01:58:28,303
economy is is very clear. Now

2556
01:58:29,303 --> 01:58:32,703
NPRA does a regulator for pensions

2557
01:58:33,183 --> 01:58:36,223
has investment guidelines. And I

2558
01:58:36,223 --> 01:58:39,583
recall some years ago some of us when I

2559
01:58:39,583 --> 01:58:42,223
was on the other side ah some of us were

2560
01:58:42,223 --> 01:58:45,663
asking for ehm the allocation

2561
01:58:45,783 --> 01:58:49,663
made for investment in equities to be

2562
01:58:49,663 --> 01:58:51,823
increased. And you know the feedback

2563
01:58:51,823 --> 01:58:56,383
I was given, the rep at eh NPRA said,

2564
01:58:56,383 --> 01:59:00,383
look, this 5% that already is that you

2565
01:59:00,383 --> 01:59:02,863
are asking for an increase. Even that

2566
01:59:02,863 --> 01:59:07,023
amount is not being utilized by the

2567
01:59:07,023 --> 01:59:09,503
pension trustees. They would rather

2568
01:59:09,503 --> 01:59:12,003
pack the money government paper.

2569
01:59:12,003 --> 01:59:16,963
Okay, so there is also that element of

2570
01:59:16,963 --> 01:59:20,083
if you like the the managers of I mean

2571
01:59:20,083 --> 01:59:21,523
the regulator will come up with the

2572
01:59:21,523 --> 01:59:23,123
structure. Again, I know that the N

2573
01:59:23,123 --> 01:59:25,203
Perry has revised the investment

2574
01:59:25,403 --> 01:59:27,763
guidelines and has made allocation

2575
01:59:27,763 --> 01:59:29,523
what for what they call alternative

2576
01:59:29,523 --> 01:59:31,763
investment. Which is basically

2577
01:59:31,763 --> 01:59:34,563
opening the options. Uh, so while

2578
01:59:34,563 --> 01:59:36,483
there's the, you know, there's a bid

2579
01:59:36,483 --> 01:59:38,803
for government paper and the other

2580
01:59:39,523 --> 01:59:41,983
traditional investment eh or asset

2581
01:59:41,983 --> 01:59:43,423
classes, they have been also

2582
01:59:43,423 --> 01:59:44,303
introduced alternative

2583
01:59:44,303 --> 01:59:46,703
investment. The question is, will

2584
01:59:46,703 --> 01:59:49,423
the market or the market operate it?

2585
01:59:49,423 --> 01:59:51,023
Will they take it up? Because the

2586
01:59:51,023 --> 01:59:53,663
regulator can create the framework

2587
01:59:53,663 --> 01:59:57,743
but it will take the ehm, you know, the

2588
01:59:57,743 --> 01:59:59,983
market operators, you know, to take

2589
01:59:59,983 --> 02:00:01,903
it up and then, you know, run with it.

2590
02:00:01,903 --> 02:00:05,103
So, I think we need to ehm, stress the

2591
02:00:05,103 --> 02:00:06,623
fact that investments must

2592
02:00:06,623 --> 02:00:09,423
continue, investment in pensions is

2593
02:00:09,423 --> 02:00:12,363
a critical one because eh of you know

2594
02:00:12,363 --> 02:00:15,723
the sheer numbers and it can make a

2595
02:00:15,723 --> 02:00:18,363
significant impact when it comes to

2596
02:00:18,363 --> 02:00:21,003
the macroeconomic environment so

2597
02:00:21,003 --> 02:00:23,723
ehm you know the regulator will play

2598
02:00:23,723 --> 02:00:26,283
their role and ehm you know the market

2599
02:00:26,283 --> 02:00:30,043
operators must also do same if I speak

2600
02:00:30,043 --> 02:00:32,123
for the SEC there are number of things

2601
02:00:32,123 --> 02:00:34,683
that we have ah introduced post the

2602
02:00:34,683 --> 02:00:38,043
clean up eh just to boost investor

2603
02:00:38,043 --> 02:00:39,323
confidence because having a

2604
02:00:39,323 --> 02:00:41,543
stronger regulator is ehm

2605
02:00:41,543 --> 02:00:43,783
important, there are number of eh

2606
02:00:43,783 --> 02:00:45,383
guidelines for instance that we have

2607
02:00:45,383 --> 02:00:48,903
ehm introduced to if you like check

2608
02:00:48,903 --> 02:00:50,903
the behavior of the market

2609
02:00:50,903 --> 02:00:52,903
operators. For instance, I can talk

2610
02:00:52,903 --> 02:00:54,423
about the conduct of business

2611
02:00:54,423 --> 02:00:57,223
guidelines that we issue to ensure

2612
02:00:57,223 --> 02:01:00,583
that ehm, you know, there's a way in

2613
02:01:00,583 --> 02:01:02,903
which the market operators ah,

2614
02:01:02,903 --> 02:01:04,903
behave, the way they organize their

2615
02:01:04,903 --> 02:01:07,143
corporate eh, governance, we have

2616
02:01:07,183 --> 02:01:10,083
introduced investment guidelines

2617
02:01:10,083 --> 02:01:12,803
which basically eh gives guidance

2618
02:01:12,803 --> 02:01:14,643
and let me say that when when I talk

2619
02:01:14,643 --> 02:01:16,483
about guidelines, it has a force of

2620
02:01:16,483 --> 02:01:18,483
law. It's not a suggestion. Okay. You

2621
02:01:18,483 --> 02:01:20,643
need to go by it. But it will let you

2622
02:01:20,643 --> 02:01:22,963
know that when it comes to related

2623
02:01:22,963 --> 02:01:24,643
party transactions, which

2624
02:01:24,643 --> 02:01:27,763
sometimes you know, is a problem and

2625
02:01:27,763 --> 02:01:30,963
indeed if you go back to the crisis, it

2626
02:01:30,963 --> 02:01:34,403
is part of the issues that we we have,

2627
02:01:34,403 --> 02:01:35,923
we have provisions. So, the

2628
02:01:35,923 --> 02:01:39,103
regulator will continue to look at

2629
02:01:39,103 --> 02:01:41,903
the regulatory architecture eh

2630
02:01:41,903 --> 02:01:44,863
strengthen the supervision and just

2631
02:01:44,863 --> 02:01:47,583
make sure that people are staying on

2632
02:01:47,583 --> 02:01:49,983
the ehm, you know, the straight and

2633
02:01:49,983 --> 02:01:52,783
narrow path. So, I I believe that, you

2634
02:01:52,783 --> 02:01:54,463
know, regulators as we continue to

2635
02:01:54,463 --> 02:01:57,343
engage, ehm, at least, from where I

2636
02:01:57,343 --> 02:01:59,823
sit, I can see a lot of engagement, and

2637
02:01:59,823 --> 02:02:02,143
eh, basically, making sure that we

2638
02:02:02,143 --> 02:02:03,583
put in place, we strengthen the

2639
02:02:03,583 --> 02:02:05,583
structures of supervision, eh, so

2640
02:02:05,583 --> 02:02:07,743
elicit the kind of confidence ehm,

2641
02:02:08,123 --> 02:02:10,523
from ehm, you know, the market, we

2642
02:02:10,523 --> 02:02:11,563
are, for instance, looking at

2643
02:02:11,563 --> 02:02:13,803
creating eh, the investor

2644
02:02:13,803 --> 02:02:16,283
protection fund, eh, you know, with

2645
02:02:16,283 --> 02:02:17,563
the banking sector, they have the

2646
02:02:17,563 --> 02:02:20,123
deposit insurance, ehm, in the

2647
02:02:20,123 --> 02:02:22,123
capital market, we have the fidelity

2648
02:02:22,123 --> 02:02:24,283
fund, but that's really for the eh,

2649
02:02:24,283 --> 02:02:26,283
the, the stock exchange, but we are

2650
02:02:26,283 --> 02:02:28,603
looking at the broader fund eh, to

2651
02:02:28,603 --> 02:02:31,803
provide some kind of eh, a safety net.

2652
02:02:31,803 --> 02:02:33,003
You know, when you talk about safety

2653
02:02:33,003 --> 02:02:35,483
net, it it goes with the issue of moral

2654
02:02:35,483 --> 02:02:37,783
hazard because if people know there

2655
02:02:37,783 --> 02:02:39,303
is a safety net then they can be a bit

2656
02:02:39,303 --> 02:02:42,903
reckless eh or take eh excessive

2657
02:02:42,903 --> 02:02:44,983
risk, you know, but basically, we are

2658
02:02:44,983 --> 02:02:47,303
looking at how to strengthen the eh,

2659
02:02:47,303 --> 02:02:49,703
regulatory architecture to give or

2660
02:02:49,703 --> 02:02:52,263
elicit more confidence. Yes, eh,

2661
02:02:52,263 --> 02:02:54,423
before we get to ehm, you know, all

2662
02:02:54,423 --> 02:02:55,623
those gathered here, so anybody who

2663
02:02:55,623 --> 02:02:56,983
has a question could ask, Doctor

2664
02:02:56,983 --> 02:02:58,103
Sedo, you want to make a point?

2665
02:03:00,123 --> 02:03:03,323
My reaction has to do with eh the

2666
02:03:03,323 --> 02:03:05,003
regulators. Regulators are also

2667
02:03:05,003 --> 02:03:07,963
required to develop the market. So

2668
02:03:07,963 --> 02:03:10,523
you are breaking in a lot of money

2669
02:03:10,523 --> 02:03:12,683
through pensions. You should be

2670
02:03:12,683 --> 02:03:14,283
thinking of where those monies will

2671
02:03:14,283 --> 02:03:16,363
be channeled into. So what should be

2672
02:03:16,363 --> 02:03:18,523
complementing the pension activity

2673
02:03:18,523 --> 02:03:21,083
is the development of the capital

2674
02:03:21,083 --> 02:03:23,723
market. And identifying projects

2675
02:03:23,723 --> 02:03:25,403
into which you direct the pension

2676
02:03:25,403 --> 02:03:28,363
funds to go. If we don't do that, what

2677
02:03:28,363 --> 02:03:30,603
they will do is give it to what I call

2678
02:03:30,603 --> 02:03:32,923
mister government. And that is where

2679
02:03:33,123 --> 02:03:35,923
think seriously eh we are not pulling

2680
02:03:35,923 --> 02:03:39,283
our weight. Great, eh, before we eh,

2681
02:03:39,283 --> 02:03:40,563
take all the questions, brother

2682
02:03:40,563 --> 02:03:43,523
Texan, ehm, it's important we look at

2683
02:03:43,523 --> 02:03:47,683
how we can build a resilient economy,

2684
02:03:47,683 --> 02:03:49,043
macroeconomy, we've talked about

2685
02:03:49,043 --> 02:03:50,723
the fact that it impacts our

2686
02:03:50,723 --> 02:03:53,123
investment and all. Briefly, what

2687
02:03:53,123 --> 02:03:56,083
must be done? Oh, to good

2688
02:04:10,305 --> 02:04:12,305
we are always running huge fiscal

2689
02:04:12,305 --> 02:04:15,185
deficits to build the resilience

2690
02:04:15,185 --> 02:04:16,865
that would help, you know, when do we,

2691
02:04:16,865 --> 02:04:19,105
when the IMF left in twenty nineteen?

2692
02:04:19,105 --> 02:04:22,625
Okay. If you look at the pure that they

2693
02:04:22,625 --> 02:04:23,985
were with us from twenty sixteen,

2694
02:04:23,985 --> 02:04:26,865
there about to twenty nineteen. We

2695
02:04:26,865 --> 02:04:28,465
had started building a resilience

2696
02:04:28,465 --> 02:04:31,825
that we were aspiring to get to.

2697
02:04:31,825 --> 02:04:34,305
Inflation was getting to very low

2698
02:04:34,305 --> 02:04:37,845
levels. Um, one point our fiscal

2699
02:04:37,845 --> 02:04:40,565
deficit was three. 84. 7

2700
02:05:14,305 --> 02:05:17,265
has made enough moves to try to

2701
02:05:17,265 --> 02:05:19,905
contain inflation, it looks like we

2702
02:05:19,905 --> 02:05:21,525
we are getting to a point where

2703
02:05:21,525 --> 02:05:23,045
inflation is going to decline as we

2704
02:05:23,045 --> 02:05:26,805
move on. But we also need as much as

2705
02:05:26,805 --> 02:05:31,365
possible to ensure that we do not

2706
02:05:31,805 --> 02:05:35,845
go onto the market with those huge

2707
02:05:35,845 --> 02:05:38,725
rates to borrow money to finance

2708
02:05:38,725 --> 02:05:41,765
consumption. Okay. I mean we've said

2709
02:05:41,765 --> 02:05:44,485
it over and over that this is the time

2710
02:05:44,485 --> 02:05:46,245
Ghana has to have a conversation on

2711
02:05:46,245 --> 02:05:49,125
whether we even need 230 members of

2712
02:05:49,125 --> 02:05:53,705
parliament. Do we it that number,

2713
02:05:53,705 --> 02:05:55,545
shouldn't we look at having a

2714
02:05:55,545 --> 02:05:56,905
discussion to reduce the size of

2715
02:05:56,905 --> 02:05:58,585
parliament and all that goes within

2716
02:05:58,585 --> 02:06:00,425
the expenditure that goes with it? Do

2717
02:06:00,425 --> 02:06:02,505
we always need a voters register in a

2718
02:06:02,505 --> 02:06:03,545
year that we are going to have an

2719
02:06:03,545 --> 02:06:05,865
election? If we invested in a Ghana

2720
02:06:05,865 --> 02:06:08,425
card, can't it be enough for us to move

2721
02:06:08,425 --> 02:06:10,105
ahead? Do we always

2722
02:06:13,305 --> 02:06:16,345
pursue some of these subsidies that

2723
02:06:16,345 --> 02:06:18,585
are highly inefficient. I mean, if

2724
02:06:18,585 --> 02:06:21,705
you take a free SHS for aside, please I

2725
02:06:21,705 --> 02:06:23,685
have said it over is that I think that

2726
02:06:23,685 --> 02:06:25,845
is a good concept. The financing is is

2727
02:06:25,845 --> 02:06:29,125
bad. I mean do we have to subsidize

2728
02:06:29,125 --> 02:06:31,845
parents who can pay for and in any

2729
02:06:31,845 --> 02:06:34,165
case, I mean, my ward just went to

2730
02:06:34,165 --> 02:06:35,365
secondary school. It cost me well

2731
02:06:35,365 --> 02:06:38,565
over 5, 000 to even get the the student

2732
02:06:38,565 --> 02:06:41,205
there without paying any fee. I mean,

2733
02:06:41,205 --> 02:06:43,205
really? Yes, putting out money have

2734
02:06:43,205 --> 02:06:45,605
been used to pay fees for the schools

2735
02:06:45,605 --> 02:06:48,565
to provide for the the kids. So that

2736
02:06:48,565 --> 02:06:50,885
the government will look at using

2737
02:06:52,805 --> 02:06:55,825
a fee SHS to prioritize other sector

2738
02:06:55,825 --> 02:06:58,145
by giving the business community the

2739
02:06:58,145 --> 02:07:00,145
right environment. Doctor Assedo

2740
02:07:00,145 --> 02:07:01,825
said it, I mean, we should take some

2741
02:07:01,825 --> 02:07:03,905
industries that are are showing

2742
02:07:03,905 --> 02:07:06,945
promise and support them. Give them

2743
02:07:06,945 --> 02:07:09,105
all the support they need to be able to

2744
02:07:09,105 --> 02:07:12,625
generate enough foreign resources

2745
02:07:12,625 --> 02:07:14,225
for us. I mean, Kasaproku for

2746
02:07:14,225 --> 02:07:16,305
instance. Medicament is one of the

2747
02:07:16,305 --> 02:07:18,305
things that Ghana has comparative

2748
02:07:18,305 --> 02:07:20,625
advantage in. And they do a lot of

2749
02:07:20,625 --> 02:07:22,145
that. As well as other companies.

2750
02:07:22,145 --> 02:07:24,465
What support are you giving them to be

2751
02:07:24,465 --> 02:07:26,625
able to take advantage of the African

2752
02:07:26,625 --> 02:07:28,985
free trade to be able to produce and

2753
02:07:28,985 --> 02:07:30,985
export to these countries so that we

2754
02:07:30,985 --> 02:07:33,785
can rake in some forex. I mean and like

2755
02:07:33,785 --> 02:07:36,905
you said, to be truth, truthful, none

2756
02:07:36,905 --> 02:07:38,345
of our businessmen will tell you that

2757
02:07:38,345 --> 02:07:39,545
government has ever approached

2758
02:07:39,545 --> 02:07:41,465
them. That is support, even when

2759
02:07:41,465 --> 02:07:43,385
interventions like Exim Bank and Co

2760
02:07:43,385 --> 02:07:44,985
op is set up. Those who get the

2761
02:07:44,985 --> 02:07:47,625
resources are party cronies. Of

2762
02:07:47,625 --> 02:07:48,985
government, you go there to take the

2763
02:07:48,985 --> 02:07:50,265
resources. Some of them do not even

2764
02:07:50,265 --> 02:07:52,825
own any viable business. So we need to

2765
02:07:52,825 --> 02:07:54,185
get things right, we need to make

2766
02:07:54,185 --> 02:07:56,505
institutions work. So that Ghana

2767
02:07:56,805 --> 02:07:59,125
will be on the path, we can do it, we

2768
02:07:59,125 --> 02:08:02,005
have the men, we have the women, we

2769
02:08:02,005 --> 02:08:05,045
have the the the industries that we

2770
02:08:05,045 --> 02:08:08,245
can help us develop, we shouldn't be

2771
02:08:08,245 --> 02:08:10,645
using physical populism and

2772
02:08:10,645 --> 02:08:12,805
politics to destroy the economy, we

2773
02:08:12,805 --> 02:08:15,685
need to fashion our own political ah,

2774
02:08:15,685 --> 02:08:18,485
dispensation that would rely less on

2775
02:08:18,485 --> 02:08:20,965
spending out of our budget to support

2776
02:08:20,965 --> 02:08:23,285
that, so that we can, if it's possible

2777
02:08:23,285 --> 02:08:24,565
even to have a discussion

2778
02:08:49,805 --> 02:08:51,485
so please if you have any question or

2779
02:08:51,485 --> 02:08:52,765
contribution, just show by hand,

2780
02:08:52,765 --> 02:08:54,685
I'll get a microphone to you. Uh the

2781
02:08:54,685 --> 02:08:55,725
team is around, we'll get a

2782
02:08:55,725 --> 02:08:57,885
microphone to you. And then you can

2783
02:08:57,885 --> 02:09:01,105
ask questions. Okay, so I see eh some

2784
02:09:01,105 --> 02:09:02,705
hands over there. We'll pick the

2785
02:09:02,705 --> 02:09:04,865
first two from there. And then we

2786
02:09:04,865 --> 02:09:07,345
would come here and there. And I think

2787
02:09:07,345 --> 02:09:09,345
we could be done. Oh I see a lot more

2788
02:09:09,345 --> 02:09:11,985
hands. Okay. Let's see. Let's see.

2789
02:09:11,985 --> 02:09:13,105
Let's see how it goes. We have just

2790
02:09:13,105 --> 02:09:15,185
about 25 minutes to wrap it up. But

2791
02:09:15,505 --> 02:09:17,345
let's hope that the questions will be

2792
02:09:17,345 --> 02:09:19,665
very brief. So we can move on. Yes,

2793
02:09:19,665 --> 02:09:20,945
let's start from there. You tell us

2794
02:09:20,945 --> 02:09:22,305
your name, where you're coming from,

2795
02:09:22,305 --> 02:09:23,825
then we're picking it from there. Um,

2796
02:09:23,825 --> 02:09:26,785
my name is Albert Luthroth. I'm a

2797
02:09:26,785 --> 02:09:31,685
pensioner. I mean I work with the best

2798
02:09:31,685 --> 02:09:34,405
world group company limited

2799
02:09:36,305 --> 02:09:39,585
ehm I want to know ehm, we learnt that

2800
02:09:39,625 --> 02:09:43,185
pension funds have been exempted

2801
02:09:43,185 --> 02:09:47,585
from the debt debt exchange. Now, as a

2802
02:09:47,585 --> 02:09:51,265
pensioner, ehm, my little money that

2803
02:09:51,265 --> 02:09:55,105
I earned from living work, I invested

2804
02:09:55,305 --> 02:09:59,665
just like a panelist said, I tried to

2805
02:09:59,665 --> 02:10:03,025
diversify my putting part in

2806
02:10:03,025 --> 02:10:05,345
treasury bills, ehm, bought

2807
02:10:06,405 --> 02:10:09,885
infant and then the rest in B fund

2808
02:10:10,485 --> 02:10:13,005
now I'm left with nothing

2809
02:10:15,305 --> 02:10:20,025
the treasury bills rates are so bad

2810
02:10:20,025 --> 02:10:24,105
now and my B fund and M fund to

2811
02:10:24,105 --> 02:10:26,505
understand haircut have affected

2812
02:10:26,505 --> 02:10:29,545
them please can you explain to me what

2813
02:10:29,545 --> 02:10:32,345
my situation is because I'm a bit

2814
02:10:32,345 --> 02:10:36,265
confused okay thank you very much ehm

2815
02:10:36,265 --> 02:10:37,705
yes let's get to the next question

2816
02:10:42,805 --> 02:10:44,725
Good morning, good morning, I'm

2817
02:10:44,725 --> 02:10:47,445
doctor Eyin Dake, the AGI president.

2818
02:10:47,885 --> 02:10:51,205
And I take it from doctor Sedo, thank

2819
02:10:51,205 --> 02:10:54,965
you doctor Sedo. And eh, that which he

2820
02:10:54,965 --> 02:10:58,005
captured that made eh, my morning, I

2821
02:10:58,005 --> 02:11:00,485
took a coffee for that. Using the role

2822
02:11:00,485 --> 02:11:03,605
of the regulator to stabilize

2823
02:11:03,605 --> 02:11:06,005
markets and create opportunities.

2824
02:11:06,445 --> 02:11:10,165
And I give two clear examples. With a

2825
02:11:10,165 --> 02:11:13,345
regulator, IE government we not

2826
02:11:13,345 --> 02:11:16,385
asking all the time for funds but

2827
02:11:16,385 --> 02:11:18,865
upholding quality standards,

2828
02:11:19,225 --> 02:11:23,665
upholding ehm yes standards and

2829
02:11:23,665 --> 02:11:26,225
quality makes all the difference to

2830
02:11:26,225 --> 02:11:29,665
some industries Furthermore, a

2831
02:11:29,665 --> 02:11:31,345
clear example can be what is

2832
02:11:31,345 --> 02:11:32,865
currently happening in the

2833
02:11:32,865 --> 02:11:34,625
deregulated market of the

2834
02:11:34,625 --> 02:11:37,425
downstream. The role of the

2835
02:11:37,425 --> 02:11:41,185
regulator to manage that space cause

2836
02:11:41,185 --> 02:11:44,905
we all know the extent to which the

2837
02:11:44,905 --> 02:11:47,785
inflation indicators are being

2838
02:11:47,785 --> 02:11:51,065
driven by the fuels. And therefore,

2839
02:11:51,065 --> 02:11:53,785
if we could have the regulator

2840
02:11:54,545 --> 02:11:57,305
stabilizing markets and creating

2841
02:11:57,305 --> 02:11:59,785
opportunities, it makes a lot of

2842
02:11:59,785 --> 02:12:02,665
difference in the least developing

2843
02:12:02,665 --> 02:12:04,745
economy. This developmental

2844
02:12:04,745 --> 02:12:06,345
economy has its characteristics.

2845
02:12:06,345 --> 02:12:09,385
And therefore, we need to emphasize

2846
02:12:09,385 --> 02:12:12,185
on the role of the regulator. My other

2847
02:12:12,185 --> 02:12:15,685
question that was a contribution The

2848
02:12:15,685 --> 02:12:18,165
confidence level of most investors

2849
02:12:18,165 --> 02:12:20,165
today in Ghana has been shattered.

2850
02:12:20,165 --> 02:12:23,605
And I'm looking for three points from

2851
02:12:23,605 --> 02:12:26,245
the panelist. I never heard anything

2852
02:12:26,245 --> 02:12:29,045
about sanctions. From the days of the

2853
02:12:29,045 --> 02:12:32,485
financial reforms to the DDE. We

2854
02:12:32,485 --> 02:12:35,365
haven't seen any sanctions or clear

2855
02:12:35,365 --> 02:12:38,485
sanction. naming and shaming of

2856
02:12:38,485 --> 02:12:41,925
participants in the space. It makes a

2857
02:12:41,925 --> 02:12:44,065
lot of friends to bring back our

2858
02:12:44,065 --> 02:12:45,665
confidence. Thank you. Thank you

2859
02:12:45,665 --> 02:12:49,505
very much Doctor. Um let's get to the

2860
02:12:49,505 --> 02:12:50,305
next question. Yes.

2861
02:12:58,305 --> 02:13:00,305
Please tell us your name. Yes. My name

2862
02:13:00,305 --> 02:13:05,505
is Erica. Okay. Um I have a question

2863
02:13:05,505 --> 02:13:08,705
each for all or the three of them. The

2864
02:13:08,705 --> 02:13:11,505
first one goes to the professor.

2865
02:13:12,505 --> 02:13:15,505
I just want to find out from him. You

2866
02:13:15,505 --> 02:13:19,025
know, since independence, all

2867
02:13:19,145 --> 02:13:21,665
the budgets that we've had have

2868
02:13:21,665 --> 02:13:25,025
always been deficit budgets. And so

2869
02:13:25,025 --> 02:13:27,905
what it means is that every time your

2870
02:13:28,305 --> 02:13:30,945
expenditure is more than the

2871
02:13:30,945 --> 02:13:33,585
revenue. So, that means that every

2872
02:13:33,585 --> 02:13:37,745
time you are into what? Um debt. So, I

2873
02:13:37,745 --> 02:13:41,505
want to find out from him. Which other

2874
02:13:41,505 --> 02:13:46,465
ways? Apart from us able to raise the

2875
02:13:46,465 --> 02:13:48,145
revenue internally, which means

2876
02:13:48,145 --> 02:13:49,985
that then we have to introduce more

2877
02:13:50,545 --> 02:13:54,545
taxes. Which other ways apart from

2878
02:13:54,545 --> 02:13:57,265
that can we as a nation

2879
02:13:59,305 --> 02:14:01,785
ensure that we don't go out there and

2880
02:14:01,785 --> 02:14:04,905
borrow money to be able to support the

2881
02:14:04,905 --> 02:14:07,385
budget and then eh to

2882
02:14:08,145 --> 02:14:12,985
my my classmate at ehm Fancy Pim

2883
02:14:13,025 --> 02:14:19,625
I call him DOT ehm yes as as a regulator

2884
02:14:19,625 --> 02:14:22,265
I just want to find out from you you've

2885
02:14:22,265 --> 02:14:24,985
been around for quite some time and so

2886
02:14:24,985 --> 02:14:26,825
anytime that I hear that

2887
02:14:28,305 --> 02:14:31,425
a company has gone bankrupt

2888
02:14:31,425 --> 02:14:34,705
especially those that are into ehm

2889
02:14:34,745 --> 02:14:37,905
investments and bonds and all that.

2890
02:14:37,905 --> 02:14:40,385
So the question is that, as

2891
02:14:41,305 --> 02:14:44,265
A regulator, what measures did you

2892
02:14:44,265 --> 02:14:46,105
put in place? Because I believe that

2893
02:14:46,105 --> 02:14:48,585
if you had done the right thing, those

2894
02:14:48,585 --> 02:14:50,905
companies shouldn't have gotten to,

2895
02:14:50,905 --> 02:14:54,585
where they got to. And then finally,

2896
02:14:55,665 --> 02:14:56,665
doctor

2897
02:14:59,305 --> 02:15:03,305
He said no, yes, eh, we all need to, to,

2898
02:15:03,305 --> 02:15:06,425
to make informed ehm, decisions, and

2899
02:15:06,425 --> 02:15:08,905
I believe that there has to be full

2900
02:15:08,905 --> 02:15:12,905
disclosure And ehm, transparency,

2901
02:15:12,905 --> 02:15:16,025
so that if I want to invest, okay, I

2902
02:15:16,025 --> 02:15:19,065
know that if I do ABCD, these are the

2903
02:15:19,065 --> 02:15:20,905
likely outcomes. Thank you. Okay.

2904
02:15:21,185 --> 02:15:24,345
Thank you. Um, hello. Yes.

2905
02:15:27,305 --> 02:15:29,705
I'm Joseph Obin, president of Guta.

2906
02:15:31,305 --> 02:15:33,305
We are from the informal sector.

2907
02:15:35,805 --> 02:15:38,365
You know we were in the dark days

2908
02:15:38,365 --> 02:15:41,485
during the revolution time, when our

2909
02:15:41,485 --> 02:15:42,845
monies were confiscated.

2910
02:15:44,805 --> 02:15:48,425
I hope you all know and people started

2911
02:15:48,425 --> 02:15:50,585
putting their monies under the bed

2912
02:15:51,505 --> 02:15:54,505
It took government effort so many

2913
02:15:54,505 --> 02:15:58,265
years in the early eighties to bring

2914
02:15:58,265 --> 02:16:01,865
back hope into culture of savings. I

2915
02:16:01,865 --> 02:16:04,745
hope you all know. And now,

2916
02:16:05,425 --> 02:16:09,385
improper planning mismanagement of

2917
02:16:09,385 --> 02:16:12,825
our investment, bad policies.

2918
02:16:13,185 --> 02:16:16,345
Is taking us back to the, those old

2919
02:16:16,345 --> 02:16:18,465
days. We have to do something about

2920
02:16:18,465 --> 02:16:21,985
it. We traders also diversify.

2921
02:16:22,185 --> 02:16:25,185
We say we do excessive importation.

2922
02:16:25,625 --> 02:16:29,185
Yes, because that's what we can

2923
02:16:29,185 --> 02:16:33,025
better a lot. But still, we put some of

2924
02:16:33,025 --> 02:16:37,425
our profit into investment ehm, ehm,

2925
02:16:37,425 --> 02:16:39,745
like savings in the bonds and

2926
02:16:39,745 --> 02:16:43,105
treasury bills and all that. If it

2927
02:16:43,105 --> 02:16:46,945
should become like it, it is now. Then

2928
02:16:46,945 --> 02:16:49,405
of course, we do not have any option

2929
02:16:49,405 --> 02:16:53,245
than to do over trading. Go back to our

2930
02:16:53,245 --> 02:16:55,805
trading and it doesn't help. Let's

2931
02:16:55,805 --> 02:16:59,085
try and manage these systems very

2932
02:16:59,085 --> 02:17:02,445
well to hit back confidence into the

2933
02:17:02,445 --> 02:17:04,445
banking system and savings at large.

2934
02:17:04,445 --> 02:17:05,965
Thank you. Thank you very much. I

2935
02:17:05,965 --> 02:17:07,405
think we can pick a final one. Yes.

2936
02:17:07,405 --> 02:17:10,205
Okay. I think I'll ask the final

2937
02:17:10,205 --> 02:17:12,125
question. And it goes to the

2938
02:17:12,125 --> 02:17:15,965
regulator. My name is Sam Ankara. I'm

2939
02:17:15,965 --> 02:17:18,205
in his well established. That

2940
02:17:18,805 --> 02:17:21,685
regulator plays a very very

2941
02:17:21,965 --> 02:17:24,645
crucial role. Yeah. In building the

2942
02:17:24,645 --> 02:17:27,765
financial markets. How is a

2943
02:17:27,765 --> 02:17:30,325
regulator? Regulating their

2944
02:17:30,325 --> 02:17:33,445
advisers. You just made a statement

2945
02:17:33,445 --> 02:17:37,045
where you were being harassed to make

2946
02:17:37,045 --> 02:17:40,565
an investment. What is the role of the

2947
02:17:40,565 --> 02:17:42,805
regulator here? What is your

2948
02:17:42,805 --> 02:17:45,845
function? Are they regulating the

2949
02:17:45,845 --> 02:17:48,245
advisers? And if you are regulating

2950
02:17:48,305 --> 02:17:51,265
the advisers in one way in UK for

2951
02:17:51,265 --> 02:17:54,545
instance, you can hold a PhD in

2952
02:17:54,545 --> 02:17:56,545
economics, but you are not a

2953
02:17:56,545 --> 02:17:58,865
financial adviser until you pass the

2954
02:17:58,865 --> 02:18:01,505
FSA's exams. Although you will be

2955
02:18:01,505 --> 02:18:03,185
exempted from certain ehm,

2956
02:18:03,185 --> 02:18:05,905
subjects, but the ethics and the

2957
02:18:05,905 --> 02:18:08,385
practice of the professional is so

2958
02:18:08,385 --> 02:18:11,185
crucial. So what is a regulator doing

2959
02:18:11,185 --> 02:18:14,465
about it? Great, ehm, yes, I think we

2960
02:18:14,465 --> 02:18:16,225
can take the last one, but yes, please

2961
02:18:16,225 --> 02:18:20,885
go ahead. My name is Joseph Echampon.

2962
02:18:20,885 --> 02:18:25,605
I'm a lawyer. Um from the discussions

2963
02:18:25,605 --> 02:18:28,245
and from what is going on, we realized

2964
02:18:28,245 --> 02:18:30,165
that, I think we've come to this stage

2965
02:18:30,165 --> 02:18:33,765
because of government revenues not

2966
02:18:33,765 --> 02:18:35,685
much in expenditure. And we believe

2967
02:18:35,685 --> 02:18:37,365
that this has come about because of

2968
02:18:37,365 --> 02:18:41,205
me. Um, programs that the government

2969
02:18:41,205 --> 02:18:43,605
is implementing, which has put our

2970
02:18:43,605 --> 02:18:46,405
economy into jeopardy. So what I'm

2971
02:18:46,405 --> 02:18:49,945
advocating is that, There should be

2972
02:18:49,945 --> 02:18:52,425
an electoral accountability act.

2973
02:18:52,705 --> 02:18:55,545
Which means that all political party

2974
02:18:55,585 --> 02:18:58,985
manifestos on promises which may not

2975
02:18:58,985 --> 02:19:01,865
ehm be financially feasible. Maybe

2976
02:19:01,865 --> 02:19:05,465
ehm subjected to approval by a body.

2977
02:19:05,465 --> 02:19:09,745
And if it's not If it's not feasible to

2978
02:19:09,745 --> 02:19:11,505
be implemented and it it is found out

2979
02:19:11,505 --> 02:19:13,105
that it will negatively impact our

2980
02:19:13,105 --> 02:19:14,545
budget and our finances, it should

2981
02:19:14,545 --> 02:19:14,705
not be

2982
02:19:27,645 --> 02:19:32,165
I have issues about building public

2983
02:19:32,165 --> 02:19:34,965
confidence in this our market. The

2984
02:19:34,965 --> 02:19:37,605
financial market have only one

2985
02:19:37,605 --> 02:19:40,965
asset, most important asset is

2986
02:19:40,965 --> 02:19:43,885
public confidence. Without public

2987
02:19:43,885 --> 02:19:45,325
confidence, there is no financial

2988
02:19:45,325 --> 02:19:47,405
market. The public confidence is

2989
02:19:47,405 --> 02:19:49,405
what makes you take your money to

2990
02:19:49,405 --> 02:19:51,485
somebody and still go home and sleep.

2991
02:19:51,485 --> 02:19:54,045
Without thinking. Because you know

2992
02:19:54,045 --> 02:19:55,885
that when you need your money, you

2993
02:19:55,885 --> 02:19:58,205
will get it. Public confidence. And

2994
02:19:58,205 --> 02:20:01,165
that is why in the objects of

2995
02:20:01,165 --> 02:20:03,085
financial services regulation, one

2996
02:20:03,085 --> 02:20:05,005
of the three objects is the

2997
02:20:05,005 --> 02:20:07,405
protection of consumer of financial

2998
02:20:07,405 --> 02:20:10,125
services, protection. The SEC

2999
02:20:10,125 --> 02:20:13,665
people will say, investor if you

3000
02:20:13,665 --> 02:20:16,785
don't protect investors, you won't

3001
02:20:16,785 --> 02:20:18,385
get any confidence in the market.

3002
02:20:18,825 --> 02:20:24,145
When this DDEP issue came, I did not

3003
02:20:24,145 --> 02:20:27,105
see any eh eh regulator

3004
02:20:27,465 --> 02:20:30,145
performing an investor protection

3005
02:20:30,145 --> 02:20:34,465
role. The government is an issuer of

3006
02:20:34,465 --> 02:20:36,385
securities. And people who are

3007
02:20:36,385 --> 02:20:38,065
holding government securities must

3008
02:20:38,065 --> 02:20:40,225
be protected. The fact that

3009
02:20:40,225 --> 02:20:42,145
government securities will not go

3010
02:20:42,145 --> 02:20:43,825
through regulations for approval

3011
02:20:43,825 --> 02:20:45,825
before issuance. Does not mean

3012
02:20:45,825 --> 02:20:48,545
people who are holding that document

3013
02:20:48,545 --> 02:20:51,185
should not be protected. How come

3014
02:20:51,185 --> 02:20:53,665
investors were told that I will not

3015
02:20:53,665 --> 02:20:56,385
give you any interest whatsoever for

3016
02:20:56,385 --> 02:20:59,425
one year? And regulators thought

3017
02:20:59,425 --> 02:21:02,305
that they have no role to protect that

3018
02:21:02,305 --> 02:21:05,345
investor Regulators must protect

3019
02:21:05,345 --> 02:21:07,585
investors. Look at what is happening

3020
02:21:07,585 --> 02:21:10,065
at the other side of eh financial

3021
02:21:10,065 --> 02:21:13,185
services. The eh savings and loans

3022
02:21:13,185 --> 02:21:17,405
and the financial houses. For some

3023
02:21:17,405 --> 02:21:19,245
three years people cannot access

3024
02:21:19,245 --> 02:21:21,565
their investment with some of these

3025
02:21:21,565 --> 02:21:23,565
institutions. And the background of

3026
02:21:23,565 --> 02:21:26,525
Ghana is is looking at it. They don't

3027
02:21:26,525 --> 02:21:28,285
care. It's like it's not their

3028
02:21:28,285 --> 02:21:30,365
business. You put your money there,

3029
02:21:30,365 --> 02:21:32,205
you put your money at a government

3030
02:21:32,205 --> 02:21:33,805
regulated financial services

3031
02:21:33,805 --> 02:21:36,365
institution. And you can't access it

3032
02:21:36,365 --> 02:21:39,885
and nobody. Nobody is looking at how

3033
02:21:39,885 --> 02:21:42,365
do we get this investors funds back to

3034
02:21:42,365 --> 02:21:46,585
them. Investor protection. I am told

3035
02:21:46,585 --> 02:21:49,385
Bank of Ghana says they cannot under

3036
02:21:49,385 --> 02:21:52,505
the banking act the the SGI bank they

3037
02:21:52,505 --> 02:21:54,265
cannot provide liquidity support

3038
02:21:54,265 --> 02:21:58,265
who drew up that law? Is it not a bank of

3039
02:21:58,265 --> 02:22:00,105
Ghana who brought that law? And you

3040
02:22:00,105 --> 02:22:02,745
make sure you cannot protect, give

3041
02:22:02,745 --> 02:22:04,585
liquidity to support these people

3042
02:22:04,585 --> 02:22:07,225
for them to give back our moneys to us

3043
02:22:07,225 --> 02:22:09,385
for this money to go back into

3044
02:22:09,385 --> 02:22:11,145
circulation for small small

3045
02:22:11,145 --> 02:22:12,585
businesses and private people who

3046
02:22:12,585 --> 02:22:14,185
are doing their work, Investor

3047
02:22:14,185 --> 02:22:16,425
protection. If we can't do that, then

3048
02:22:16,425 --> 02:22:17,705
we should forget about this market.

3049
02:22:17,705 --> 02:22:19,945
We can't bring back any public

3050
02:22:19,945 --> 02:22:21,865
confidence when the regulators are

3051
02:22:21,865 --> 02:22:23,465
sitting down and they don't want to

3052
02:22:23,465 --> 02:22:25,865
act. I expect Bank of Ghana to act

3053
02:22:25,865 --> 02:22:28,585
immediately To save all those

3054
02:22:28,585 --> 02:22:30,665
institutions that are keeping

3055
02:22:30,665 --> 02:22:32,905
people's money and they can't have

3056
02:22:32,905 --> 02:22:34,905
access to the money. So who who who

3057
02:22:34,905 --> 02:22:37,305
should they go? Whom should they go?

3058
02:22:37,305 --> 02:22:38,905
If you are in my village and your money

3059
02:22:38,905 --> 02:22:40,745
is locked up, whom do you want to, who,

3060
02:22:40,745 --> 02:22:42,665
where do you go? Bank of Ghana and

3061
02:22:42,665 --> 02:22:44,665
other regulators, you must protect

3062
02:22:44,705 --> 02:22:46,905
investors, otherwise, there will be

3063
02:22:46,905 --> 02:22:48,265
no public confidence and there will

3064
02:22:48,265 --> 02:22:49,705
be no financial market. Thank you.

3065
02:22:49,705 --> 02:22:51,945
Thank you. Very much doctor Edwin

3066
02:22:51,945 --> 02:22:54,905
Ontri. So we get the panelist

3067
02:22:55,105 --> 02:22:57,385
to address these questions and then

3068
02:22:57,385 --> 02:22:59,065
we take the chairperson's closing

3069
02:22:59,065 --> 02:23:00,825
remarks and then we'll wrap it up.

3070
02:23:00,825 --> 02:23:02,825
Yes. Uh maybe I start with you

3071
02:23:03,065 --> 02:23:04,905
reverend Obama Teche. Yes.

3072
02:23:15,305 --> 02:23:18,845
Okay. Bringing us microphones

3073
02:23:19,205 --> 02:23:20,685
Um yes.

3074
02:23:22,305 --> 02:23:25,665
Yeah, thank you very much. Um, so I'll

3075
02:23:25,665 --> 02:23:28,705
touch on a number of the

3076
02:23:29,265 --> 02:23:32,225
questions relating to our time

3077
02:23:32,225 --> 02:23:34,305
briefing. Uh, so for instance, I'm

3078
02:23:34,305 --> 02:23:35,665
Ankara, Doctor Sam Ankara asked

3079
02:23:35,665 --> 02:23:37,905
about what, how we're regulating

3080
02:23:37,905 --> 02:23:40,305
advisers, whether we are, and the

3081
02:23:40,305 --> 02:23:43,585
answer is yes, we are, we license the

3082
02:23:44,465 --> 02:23:46,625
investment advisers, we license

3083
02:23:46,625 --> 02:23:50,945
reps of the various companies, the

3084
02:23:50,945 --> 02:23:52,465
fund managers, the broker dealers,

3085
02:23:52,465 --> 02:23:55,905
so without the sense, you can't eh

3086
02:23:55,905 --> 02:23:58,385
perform, we do mystery shopping from

3087
02:23:58,385 --> 02:24:01,025
time to time, eh, to pick out if there

3088
02:24:01,025 --> 02:24:03,105
are any that are ehm

3089
02:24:04,105 --> 02:24:06,305
performing the role of investment

3090
02:24:06,305 --> 02:24:08,945
advice eh adviser without the

3091
02:24:08,945 --> 02:24:11,585
requisite license but in addition we

3092
02:24:11,585 --> 02:24:15,585
are introducing ehm the continuous

3093
02:24:15,585 --> 02:24:17,745
professional development program

3094
02:24:17,745 --> 02:24:20,545
which will require that because you

3095
02:24:20,545 --> 02:24:22,785
may have the license but we we need to

3096
02:24:22,785 --> 02:24:25,345
keep you on the cutting edge and it's

3097
02:24:25,345 --> 02:24:27,745
how we keep you informed or trained or

3098
02:24:27,745 --> 02:24:30,145
educated so that is being introduced

3099
02:24:30,305 --> 02:24:32,225
here so that on a continuing basis

3100
02:24:32,225 --> 02:24:34,305
those who hold the valid license,

3101
02:24:34,905 --> 02:24:39,185
they ehm they upgrade or update their

3102
02:24:39,185 --> 02:24:41,665
knowledge and their ehm their

3103
02:24:41,665 --> 02:24:44,305
practices and then ehm my

3104
02:24:44,305 --> 02:24:47,825
predecessor ehm eh doctor Edu Anania

3105
02:24:47,825 --> 02:24:51,185
Nki talked about regulators and

3106
02:24:51,185 --> 02:24:54,225
investor protection my comment or

3107
02:24:54,225 --> 02:24:55,665
response is that investor

3108
02:24:55,665 --> 02:24:58,065
protection comes in different forms

3109
02:24:58,065 --> 02:25:00,605
okay so for instance ehm because

3110
02:25:00,605 --> 02:25:02,205
sometimes people tend to look at just

3111
02:25:02,205 --> 02:25:04,205
one aspect and it's not everything

3112
02:25:04,205 --> 02:25:07,405
that you may even get out in the public

3113
02:25:07,405 --> 02:25:10,205
domain okay so for instance if the

3114
02:25:10,205 --> 02:25:12,205
regulator is advising eh maybe the

3115
02:25:12,205 --> 02:25:14,125
sector ministry it it may not be

3116
02:25:14,125 --> 02:25:16,365
something that may come out but apart

3117
02:25:16,365 --> 02:25:18,605
from that if you take license and it's

3118
02:25:18,605 --> 02:25:20,365
one of the ways you protect to make

3119
02:25:20,365 --> 02:25:22,525
sure that those who come into the

3120
02:25:22,525 --> 02:25:25,485
space to operate are fit and proper is

3121
02:25:25,485 --> 02:25:27,885
a way by which you eh do that

3122
02:25:27,885 --> 02:25:30,105
protection you can talk about the

3123
02:25:30,105 --> 02:25:31,705
information, making information

3124
02:25:31,985 --> 02:25:36,505
accessible eh you know to eh the

3125
02:25:36,505 --> 02:25:38,105
investors and you can talk about the

3126
02:25:38,105 --> 02:25:40,505
actions that the regulator would

3127
02:25:40,505 --> 02:25:43,065
take for instance to suspend or to

3128
02:25:43,065 --> 02:25:45,065
revoke you know so investor

3129
02:25:45,065 --> 02:25:47,625
protection is a wide continuum you

3130
02:25:47,625 --> 02:25:49,625
know and I think that the investors so

3131
02:25:49,625 --> 02:25:52,665
the regulators are eh keeping up on

3132
02:25:52,665 --> 02:25:55,945
their mandate to achieve eh investor

3133
02:25:55,945 --> 02:25:59,605
eh protection then Eric ehm asked

3134
02:25:59,605 --> 02:26:02,885
about ehm, why, I mean, what measures

3135
02:26:02,885 --> 02:26:05,685
we are putting in place eh, to avoid

3136
02:26:05,885 --> 02:26:08,405
companies eh, failing, and

3137
02:26:09,805 --> 02:26:13,805
what regulators do is to maintain eh

3138
02:26:13,805 --> 02:26:16,605
the the monitor we supervise ehm we

3139
02:26:16,605 --> 02:26:19,245
track we do both on site offsite

3140
02:26:19,245 --> 02:26:22,365
inspection to keep an eye on how the

3141
02:26:22,365 --> 02:26:25,885
market operators are performing now

3142
02:26:25,885 --> 02:26:27,965
sometimes there is what we call

3143
02:26:27,965 --> 02:26:30,845
regulatory forbearance in the sense

3144
02:26:30,845 --> 02:26:33,565
that when that eh market operator may

3145
02:26:33,565 --> 02:26:34,925
be having issues you don't

3146
02:26:34,925 --> 02:26:38,445
immediately go in ah you know to pull

3147
02:26:38,445 --> 02:26:40,845
the plug as in to you know walk the

3148
02:26:40,845 --> 02:26:43,805
lines and you may allow for eh some

3149
02:26:44,305 --> 02:26:47,025
for the market regulator to for the

3150
02:26:47,025 --> 02:26:50,625
market operator to correct eh that

3151
02:26:50,625 --> 02:26:53,105
and that may appear as if the

3152
02:26:53,105 --> 02:26:55,185
regulator is not acting but it's not a

3153
02:26:55,185 --> 02:26:56,545
waste that you go in because there may

3154
02:26:56,545 --> 02:26:58,545
be problem you want to allow eh for

3155
02:26:58,545 --> 02:27:00,385
that and let me say that I mean we

3156
02:27:00,385 --> 02:27:02,785
recently heard of ehm you know like

3157
02:27:02,785 --> 02:27:05,825
Silicon Valley Bank eh Credit Suite I

3158
02:27:05,825 --> 02:27:08,305
mean there I mean no matter how tight

3159
02:27:08,305 --> 02:27:10,785
the regulatory framework is it will

3160
02:27:10,785 --> 02:27:13,185
not prevent companies from failing

3161
02:27:13,185 --> 02:27:16,125
the is what resolution framework do

3162
02:27:16,125 --> 02:27:18,605
you have when that happens for you to

3163
02:27:18,605 --> 02:27:21,725
ensure that investors deposited

3164
02:27:21,725 --> 02:27:25,805
etcetera are are protected and then

3165
02:27:25,805 --> 02:27:29,405
on the issue of ehm you know market

3166
02:27:29,405 --> 02:27:31,085
development, ehm, market

3167
02:27:31,085 --> 02:27:32,925
development is very much on the radar

3168
02:27:32,925 --> 02:27:35,805
of regulators, we have ehm, in twenty

3169
02:27:35,805 --> 02:27:38,445
eh, 21, we, we launched a capital

3170
02:27:38,445 --> 02:27:42,365
market master plan, ehm, which is eh,

3171
02:27:42,365 --> 02:27:45,085
a 10 year plan providing a blueprint

3172
02:27:45,085 --> 02:27:48,205
to develop the market, and one key

3173
02:27:48,205 --> 02:27:51,085
area is eh, development of products,

3174
02:27:51,085 --> 02:27:54,745
you know, to eh, the diversity of

3175
02:27:54,745 --> 02:27:56,585
investment products and there are a

3176
02:27:56,585 --> 02:27:58,985
number of ehm you know things in the

3177
02:27:58,985 --> 02:28:00,745
pipeline and you will be hearing of

3178
02:28:00,745 --> 02:28:02,665
some wreaths coming to the market I

3179
02:28:02,665 --> 02:28:04,425
know we have approved one and a few

3180
02:28:04,425 --> 02:28:06,665
more are coming through so ehm the

3181
02:28:06,665 --> 02:28:10,105
issue of market development is still

3182
02:28:10,105 --> 02:28:13,145
very much on our radar and if you ask me

3183
02:28:13,145 --> 02:28:14,425
it's one of the ways you are also

3184
02:28:14,425 --> 02:28:16,185
engender confidence because then

3185
02:28:16,185 --> 02:28:19,705
you create eh opportunities for eh

3186
02:28:19,705 --> 02:28:22,345
for people to eh deploy

3187
02:28:22,805 --> 02:28:25,285
their ah savings and then the the the

3188
02:28:25,285 --> 02:28:27,925
Mister Luthroth who is a pensioner ah

3189
02:28:27,925 --> 02:28:30,565
he he made a he he made a comment about

3190
02:28:30,565 --> 02:28:34,085
eh haircut on his investment in

3191
02:28:34,085 --> 02:28:36,085
collective investment schemes and

3192
02:28:36,085 --> 02:28:38,965
my response is that there is no

3193
02:28:38,965 --> 02:28:41,205
haircut this is where the mark to

3194
02:28:41,205 --> 02:28:44,885
market ehm you know concept eh comes

3195
02:28:44,885 --> 02:28:48,085
in ehm and Winston I mean I'm your show

3196
02:28:48,085 --> 02:28:49,605
and I've explained that the mark to

3197
02:28:49,605 --> 02:28:52,085
market concept is not new eh is always

3198
02:28:52,085 --> 02:28:55,605
been something that ehm it's done the

3199
02:28:55,605 --> 02:28:57,445
only issue is that for fixed income

3200
02:28:57,445 --> 02:29:00,485
funds traditionally I mean if they

3201
02:29:00,485 --> 02:29:02,805
collect eh equity collective eh

3202
02:29:02,805 --> 02:29:04,485
investment schemes, they already

3203
02:29:04,485 --> 02:29:06,085
marked market because they take the

3204
02:29:06,085 --> 02:29:08,565
price ehm eh on the Ghana stock

3205
02:29:08,565 --> 02:29:12,245
exchange to value the ehm the assets

3206
02:29:12,245 --> 02:29:14,085
of the scheme. Now a lot of fixed

3207
02:29:14,085 --> 02:29:16,485
income funds were not doing that. Ah

3208
02:29:16,485 --> 02:29:18,405
they were doing the using the

3209
02:29:18,405 --> 02:29:20,165
amortization or how to maturity

3210
02:29:20,165 --> 02:29:24,405
approach. Okay and giving ehm what eh

3211
02:29:24,405 --> 02:29:26,805
was happening in the economy ehm eh

3212
02:29:26,805 --> 02:29:29,105
last year with interest rates going

3213
02:29:29,105 --> 02:29:33,345
up and then by the principle of the eh

3214
02:29:33,345 --> 02:29:35,665
invest relationship between eh bond

3215
02:29:35,665 --> 02:29:37,585
prices and interest rates bond

3216
02:29:37,585 --> 02:29:39,025
prices were going down, so fixed

3217
02:29:39,025 --> 02:29:42,385
income funds that were holding bonds

3218
02:29:42,545 --> 02:29:44,465
were basically facing exclusion

3219
02:29:44,465 --> 02:29:47,665
where the value of the bonds you know

3220
02:29:47,665 --> 02:29:49,505
were going going down. So if they went

3221
02:29:49,505 --> 02:29:52,065
out to the market to sell, they will

3222
02:29:52,065 --> 02:29:54,865
get a lower value and so we had to force

3223
02:29:54,865 --> 02:29:58,685
them to apply the mark to market for

3224
02:29:58,685 --> 02:30:01,165
fixed income funds. So it's not eh eh a

3225
02:30:01,165 --> 02:30:02,845
haircut issue. It's a question of

3226
02:30:02,845 --> 02:30:05,805
what is the value of the securities,

3227
02:30:05,805 --> 02:30:08,445
the fund that's invested in if they go

3228
02:30:08,445 --> 02:30:10,445
to the market to buy today, and that's

3229
02:30:10,445 --> 02:30:12,525
really what is eh, what people are

3230
02:30:12,525 --> 02:30:15,325
seeing in in terms of a reduction in

3231
02:30:15,325 --> 02:30:18,445
their investment in eh the fixed

3232
02:30:18,445 --> 02:30:20,285
income funds. Well maximum market is

3233
02:30:20,285 --> 02:30:23,245
not a new concept. Right so before we

3234
02:30:23,245 --> 02:30:25,485
bring you in eh professor Equitas let

3235
02:30:25,485 --> 02:30:27,545
me just say that ehm we are going off eh

3236
02:30:27,545 --> 02:30:30,025
Joy News and Joy FM now. But we'll just

3237
02:30:30,025 --> 02:30:31,385
continue with the conversation in

3238
02:30:31,385 --> 02:30:33,225
here. So yes. professor Texan. Okay,

3239
02:30:33,705 --> 02:30:36,025
I just have one question thrown at me.

3240
02:30:36,025 --> 02:30:39,465
I, I think that the the fact that we've

3241
02:30:39,465 --> 02:30:41,305
run huge deficits over the years is

3242
02:30:41,305 --> 02:30:42,825
independence, doesn't mean we can't

3243
02:30:42,825 --> 02:30:44,905
do anything about it. Um, as we speak,

3244
02:30:44,905 --> 02:30:46,905
the African Center for Economic

3245
02:30:46,905 --> 02:30:48,585
Transformation, has been

3246
02:30:48,585 --> 02:30:52,565
discussing the Ghana we want

3247
02:30:52,565 --> 02:30:56,085
framework and one of the main ah

3248
02:30:56,085 --> 02:30:58,085
pillars of that is eh fiscal

3249
02:30:59,365 --> 02:31:02,885
policy how to build a resilience and

3250
02:31:02,885 --> 02:31:07,045
to ensure that we do things right and

3251
02:31:08,565 --> 02:31:10,325
part of the discussions that we've

3252
02:31:10,325 --> 02:31:12,485
we've we've had with real

3253
02:31:12,485 --> 02:31:15,605
stakeholders is the fact that we

3254
02:31:15,605 --> 02:31:17,125
should not only concentrate on

3255
02:31:17,125 --> 02:31:18,565
mobilizing revenue but we should

3256
02:31:18,565 --> 02:31:20,645
look at the the expenditure side

3257
02:31:20,805 --> 02:31:21,845
should also look at the situation

3258
02:31:21,845 --> 02:31:24,565
where we concentrate on high growth

3259
02:31:24,565 --> 02:31:26,485
sectors and give them

3260
02:31:51,665 --> 02:31:55,865
so it means that ehm we need to take a

3261
02:31:55,865 --> 02:31:58,265
look at how to cut down on the

3262
02:31:58,265 --> 02:32:00,745
compensation to employees and one of

3263
02:32:00,745 --> 02:32:02,185
the ways you can do that is to reduce

3264
02:32:02,185 --> 02:32:04,745
the size of government also to win off

3265
02:32:04,805 --> 02:32:06,885
certain state hold enterprises from

3266
02:32:06,885 --> 02:32:08,725
government payroll some of them can

3267
02:32:08,725 --> 02:32:12,725
run on their own budget and so ah we we

3268
02:32:12,725 --> 02:32:14,485
need to win off ehm if you take

3269
02:32:14,485 --> 02:32:17,045
universities for instance is it not

3270
02:32:17,045 --> 02:32:18,405
possible for the government to allow

3271
02:32:18,405 --> 02:32:20,565
the public universities to charge

3272
02:32:20,565 --> 02:32:24,485
not too realistic but maybe 60% of

3273
02:32:24,485 --> 02:32:26,405
what a realistic tertiary education

3274
02:32:26,405 --> 02:32:29,205
fee is so that the universities can

3275
02:32:29,205 --> 02:32:31,845
even use that to pay electorates so

3276
02:32:31,845 --> 02:32:33,605
that lecturers will win off the

3277
02:32:33,605 --> 02:32:35,685
public sector which we are all of that

3278
02:32:35,805 --> 02:32:39,405
so yes the deficits with the, we are

3279
02:32:39,405 --> 02:32:41,645
looking at reducing them to very low

3280
02:32:41,645 --> 02:32:45,405
levels so that we don't borrow ehm to

3281
02:32:45,405 --> 02:32:49,085
pay for that. Then also ehm, to doctor

3282
02:32:49,085 --> 02:32:51,485
Obin, you guys should go on and

3283
02:32:51,485 --> 02:32:51,645
invest.

3284
02:33:14,305 --> 02:33:16,225
Make a headway in development. Thank

3285
02:33:16,225 --> 02:33:18,545
you. Great, eh, finally doctor Sedo.

3286
02:33:18,545 --> 02:33:21,585
Okay, thank you very much. Um, I would

3287
02:33:21,585 --> 02:33:23,985
pick it from where my good friend

3288
02:33:23,985 --> 02:33:27,345
doctor Edwin Ani left and eh, where

3289
02:33:27,345 --> 02:33:29,585
Reverend also tried to react.

3290
02:33:29,785 --> 02:33:32,625
Indeed, when you are from, speaking

3291
02:33:32,625 --> 02:33:33,905
from the customer's perspective,

3292
02:33:34,105 --> 02:33:37,585
eh, the regulator really do not

3293
02:33:37,585 --> 02:33:40,625
protect customers And the

3294
02:33:40,625 --> 02:33:42,465
regulators need to be told in the

3295
02:33:42,465 --> 02:33:44,385
face. They need to up their games.

3296
02:33:44,585 --> 02:33:47,105
Because it's the customers that come

3297
02:33:47,105 --> 02:33:50,705
with the money that is invested. And

3298
02:33:50,705 --> 02:33:52,625
it's not government that should be

3299
02:33:52,625 --> 02:33:55,025
protected. Government is too big. So

3300
02:33:55,025 --> 02:33:56,785
if you go on the side of government,

3301
02:33:56,785 --> 02:33:59,505
you create more problem. I will

3302
02:33:59,505 --> 02:34:02,865
illustrate what ehm, doctor said

3303
02:34:02,865 --> 02:34:05,265
with eh, a circular that came from the

3304
02:34:05,265 --> 02:34:08,765
central bank. They say the old bones

3305
02:34:08,765 --> 02:34:11,325
they will not admit it for capital

3306
02:34:11,325 --> 02:34:14,685
adequacy computation. That creates

3307
02:34:14,685 --> 02:34:17,245
problem. Who issued the old bond and

3308
02:34:17,245 --> 02:34:18,925
who issued the new born? It's the same

3309
02:34:18,925 --> 02:34:21,005
government of Ghana. So what is it

3310
02:34:21,005 --> 02:34:24,125
that you are trying to do? So look we

3311
02:34:24,125 --> 02:34:26,205
need to get a regulated to appreciate

3312
02:34:26,205 --> 02:34:28,365
the fact that they need the

3313
02:34:28,365 --> 02:34:31,005
investors. So they should work eh

3314
02:34:31,005 --> 02:34:34,605
with the invested rather than ehm the

3315
02:34:34,605 --> 02:34:37,005
government. Then number two, the

3316
02:34:37,005 --> 02:34:39,805
major problem we have as a people is we

3317
02:34:39,805 --> 02:34:41,245
structured ourself believing that

3318
02:34:41,245 --> 02:34:42,845
it's government that can look after

3319
02:34:42,845 --> 02:34:45,465
all us. We are deceiving ourselves.

3320
02:34:45,465 --> 02:34:47,865
Government can't look after all of

3321
02:34:47,865 --> 02:34:49,145
us. They will look after themselves

3322
02:34:49,145 --> 02:34:52,105
before thinking about us. So we need

3323
02:34:52,105 --> 02:34:53,945
to realign and say if we are

3324
02:34:53,945 --> 02:34:56,425
mobilizing money for investment, it

3325
02:34:56,425 --> 02:34:58,025
should be productive things, not

3326
02:34:58,025 --> 02:34:59,625
necessarily challenging through

3327
02:34:59,625 --> 02:35:01,545
government. And that is where I will

3328
02:35:01,545 --> 02:35:03,465
come back that look, we need to

3329
02:35:03,465 --> 02:35:04,665
develop the capital market

3330
02:35:04,665 --> 02:35:06,985
properly. Another challenge we

3331
02:35:06,985 --> 02:35:09,065
have, if if regulation is we are

3332
02:35:09,065 --> 02:35:12,345
inability eh, to regulate conduct.

3333
02:35:12,805 --> 02:35:14,885
That regulators will tell you they

3334
02:35:14,885 --> 02:35:17,045
can't regulate character. But at

3335
02:35:17,045 --> 02:35:19,205
least we can regulate conduct. We

3336
02:35:19,205 --> 02:35:21,285
know people have misbehave. But they

3337
02:35:21,285 --> 02:35:23,205
are walking on the streets. And they

3338
02:35:23,205 --> 02:35:25,365
are still very loud. People have lost

3339
02:35:25,365 --> 02:35:27,045
their moneys. We are doing nothing

3340
02:35:27,045 --> 02:35:29,205
about them. If you take what has

3341
02:35:29,205 --> 02:35:31,845
happened to the US, they came out to

3342
02:35:31,845 --> 02:35:33,845
say that they won't use taxpayers

3343
02:35:33,845 --> 02:35:36,485
money to resolve the issue. It tells

3344
02:35:36,485 --> 02:35:38,805
you that it builds safety nets. But

3345
02:35:38,805 --> 02:35:41,765
where is our safety net? Personally,

3346
02:35:41,765 --> 02:35:43,425
I have with one of this institution

3347
02:35:43,425 --> 02:35:45,665
that still carries the license of

3348
02:35:45,665 --> 02:35:47,905
Bank of Ghana. I can't access the

3349
02:35:47,905 --> 02:35:49,585
money. Nobody is telling me

3350
02:35:49,585 --> 02:35:51,905
anything. I mean, where is the

3351
02:35:51,905 --> 02:35:54,065
confidence? So we are doing many

3352
02:35:54,065 --> 02:35:56,705
things wrong. Inasmuch as we try to

3353
02:35:56,705 --> 02:35:59,265
encourage investment. We should

3354
02:35:59,265 --> 02:36:01,265
tell the powers that be that you

3355
02:36:01,265 --> 02:36:02,625
should start doing the right thing.

3356
02:36:02,625 --> 02:36:04,865
to encourage us to get into the

3357
02:36:04,865 --> 02:36:07,265
investment space. And do the proper

3358
02:36:07,265 --> 02:36:10,385
investment. Above all, let us work to

3359
02:36:10,385 --> 02:36:12,385
drop the inflation. If you tell

3360
02:36:12,805 --> 02:36:15,925
doctor Obin to invest. And he's

3361
02:36:15,925 --> 02:36:17,765
getting returns lower than what he

3362
02:36:17,765 --> 02:36:20,005
gets when he's doing his trading. I

3363
02:36:20,005 --> 02:36:22,245
mean he's a rational being. What he

3364
02:36:22,245 --> 02:36:24,565
would do is to over trade. Not to give

3365
02:36:24,565 --> 02:36:26,485
money to government. And to be told

3366
02:36:26,485 --> 02:36:28,725
that whether we call it haircut or

3367
02:36:28,725 --> 02:36:31,365
whatever it is. Eh that's a loss to

3368
02:36:31,365 --> 02:36:34,085
him. And that is his pension being

3369
02:36:34,085 --> 02:36:36,005
taken away from him. So we should

3370
02:36:36,005 --> 02:36:38,245
resolve to do what is right and that

3371
02:36:38,245 --> 02:36:40,885
will serve us well. Thank you. Very

3372
02:36:40,885 --> 02:36:43,605
very much doctor Daniel Sedo. And

3373
02:36:43,605 --> 02:36:46,065
thank you also professor Eboti Texin

3374
02:36:46,065 --> 02:36:47,505
and thank you very much Reverend

3375
02:36:47,505 --> 02:36:50,305
Daniel Ogbamite for joining us to

3376
02:36:50,305 --> 02:36:52,945
have this conversation on domestic

3377
02:36:52,945 --> 02:36:54,465
debt exchange, lessons and

3378
02:36:54,465 --> 02:36:57,345
implications for how you invest. I'm

3379
02:36:57,345 --> 02:36:58,545
sure all of us have learnt something.

3380
02:36:58,545 --> 02:37:00,785
We now would invite the chairperson

3381
02:37:00,785 --> 02:37:03,665
Abna Amwa for her closing remarks.

3382
02:37:03,665 --> 02:37:04,865
Let's welcome her with a round of

3383
02:37:04,865 --> 02:37:05,185
applause.

3384
02:37:17,805 --> 02:37:20,365
Is a great source of power adding to

3385
02:37:20,365 --> 02:37:21,965
your options knowing that quality

3386
02:37:21,965 --> 02:37:24,205
and standard remains intact and our

3387
02:37:24,205 --> 02:37:25,965
content which is accepted as truth

3388
02:37:25,965 --> 02:37:28,125
and accuracy everyday is accessible

3389
02:37:28,125 --> 02:37:30,365
on the go. Access your favorite daily

3390
02:37:30,365 --> 02:37:32,205
graphic and our weeklys, The Mirror,

3391
02:37:32,205 --> 02:37:34,205
Graphic Business, Graphic Showbiz,

3392
02:37:34,205 --> 02:37:35,965
Junior Graphic, and Graphic Sports

3393
02:37:35,965 --> 02:37:38,045
on Graphic News Plus app. There are

3394
02:37:38,045 --> 02:37:40,765
ways we can build back better. The

3395
02:37:40,765 --> 02:37:43,245
macroeconomic environment is a big

3396
02:37:43,245 --> 02:37:45,965
thing for all of us. Reverend sets off

3397
02:37:45,965 --> 02:37:48,465
that tone well, supported by of

3398
02:37:48,465 --> 02:37:51,345
satexin, we must government must

3399
02:37:51,345 --> 02:37:53,105
rationalize and prioritize

3400
02:37:53,385 --> 02:37:55,905
expenditure. There are just too many

3401
02:37:56,345 --> 02:37:59,425
pet projects that we don't have

3402
02:37:59,425 --> 02:38:03,745
funding for, that we embark on. And

3403
02:38:03,745 --> 02:38:05,505
leave too many white elephants

3404
02:38:05,505 --> 02:38:08,625
hanging. We must bring inflation

3405
02:38:08,625 --> 02:38:11,265
down. Every panelist talked about

3406
02:38:11,265 --> 02:38:13,985
that as well as participants here.

3407
02:38:13,985 --> 02:38:17,665
And interest rates must come down. We

3408
02:38:17,665 --> 02:38:20,625
cannot take expensive money to fund

3409
02:38:22,305 --> 02:38:25,345
a monuments and payback more debts.

3410
02:38:26,805 --> 02:38:28,725
Under that macroeconomic

3411
02:38:28,725 --> 02:38:30,645
discussion as well, we must look at

3412
02:38:30,645 --> 02:38:32,325
industries that are showing promise

3413
02:38:32,325 --> 02:38:34,565
and are productive, not giving

3414
02:38:34,565 --> 02:38:38,485
favors to party faithfuls, and GOG

3415
02:38:38,485 --> 02:38:41,365
must call entrepreneurs that can

3416
02:38:41,365 --> 02:38:44,565
grow fast and strong and sustainable

3417
02:38:44,765 --> 02:38:48,085
ways to support them. Then of course

3418
02:38:48,085 --> 02:38:49,845
professor Texan talked about our

3419
02:38:49,845 --> 02:38:52,325
national development plan. We've

3420
02:38:52,325 --> 02:38:55,125
had one, we've reviewed it, there's

3421
02:38:55,125 --> 02:38:57,045
been no buying, there's been no sign

3422
02:38:57,045 --> 02:39:00,185
off. But the need to have discussion

3423
02:39:00,185 --> 02:39:02,505
and ensure that successes,

3424
02:39:02,505 --> 02:39:04,185
successive governments and every

3425
02:39:04,185 --> 02:39:07,145
party that follows draws up a budget

3426
02:39:07,145 --> 02:39:09,625
to support the implementation of

3427
02:39:09,625 --> 02:39:12,665
that plan is important. The second

3428
02:39:12,665 --> 02:39:15,145
big item take away for today is our

3429
02:39:15,185 --> 02:39:16,825
regulators role.

3430
02:39:18,305 --> 02:39:20,945
The regulators are to supervise

3431
02:39:20,945 --> 02:39:23,105
market operators. So the training,

3432
02:39:24,305 --> 02:39:26,705
their conduct, their performance to

3433
02:39:26,705 --> 02:39:29,505
bring back investor confidence.

3434
02:39:29,505 --> 02:39:32,065
They must protect investors.

3435
02:39:32,745 --> 02:39:35,585
Cannot be just supporting

3436
02:39:35,585 --> 02:39:38,625
government but must be seen. To

3437
02:39:38,625 --> 02:39:40,945
protect investors and one way of

3438
02:39:40,945 --> 02:39:43,265
protecting investors is also

3439
02:39:43,265 --> 02:39:44,865
holding those that are found

3440
02:39:45,065 --> 02:39:47,025
culpable to account.

3441
02:39:49,585 --> 02:39:52,265
Regulators must also develop

3442
02:39:52,305 --> 02:39:56,185
businesses, create markets, look

3443
02:39:56,185 --> 02:39:58,985
within local contents, and create

3444
02:39:58,985 --> 02:40:00,665
markets. We are talking about our

3445
02:40:00,665 --> 02:40:02,745
pensions industry. Today, the

3446
02:40:02,745 --> 02:40:05,785
private pensions have about

3447
02:40:06,065 --> 02:40:09,145
25 billion Ghana CDs.

3448
02:40:09,185 --> 02:40:12,905
Of assets under management. How are

3449
02:40:12,905 --> 02:40:15,705
regulators shaping the use of this

3450
02:40:15,705 --> 02:40:18,265
long term funds to develop our

3451
02:40:18,265 --> 02:40:21,125
country. Professor Texan talked

3452
02:40:21,125 --> 02:40:23,605
about the fiscal council that has the

3453
02:40:23,605 --> 02:40:27,685
power to bite and not just an advisory

3454
02:40:27,685 --> 02:40:28,965
role to government.

3455
02:40:31,305 --> 02:40:35,145
The third big takeaway for me theme is

3456
02:40:35,145 --> 02:40:36,905
around financial and investment

3457
02:40:36,945 --> 02:40:39,625
literacy. As I heard a lot of the

3458
02:40:39,625 --> 02:40:41,225
questions going on and the

3459
02:40:41,265 --> 02:40:44,505
contributions, I realized that I

3460
02:40:44,505 --> 02:40:47,465
regulators, market operators, the

3461
02:40:47,465 --> 02:40:50,825
media, we must all collaborate. We

3462
02:40:50,825 --> 02:40:54,105
ensure that we embed financial and

3463
02:40:54,105 --> 02:40:57,785
investment literacy in our very

3464
02:40:57,785 --> 02:41:00,265
fabric, I dare say from primary

3465
02:41:00,265 --> 02:41:04,645
school. Using cat tunes using every

3466
02:41:04,645 --> 02:41:08,405
tool that we have to embed financial

3467
02:41:08,405 --> 02:41:11,125
literacy and investment literacy.

3468
02:41:11,165 --> 02:41:14,005
Course Doctor Sedo also puts the

3469
02:41:14,005 --> 02:41:16,725
ambit on the individual to educate

3470
02:41:17,005 --> 02:41:19,605
themselves. Information

3471
02:41:19,645 --> 02:41:23,045
dissemination is a an important tool

3472
02:41:23,045 --> 02:41:25,765
that falls also under this to make

3473
02:41:25,765 --> 02:41:26,805
sure that there's enough

3474
02:41:26,805 --> 02:41:29,605
information going out and people are

3475
02:41:29,605 --> 02:41:31,605
skilled to take that information,

3476
02:41:31,805 --> 02:41:34,565
interpret them, and act on them.

3477
02:41:35,005 --> 02:41:40,305
Finally I think we all agree that the

3478
02:41:40,305 --> 02:41:42,545
ambits of developing our country

3479
02:41:42,825 --> 02:41:47,345
falls on us. On us and on our private

3480
02:41:47,345 --> 02:41:50,225
sector, working hand in hand with our

3481
02:41:50,225 --> 02:41:51,985
public institutions and

3482
02:41:51,985 --> 02:41:54,465
governments. And therefore, we must

3483
02:41:54,465 --> 02:41:57,105
go on investing. Whether we are

3484
02:41:57,105 --> 02:41:59,665
investing in our own businesses, we

3485
02:41:59,665 --> 02:42:01,505
are investing in other people's

3486
02:42:01,505 --> 02:42:04,225
businesses. We cannot afford the

3487
02:42:04,225 --> 02:42:06,945
risk. Of stopping.

3488
02:42:07,865 --> 02:42:11,105
We cannot afford the risk of

3489
02:42:11,105 --> 02:42:13,985
developing other countries. And

3490
02:42:13,985 --> 02:42:17,985
creating jobs in other economies. So

3491
02:42:17,985 --> 02:42:21,505
all of us must come together, develop

3492
02:42:21,505 --> 02:42:25,905
our capital market. Private sector

3493
02:42:25,905 --> 02:42:27,425
operators can access capital,

3494
02:42:27,705 --> 02:42:30,945
government can access capital, and

3495
02:42:30,945 --> 02:42:34,145
together we invest in the productive

3496
02:42:34,265 --> 02:42:37,325
sectors of economy. Thank you

3497
02:42:37,325 --> 02:42:39,245
graphic business. Thank you

3498
02:42:39,245 --> 02:42:41,885
Stanburg Bank. Thank you panelist

3499
02:42:41,885 --> 02:42:44,045
and our moderator. Thank you

3500
02:42:44,045 --> 02:42:47,245
audience. Have a good day. Thank you

3501
02:42:47,245 --> 02:42:50,285
very much. Chairperson Abina Amoa

3502
02:42:50,285 --> 02:42:52,845
and thank you all for watching. We are

3503
02:42:52,845 --> 02:42:54,285
still live on Joy News Channel and

3504
02:42:54,285 --> 02:42:55,965
thanks to all of you for being present

3505
02:42:55,965 --> 02:42:59,565
here. My name is Winston Ama. I've

3506
02:42:59,565 --> 02:43:01,165
been your moderator. Tomorrow on the

3507
02:43:01,165 --> 02:43:03,325
Super Morning Show on Joy 99. 7 FM.

3508
02:43:03,325 --> 02:43:04,205
We'll continue the conversation.

3509
02:43:04,485 --> 02:43:07,185
Have a lovely morning. bye.

3510
02:43:13,305 --> 02:43:15,625
In Souls of Power, adding to your

3511
02:43:15,625 --> 02:43:17,465
options, knowing that quality and

3512
02:43:17,465 --> 02:43:19,705
standard remains intact and our

3513
02:43:19,705 --> 02:43:21,145
content which is accepted as truth

3514
02:43:21,145 --> 02:43:23,305
and accuracy everyday is accessible

3515
02:43:23,305 --> 02:43:25,545
on the go. Access your favorite daily

3516
02:43:25,545 --> 02:43:27,385
graphic and our weekly is The Mirror,

3517
02:43:27,385 --> 02:43:29,305
Graphic Business, Graphic Showbiz,

3518
02:43:29,305 --> 02:43:31,145
Junior Graphic, and Graphic Sports

3519
02:43:31,145 --> 02:43:33,465
on Graphic News Plus app. It's the

3520
02:43:33,465 --> 02:43:35,225
Digital Replicas of our work.

3521
02:43:35,225 --> 02:43:37,305
Download Graphic News Plus app on the

3522
02:43:37,305 --> 02:43:38,985
Google Play Store, Apple App Store,

3523
02:43:38,985 --> 02:43:41,945
and available on WWW dot Graphic News

3524
02:43:41,945 --> 02:43:44,805
Plus dot as you remain abreast of and

3525
02:43:44,805 --> 02:43:46,565
keep pace with on the minute news

3526
02:43:46,565 --> 02:43:49,285
updates on the go. Home sweet home,

3527
02:43:49,285 --> 02:43:51,205
welcome family and friends, choose

3528
02:43:51,205 --> 02:43:53,045
the bundle that best works for you

3529
02:43:53,045 --> 02:43:55,205
from as low as ten Ghana cities weekly

3530
02:43:55,205 --> 02:43:56,965
for unlimited access to all

3531
02:43:56,965 --> 02:43:59,685
publications, graphic, truth, and

3532
02:43:59,685 --> 02:44:01,285
accuracy everyday.

3533
02:44:05,305 --> 02:44:07,465
Information is a great source of

3534
02:44:07,465 --> 02:44:09,705
power adding to your options knowing

3535
02:44:09,705 --> 02:44:11,465
that quality and standard remains

3536
02:44:11,465 --> 02:44:13,305
intact and our content which is

3537
02:44:13,305 --> 02:44:15,145
accepted as truth and accuracy

3538
02:44:15,145 --> 02:44:17,145
everyday is accessible on the go.

3539
02:44:17,145 --> 02:44:19,145
Access your favorite daily graphic

3540
02:44:19,145 --> 02:44:20,905
and our weekly is The Mirror, Graphic

3541
02:44:20,905 --> 02:44:22,825
Business, Graphic Showbiz, Junior

3542
02:44:22,825 --> 02:44:24,665
Graphic, and Graphic Sports on

3543
02:44:24,665 --> 02:44:26,585
Graphic News Plus app. It's the

3544
02:44:26,585 --> 02:44:28,265
digital replicas of our work.

3545
02:44:28,265 --> 02:44:30,425
Download graphic News Plus app on the

3546
02:44:30,425 --> 02:44:32,025
Google Play Store, Apple App Store,

3547
02:44:32,025 --> 02:44:35,565
and available on WWW. Gra News Plus.

3548
02:44:35,565 --> 02:44:38,085
com as you remain abreast off and keep

3549
02:44:38,085 --> 02:44:40,245
pace with on the minute news updates

3550
02:44:40,245 --> 02:44:42,885
on the go. Home sweet home. Welcome

3551
02:44:42,885 --> 02:44:44,565
family and friends. Choose the

3552
02:44:44,565 --> 02:44:46,645
bundle that best works for you from as

3553
02:44:46,645 --> 02:44:48,565
low as 10 Ghana cities weekly for

3554
02:44:48,565 --> 02:44:50,085
unlimited access to all

3555
02:44:50,085 --> 02:44:52,805
publications, graphic, truth, and

3556
02:44:52,805 --> 02:44:54,325
accuracy everyday.

3557
02:44:57,805 --> 02:45:00,045
Information is a great source of

3558
02:45:00,045 --> 02:45:02,205
power adding to your options knowing

3559
02:45:02,205 --> 02:45:04,045
that quality and standard remains

3560
02:45:04,045 --> 02:45:05,805
intact and our content which is

3561
02:45:05,805 --> 02:45:07,725
accepted as truth and accuracy

3562
02:45:07,725 --> 02:45:09,725
everyday is accessible on the go.

3563
02:45:09,725 --> 02:45:11,725
Access your favorite daily graphic

3564
02:45:11,725 --> 02:45:13,485
and our weeklys, The Mirror, Graphic

3565
02:45:13,485 --> 02:45:15,325
Business, Graphic Showbiz, Junior

3566
02:45:15,325 --> 02:45:17,165
Graphic, and Graphic Sports on

3567
02:45:17,165 --> 02:45:19,085
Graphic News Plus app. It's the

3568
02:45:19,085 --> 02:45:20,845
digital replicas of our work.

3569
02:45:20,845 --> 02:45:22,925
Download Graphic News Plus app on the

3570
02:45:22,925 --> 02:45:24,605
Google Play Store, Apple App Store,

3571
02:45:24,605 --> 02:45:28,105
and available on WWW. Gra News Plus.

3572
02:45:28,105 --> 02:45:30,665
com as you remain abreast off and keep

3573
02:45:30,665 --> 02:45:32,825
pace with on the minute news updates

3574
02:45:32,825 --> 02:45:35,465
on the go. Home sweet home. welcome

3575
02:45:35,465 --> 02:45:37,145
family and friends. Choose the

3576
02:45:37,145 --> 02:45:39,145
bundle that best works for you from as

3577
02:45:39,145 --> 02:45:41,145
low as 10 Ghana cities weekly for

3578
02:45:41,145 --> 02:45:42,585
unlimited access to all

3579
02:45:42,585 --> 02:45:45,305
publications, graphic, truth, and

3580
02:45:45,305 --> 02:45:46,825
accuracy everyday.

3581
02:45:49,925 --> 02:45:52,205
Information is a great source of

3582
02:45:52,205 --> 02:45:53,805
power. Adding to your options

3583
02:45:53,805 --> 02:45:55,565
knowing that quality and standard

3584
02:45:55,565 --> 02:45:57,885
remains intact and our content which

3585
02:45:57,885 --> 02:45:59,885
is accepted as truth and accuracy

3586
02:45:59,885 --> 02:46:01,885
everyday is accessible on the go.

3587
02:46:01,885 --> 02:46:03,885
Access your favorite daily graphic

3588
02:46:03,885 --> 02:46:05,645
and our weekly is The Mirror, Graphic

3589
02:46:05,645 --> 02:46:07,565
Business, Graphic Showbiz, Junior

3590
02:46:07,565 --> 02:46:09,405
Graphic, and Graphic Sports on

3591
02:46:09,405 --> 02:46:11,325
Graphic News Plus app. It's the

3592
02:46:11,325 --> 02:46:13,005
digital replicas of our work.

3593
02:46:13,005 --> 02:46:15,165
Download Graphic News Plus app on the

3594
02:46:15,165 --> 02:46:16,845
Google Play Store, Apple App Store,

3595
02:46:16,845 --> 02:46:19,865
and available on WWW dot Graphic News

3596
02:46:19,865 --> 02:46:22,505
Plus. com as you remain abreast off

3597
02:46:22,505 --> 02:46:24,425
and keep pace with on the minute news

3598
02:46:24,425 --> 02:46:27,065
updates on the go. Home sweet home,

3599
02:46:27,065 --> 02:46:29,065
welcome family and friends, choose

3600
02:46:29,065 --> 02:46:30,905
the bundle that best works for you

3601
02:46:30,905 --> 02:46:33,065
from as low as ten Ghana cities weekly

3602
02:46:33,065 --> 02:46:34,825
for unlimited access to all

3603
02:46:34,825 --> 02:46:37,545
publications, graphic, truth, and

3604
02:46:37,545 --> 02:46:39,065
accuracy everyday.

3605
02:47:06,305 --> 02:47:08,705
Great source of power adding to your

3606
02:47:08,705 --> 02:47:10,545
options knowing that quality and

3607
02:47:10,545 --> 02:47:12,705
standard remains intact and our

3608
02:47:12,705 --> 02:47:14,145
content which is accepted as truth

3609
02:47:14,145 --> 02:47:16,385
and accuracy everyday is accessible

3610
02:47:16,385 --> 02:47:18,545
on the go. Access your favorite daily

3611
02:47:18,545 --> 02:47:20,385
graphic and our weekly is The Mirror,

3612
02:47:20,385 --> 02:47:21,745
Graphic business, graphic

3613
02:47:30,305 --> 02:47:32,945
ehm in July last year the government

3614
02:47:32,945 --> 02:47:34,305
formally approached the

3615
02:47:34,305 --> 02:47:35,905
international monetary fund for a

3616
02:47:35,905 --> 02:47:37,665
three billion bail out program in

3617
02:47:37,665 --> 02:47:40,145
December 2022 the government was

3618
02:47:40,145 --> 02:47:42,065
able to reach a staff level agreement

3619
02:47:42,065 --> 02:47:45,505
with the IMF but then ehm a board level

3620
02:47:45,505 --> 02:47:47,345
approval which will pay way for the

3621
02:47:47,345 --> 02:47:49,505
disbursement of the 3 billion fund is

3622
02:47:49,505 --> 02:47:51,345
hinged on the country's ability to

3623
02:47:51,345 --> 02:47:53,505
restructure both its domestic and

3624
02:47:53,505 --> 02:47:55,825
external debt. A domestic debt

3625
02:47:55,825 --> 02:47:57,105
exchange program which was

3626
02:47:57,105 --> 02:47:58,465
announced by the government in

3627
02:47:58,465 --> 02:48:01,565
December. A domestic debt exchange

3628
02:48:01,565 --> 02:48:03,005
program which was announced by the

3629
02:48:03,005 --> 02:48:04,765
government in December was met with

3630
02:48:04,765 --> 02:48:06,525
state opposition from stakeholders

3631
02:48:06,525 --> 02:48:08,125
after months of

3632
02:48:10,305 --> 02:48:13,985
after months after months of back and

3633
02:48:13,985 --> 02:48:15,105
forth, although the government

3634
02:48:15,225 --> 02:48:17,425
after months, after months of

3635
02:48:17,425 --> 02:48:18,785
backing for the government was able

3636
02:48:18,785 --> 02:48:20,305
to finally reach an agreement with

3637
02:48:20,305 --> 02:48:22,305
stakeholders, but then although the

3638
02:48:22,305 --> 02:48:24,625
ehm, domestic debt exchange program

3639
02:48:24,625 --> 02:48:26,785
has been described as a success,

3640
02:48:26,785 --> 02:48:28,705
financial institutions and

3641
02:48:28,705 --> 02:48:30,945
individuals continue on to

3642
02:48:38,205 --> 02:48:40,085
although the DDP has been

3643
02:48:45,805 --> 02:48:47,485
investors are still within the

3644
02:48:47,485 --> 02:48:50,605
effects of the DDEP on their finances

3645
02:48:50,605 --> 02:48:52,205
it's against this background that

3646
02:48:52,205 --> 02:48:53,885
the graphic business and staffing

3647
02:48:53,885 --> 02:48:55,725
back is holding its breakfax meeting

3648
02:48:55,725 --> 02:48:58,205
on the DDE program its implications,

3649
02:48:58,405 --> 02:49:01,085
lessons and how as a country we can

3650
02:49:01,085 --> 02:49:04,445
build back better with me here we have

3651
02:49:04,445 --> 02:49:06,605
some of the participants at the

3652
02:49:06,605 --> 02:49:09,005
breakfast meeting who are here to

3653
02:49:09,005 --> 02:49:10,765
share their perspectives on

3654
02:49:40,805 --> 02:49:44,285
thank you very I even asked him ehm

3655
02:49:45,305 --> 02:49:47,785
and my question was the reason why

3656
02:49:47,785 --> 02:49:50,825
even though we have regulators in the

3657
02:49:50,825 --> 02:49:54,585
country, sometimes companies go

3658
02:49:54,585 --> 02:49:56,585
down even though we have them around

3659
02:49:56,585 --> 02:49:59,545
and the the answer that they gave was

3660
02:49:59,545 --> 02:50:03,545
that yes, they do put in some cheques

3661
02:50:03,545 --> 02:50:07,465
and eh imbalances but certain times

3662
02:50:07,465 --> 02:50:10,425
when you find that maybe a company is

3663
02:50:10,425 --> 02:50:12,665
not doing so well or is not doing the

3664
02:50:12,665 --> 02:50:14,665
right thing. You give the company the

3665
02:50:14,665 --> 02:50:17,285
opportunity to go back and do the

3666
02:50:17,285 --> 02:50:19,845
right thing but I still have an issue

3667
02:50:19,845 --> 02:50:23,765
with that because if a company is not

3668
02:50:23,765 --> 02:50:25,205
doing well and you've given a company

3669
02:50:25,205 --> 02:50:27,445
time to go back and do the right thing,

3670
02:50:27,445 --> 02:50:30,885
what you do, you monitor it maybe if

3671
02:50:30,885 --> 02:50:32,405
it's something that is serious, you

3672
02:50:32,405 --> 02:50:34,965
monitor their work every week or

3673
02:50:34,965 --> 02:50:36,965
every month. So you'll be able to know

3674
02:50:37,165 --> 02:50:39,925
whether they are improving on their

3675
02:50:39,925 --> 02:50:42,885
ehm the previous ehm

3676
02:50:43,005 --> 02:50:46,645
performance or not. Because ehm when

3677
02:50:46,645 --> 02:50:48,725
I heard that this bank, I don't want to

3678
02:50:48,725 --> 02:50:51,045
mention the name. the, the, the Bank

3679
02:50:51,045 --> 02:50:53,365
of Ghana had withdrawn the licenses

3680
02:50:53,365 --> 02:50:55,765
of some banks. The first question was

3681
02:50:55,765 --> 02:50:58,485
that, what were the measures that

3682
02:50:58,485 --> 02:51:00,725
were put in place by the regulator?

3683
02:51:00,725 --> 02:51:03,205
Okay, and if you look at for example,

3684
02:51:03,205 --> 02:51:04,645
with the banks, there's something

3685
02:51:04,645 --> 02:51:08,645
that we call the ehm, the capital the

3686
02:51:08,645 --> 02:51:12,645
capital, the capital adequacy

3687
02:51:12,645 --> 02:51:14,965
ratio, and you find that if a bank and

3688
02:51:14,965 --> 02:51:16,405
you don't meet that ratio, then it

3689
02:51:16,405 --> 02:51:19,205
tells us that the bank is going down.

3690
02:51:19,205 --> 02:51:22,645
So, yeah he has assured us that the

3691
02:51:22,645 --> 02:51:25,285
regulator has a lot more to do and so we

3692
02:51:25,285 --> 02:51:27,445
are hoping that in future the

3693
02:51:27,445 --> 02:51:29,845
regulators will ensure that those

3694
02:52:01,305 --> 02:52:02,905
exchange commission who is the

3695
02:52:02,905 --> 02:52:04,905
regulator in this industry, what do

3696
02:52:04,905 --> 02:52:06,905
you think they should begin to do to

3697
02:52:06,905 --> 02:52:10,105
bring back trust in the sector? Uh

3698
02:52:10,105 --> 02:52:12,745
first, I would say the sec must

3699
02:52:13,385 --> 02:52:16,025
come out with a strong investor

3700
02:52:16,025 --> 02:52:18,025
education especially when it come to

3701
02:52:18,025 --> 02:52:19,465
financial literacy and investment

3702
02:52:19,825 --> 02:52:23,145
literacy. Because it's one of the key

3703
02:52:23,145 --> 02:52:26,505
areas for us to be able to bring back

3704
02:52:26,505 --> 02:52:29,465
the understanding of eh what happens

3705
02:52:29,465 --> 02:52:31,465
in the industry and people can

3706
02:52:31,465 --> 02:52:34,345
appreciate the nuances of maybe mark

3707
02:52:34,345 --> 02:52:36,505
to market and any other eh investment

3708
02:52:36,505 --> 02:52:40,265
eh decisions that are taken eh

3709
02:52:40,385 --> 02:52:42,825
Sec must also look at

3710
02:52:45,305 --> 02:52:49,145
sex should be seen at somebody who is

3711
02:52:49,145 --> 02:52:52,345
actually protecting the investors

3712
02:52:52,345 --> 02:52:55,785
not to be seen like being on the side of

3713
02:52:55,785 --> 02:52:57,545
government because one of the key

3714
02:52:57,545 --> 02:52:59,465
element of the work they are supposed

3715
02:52:59,465 --> 02:53:02,985
to do is investor protection okay so

3716
02:53:02,985 --> 02:53:03,705
in this

3717
02:53:12,305 --> 02:53:13,745
having issues with government and

3718
02:53:13,745 --> 02:53:16,465
the rest and SEC did not issue any

3719
02:53:16,465 --> 02:53:18,625
statement to that effect to give

3720
02:53:18,625 --> 02:53:20,865
assurance to the investors that they

3721
02:53:20,865 --> 02:53:23,665
are with them but they are rather seen

3722
02:53:23,665 --> 02:53:27,185
to be is not to be to be with government

3723
02:53:27,185 --> 02:53:29,105
instead. It's not a right signal.

3724
02:53:29,105 --> 02:53:31,185
Yeah. Thank you very much sir. Okay.

3725
02:53:31,225 --> 02:53:32,225
Uh

3726
02:53:36,005 --> 02:53:41,885
Mike. Yeah. Oh, okay. Great source of

3727
02:53:41,885 --> 02:53:43,405
power. Adding to your options

3728
02:53:43,405 --> 02:53:45,245
knowing that quality and standard

3729
02:53:45,245 --> 02:53:48,345
remains intact which is accepted as

3730
02:53:48,345 --> 02:53:50,265
truth and accuracy everyday is

3731
02:53:50,265 --> 02:53:51,945
accessible on the go. Protection

3732
02:53:51,945 --> 02:53:54,745
fund which will protect investors in

3733
02:53:54,745 --> 02:53:56,825
such situations. From where you sit,

3734
02:53:56,825 --> 02:53:59,225
how feasible do you think ehm this is

3735
02:53:59,225 --> 02:54:01,465
and how do you think this will help ehm

3736
02:54:01,465 --> 02:54:03,145
address some of these challenges

3737
02:54:03,145 --> 02:54:05,145
that we faced in the ehm

3738
02:54:06,805 --> 02:54:09,445
first of all ehm first of all

3739
02:54:09,445 --> 02:54:10,885
considering what we've been

3740
02:54:10,885 --> 02:54:12,805
through, I think investor

3741
02:54:12,805 --> 02:54:15,125
confidence is the most important

3742
02:54:15,245 --> 02:54:18,565
thing that everyone of us who wants to

3743
02:54:18,565 --> 02:54:20,245
help build this financial market to

3744
02:54:20,245 --> 02:54:22,245
look into because without the

3745
02:54:22,245 --> 02:54:24,245
investors or the clients, there's no

3746
02:54:24,245 --> 02:54:26,325
business. And we know the money

3747
02:54:26,325 --> 02:54:28,165
coming from this sector is so

3748
02:54:28,165 --> 02:54:31,525
crucial. For the economy. Okay.

3749
02:54:32,305 --> 02:54:35,505
Any attempt by the regulator

3750
02:54:35,545 --> 02:54:38,705
to help to build our confidence is

3751
02:54:38,705 --> 02:54:42,785
welcomed. However, from my point of

3752
02:54:42,785 --> 02:54:45,185
view, where I think we should look

3753
02:54:45,185 --> 02:54:48,305
more into is developing the

3754
02:54:48,305 --> 02:54:50,785
advisers, the people that sit in

3755
02:54:50,785 --> 02:54:53,265
front of the clients to advise. Once

3756
02:54:53,265 --> 02:54:55,505
people know they are getting value

3757
02:54:55,505 --> 02:54:58,305
from these advisers, IE, their

3758
02:54:58,305 --> 02:54:59,985
investments are going into the right

3759
02:54:59,985 --> 02:55:01,585
portfolios and they are getting the

3760
02:55:01,585 --> 02:55:03,185
right returns. It builds so much

3761
02:55:03,185 --> 02:55:05,705
confidence. But to the extent people

3762
02:55:05,705 --> 02:55:07,785
feel they are pesterized, they are

3763
02:55:07,785 --> 02:55:09,385
being pushed. It's more like people

3764
02:55:09,385 --> 02:55:10,985
selling their products rather than

3765
02:55:10,985 --> 02:55:13,065
giving an advisory, I think is a

3766
02:55:13,065 --> 02:55:14,265
problem because I remember I asked

3767
02:55:14,265 --> 02:55:15,865
the question to the regulator, ehm,

3768
02:55:15,865 --> 02:55:17,865
doctor Agbami, and I asked him very

3769
02:55:17,865 --> 02:55:19,305
specifically that what is he doing

3770
02:55:19,305 --> 02:55:22,905
about advisers? Have they got a

3771
02:55:22,905 --> 02:55:24,825
regulated questionnaire that is

3772
02:55:24,825 --> 02:55:26,585
used to ask questions, they call fact

3773
02:55:26,585 --> 02:55:28,265
finding to these individuals' lives

3774
02:55:28,265 --> 02:55:30,425
to find out exactly the appetite of

3775
02:55:30,425 --> 02:55:31,465
investments, other

3776
02:55:31,465 --> 02:55:33,465
recommendations made suit in a

3777
02:55:33,465 --> 02:55:35,685
particular need it's just because we

3778
02:55:35,685 --> 02:55:36,965
have this product automatically we

3779
02:55:36,965 --> 02:55:38,805
have to take it. These are very very

3780
02:55:38,805 --> 02:55:41,525
crucial things. So yes we buy into the

3781
02:55:41,525 --> 02:55:43,045
idea of them trying to build

3782
02:55:43,045 --> 02:55:45,045
confidence by creating this fund but

3783
02:55:45,045 --> 02:55:47,125
they need to go beyond that by making

3784
02:55:47,125 --> 02:55:49,685
sure that the advisers that sits in

3785
02:55:49,685 --> 02:55:51,525
front of clients and advise them on

3786
02:55:51,525 --> 02:55:54,725
these products are giving detailed

3787
02:55:54,725 --> 02:55:57,045
advice based on the client's

3788
02:55:57,045 --> 02:55:59,205
circumstances but not a product that

3789
02:55:59,205 --> 02:56:00,245
they have that they want to sell.

3790
02:56:00,445 --> 02:56:02,805
Okay, they have been talked about the

3791
02:56:02,805 --> 02:56:04,785
need for financial institution ehm

3792
02:56:04,785 --> 02:56:06,945
investors to diversify their

3793
02:56:06,945 --> 02:56:08,088
investments and then

3794
02:56:10,006 --> 02:56:11,766
not concentrate solely on

3795
02:56:11,766 --> 02:56:13,034
government defeated the illusion

3796
02:56:13,034 --> 02:56:14,794
that government bonds are risk free

3797
02:56:14,794 --> 02:56:16,634
and but then they have also been an

3798
02:56:16,634 --> 02:56:18,634
argument that our capital market is

3799
02:56:18,634 --> 02:56:20,714
not developed enough and because of

3800
02:56:20,714 --> 02:56:21,994
that we don't have much products

3801
02:56:21,994 --> 02:56:23,674
available to investors and

3802
02:56:23,674 --> 02:56:24,394
financial institution

3803
02:56:49,794 --> 02:56:51,794
there's still a lot more to be done but

3804
02:56:51,794 --> 02:56:53,234
there are other products elsewhere.

3805
02:56:53,234 --> 02:56:54,674
Remember that we have the stock

3806
02:56:54,674 --> 02:56:56,194
exchange, equity market, and all

3807
02:56:56,194 --> 02:56:57,474
these places are investment

3808
02:56:57,514 --> 02:56:59,154
portfolios that we can advise

3809
02:56:59,154 --> 02:57:00,674
clients to put their money in. So

3810
02:57:00,674 --> 02:57:02,434
don't necessarily buy bonds or

3811
02:57:02,434 --> 02:57:05,194
treasury bills. But you can look at

3812
02:57:05,194 --> 02:57:06,634
the other options like the equity

3813
02:57:06,634 --> 02:57:08,234
market, the stock exchange, so these

3814
02:57:08,234 --> 02:57:10,074
are places that we can bring it into,

3815
02:57:10,074 --> 02:57:12,074
so the advisers should now open the

3816
02:57:12,074 --> 02:57:14,874
scope of the advisory to cover these

3817
02:57:14,874 --> 02:57:17,194
aspects as well, but you're 100%

3818
02:57:17,194 --> 02:57:19,034
right, concentrating on one

3819
02:57:19,034 --> 02:57:20,394
particular portfolio and putting

3820
02:57:20,394 --> 02:57:22,394
your investment in, is a, is a wrong,

3821
02:57:22,394 --> 02:57:24,154
wrong, wrong move for any any

3822
02:57:24,154 --> 02:57:26,074
investor. Thank you very much. Thank

3823
02:57:26,074 --> 02:57:26,234
you.

3824
02:57:31,794 --> 02:57:34,495
Is a great source of power adding to

3825
02:57:34,495 --> 02:57:36,175
your options knowing that quality

3826
02:57:36,175 --> 02:57:38,415
and standard remains intact and our

3827
02:57:38,415 --> 02:57:40,175
content which is accepted as truth

3828
02:57:40,175 --> 02:57:42,415
and accuracy everyday is accessible

3829
02:57:42,415 --> 02:57:46,255
on the business meeting I mean there

3830
02:57:46,255 --> 02:57:47,695
have been a lot of discussions and

3831
02:57:47,695 --> 02:57:50,015
talks on investments and then the DDE

3832
02:57:50,015 --> 02:57:51,615
program and how as a country we can

3833
02:57:51,615 --> 02:57:54,415
build back better depending from

3834
02:57:54,415 --> 02:57:56,495
where you sit what are some of the key

3835
02:57:56,495 --> 02:57:58,495
lessons that you think wish as a

3836
02:57:58,495 --> 02:58:00,735
country we should take from this DPD

3837
02:58:00,735 --> 02:58:02,395
program then going forward, how do

3838
02:58:02,395 --> 02:58:04,555
you think we can address ehm these

3839
02:58:04,555 --> 02:58:06,155
challenges and ensure that we don't

3840
02:58:37,855 --> 02:58:40,255
we have not gone back to check on

3841
02:59:41,355 --> 02:59:44,175
have they paid back the money we is

3842
02:59:44,175 --> 02:59:46,095
like some free money with taxpayers

3843
02:59:46,095 --> 02:59:48,255
money that was given to them. Have

3844
02:59:48,255 --> 02:59:50,815
they paid back? The moneys that were

3845
02:59:50,815 --> 02:59:52,495
used, the taxpayer money to rescue

3846
02:59:52,495 --> 02:59:55,215
them. So they were in trouble. Look at

3847
02:59:55,215 --> 02:59:57,055
our preaching is they have to go and

3848
02:59:57,055 --> 02:59:58,735
what? Pick it at the finance ministry

3849
02:59:58,735 --> 03:00:01,615
and the twilight of their lives. So

3850
03:00:01,615 --> 03:00:02,815
lessons have not been learned.

3851
03:00:02,815 --> 03:00:05,135
Because there's lack through,

3852
03:00:05,255 --> 03:00:07,935
proposed regulation. And it's going

3853
03:00:07,935 --> 03:00:12,095
on now. He has not stopped. So, when we

3854
03:00:12,095 --> 03:00:12,655
take back from

3855
03:01:48,855 --> 03:01:51,255
that we cannot have the worth of our

3856
03:01:51,255 --> 03:01:53,175
investment, then what should we do?

3857
03:01:53,175 --> 03:01:55,495
We have to take back our investment

3858
03:01:55,495 --> 03:01:59,075
and trade in what we know best, that's

3859
03:01:59,075 --> 03:01:59,635
the importation

3860
03:02:02,855 --> 03:02:04,535
excessive importation and all that,

3861
03:02:04,535 --> 03:02:06,375
it does not auger well for the nation

3862
03:02:06,375 --> 03:02:09,575
also. So when we do this investment,

3863
03:02:09,575 --> 03:02:12,615
we expect that it is well managed. And

3864
03:02:12,615 --> 03:02:15,335
then ehm, eh policies should be

3865
03:02:15,335 --> 03:02:17,655
tailored so that it will enhance on

3866
03:02:17,655 --> 03:02:19,095
this investment rather

3867
03:03:46,355 --> 03:03:48,515
how the DDP will set the tone for

3868
03:03:48,515 --> 03:03:50,515
reduced interest rates which I think

3869
03:03:50,515 --> 03:03:52,035
would also go to the benefits of

3870
03:03:52,035 --> 03:03:54,115
industry but then as the president of

3871
03:03:54,115 --> 03:03:56,355
AGI how positioned is the private

3872
03:03:56,355 --> 03:03:58,195
sector to attract some of these funds

3873
03:03:58,195 --> 03:03:59,635
from the financial institutions and

3874
03:03:59,635 --> 03:04:02,695
investors Yes, we agreed to the

3875
03:04:02,695 --> 03:04:05,575
proposition of diversification of

3876
03:04:05,575 --> 03:04:05,895
the market.

3877
03:04:33,855 --> 03:04:36,815
Key and there's the situation as it is

3878
03:04:36,815 --> 03:04:39,055
now resets the opportunity to

3879
03:04:39,055 --> 03:04:41,615
recalibrate our developmental

3880
03:04:41,615 --> 03:04:44,655
paradigm and focus on investing a lot

3881
03:04:44,655 --> 03:04:46,335
in the private sector so it's it's a

3882
03:04:46,335 --> 03:04:48,575
welcoming position as difficult as

3883
03:04:48,575 --> 03:04:50,175
it is that we've gotten to this stage

3884
03:04:50,175 --> 03:04:53,055
taking advantage of the opportunity

3885
03:04:53,055 --> 03:04:57,055
is the next major discussion and

3886
03:04:57,055 --> 03:04:59,695
actualizing the outcomes of this

3887
03:04:59,695 --> 03:05:02,095
discussion that's what matters and

3888
03:05:02,095 --> 03:05:04,015
therefore we excited about

3889
03:05:04,355 --> 03:05:06,355
engagement, we should ramp up this

3890
03:05:06,355 --> 03:05:08,435
set of discussion so that after the

3891
03:05:08,435 --> 03:05:11,555
IMF and the anticipation that the

3892
03:05:11,555 --> 03:05:13,795
treasury bill rate will drop and

3893
03:05:13,795 --> 03:05:16,035
therefore also influence the eh

3894
03:05:16,035 --> 03:05:17,475
lending rates through the policy

3895
03:05:17,475 --> 03:05:17,875
rate.

3896
03:05:38,355 --> 03:05:40,355
How do you go around it? Let's engage

3897
03:05:40,355 --> 03:05:42,675
in discussion and involve eh the

3898
03:05:42,675 --> 03:05:44,115
private sector to create the right

3899
03:05:44,115 --> 03:05:45,955
market to take advantage of the

3900
03:05:45,955 --> 03:05:47,475
opportunity. I think one of the

3901
03:05:47,475 --> 03:05:49,395
reasons why the ehm this financial

3902
03:05:49,595 --> 03:05:51,795
institutions have sewn away from the

3903
03:05:51,795 --> 03:05:53,075
private sector because the private

3904
03:05:53,075 --> 03:05:55,155
sector especially the SME sector is

3905
03:05:55,155 --> 03:05:57,395
considered as a very risky place to

3906
03:05:57,395 --> 03:05:59,555
invest their moneys in so on the part

3907
03:05:59,555 --> 03:06:01,955
of the AGI what are you doing to make

3908
03:06:01,955 --> 03:06:02,995
sure you they

3909
03:06:30,855 --> 03:06:34,215
part of the ecosystem SME in Ghana

3910
03:06:34,215 --> 03:06:35,255
forms about 80%

3911
03:06:52,355 --> 03:06:54,675
only the blame on eh SMEs alone you

3912
03:06:54,675 --> 03:06:56,115
look at the bigger picture and that's

3913
03:06:56,115 --> 03:06:56,755
why we see the

3914
03:07:27,855 --> 03:07:29,935
local content for SMEs and Ghanaian

3915
03:07:29,935 --> 03:07:32,095
enterprises to thrive. That is where

3916
03:07:32,095 --> 03:07:34,415
we can really eh be proud of our

3917
03:07:34,855 --> 03:07:36,215
activities and endeavors and we look

3918
03:07:36,215 --> 03:07:37,495
forward to this engagement. Thank

3919
03:07:37,495 --> 03:07:39,655
you very much, sir. Alright. Great

3920
03:07:39,655 --> 03:07:41,255
source of power. Adding to your

3921
03:07:41,255 --> 03:07:43,095
options knowing that quality and

3922
03:07:43,095 --> 03:07:44,855
standard remains intact and our

3923
03:07:44,855 --> 03:07:46,695
content which is accepted as truth

3924
03:07:46,695 --> 03:07:48,935
and accuracy everyday is accessible

3925
03:07:48,935 --> 03:07:51,095
on the go. Access your favorite daily

3926
03:07:51,095 --> 03:07:53,015
graphic and our weekly is The Mirror,

3927
03:07:53,015 --> 03:07:54,935
Graphic Business, Graphic Showbiz,

3928
03:07:54,935 --> 03:07:56,775
Junior Graphic, and Graphic Sports

3929
03:07:56,775 --> 03:07:59,095
on Graphic News Plus app. It's the

3930
03:07:59,095 --> 03:08:00,855
digital replicas of our work.

3931
03:08:00,855 --> 03:08:02,935
Download Graphic News Plus app on the

3932
03:08:02,935 --> 03:08:05,155
Google Play Store, Apple store and

3933
03:08:05,155 --> 03:08:07,315
available on WWW. So when the

3934
03:08:07,315 --> 03:08:08,755
invitation was extended to me to

3935
03:08:08,755 --> 03:08:11,235
attend, I felt that this is a time for

3936
03:08:11,235 --> 03:08:13,235
me to renew my relationship with

3937
03:08:13,235 --> 03:08:16,655
graphic business. Um, for which I

3938
03:08:16,655 --> 03:08:18,095
used to write previously as a

3939
03:08:18,095 --> 03:08:20,255
columnist. Um yeah, at page eight, I

3940
03:08:20,255 --> 03:08:21,535
had a regular cholera. I was writing

3941
03:08:21,535 --> 03:08:23,135
on a international business

3942
03:08:23,935 --> 03:08:27,615
matters. But what? Um as it is, it's a

3943
03:08:27,615 --> 03:08:30,815
is a thought leadership program. We

3944
03:08:30,815 --> 03:08:33,295
bring people of diverse with diverse

3945
03:08:33,295 --> 03:08:35,135
backgrounds, knowledgeable in

3946
03:08:35,135 --> 03:08:37,535
their particular fields of endeavor

3947
03:08:37,535 --> 03:08:39,215
to come and brainstorm, share ideas,

3948
03:08:39,335 --> 03:08:42,255
and make make suggestions for the

3949
03:08:43,055 --> 03:08:45,455
proper governance of the country. At

3950
03:08:45,455 --> 03:08:47,395
least so, it is a very very worthy

3951
03:08:47,395 --> 03:08:49,635
program and then oh there is a graphic

3952
03:08:49,635 --> 03:08:51,235
business to continue to sustain it.

3953
03:08:51,235 --> 03:08:53,155
Of course, once Stanbic Bank is

3954
03:08:53,155 --> 03:08:54,915
around and they're enthusiastic and

3955
03:08:54,915 --> 03:08:56,915
they always want to partner graphic

3956
03:08:56,915 --> 03:08:59,155
business to organize the program, I

3957
03:08:59,155 --> 03:09:00,115
think it's a, it's a worthy

3958
03:09:00,115 --> 03:09:01,715
enterprise. Very, very worthy

3959
03:09:01,715 --> 03:09:03,235
enterprise because from this ehm,

3960
03:09:03,235 --> 03:09:05,795
policy makers, you know, I had ideas

3961
03:09:05,795 --> 03:09:08,355
which are turned out, obviously gets

3962
03:09:08,355 --> 03:09:10,355
to policy makers, and they factor it

3963
03:09:10,355 --> 03:09:11,875
in their policy, eh, formulation,

3964
03:09:11,875 --> 03:09:13,635
and all those things, yeah, policy

3965
03:09:13,635 --> 03:09:14,915
formulation, policy

3966
03:09:14,915 --> 03:09:17,135
implementation is a very ready

3967
03:09:17,135 --> 03:09:19,375
program. Okay.

3968
03:09:20,615 --> 03:09:23,135
Alright, thank you for joining us for

3969
03:09:23,135 --> 03:09:24,415
the graphic business coming back

3970
03:09:24,415 --> 03:09:25,775
breakfast meeting. I mean, this

3971
03:09:25,775 --> 03:09:27,375
morning we heard from regulator,

3972
03:09:27,375 --> 03:09:29,135
we've heard from policy makers,

3973
03:09:29,135 --> 03:09:30,655
we've heard from people in academia,

3974
03:09:30,655 --> 03:09:32,975
experts and investors, and then one

3975
03:09:32,975 --> 03:09:35,055
thing that is clear, is that moving

3976
03:09:35,055 --> 03:09:37,055
forward as a country, if we want to

3977
03:09:37,055 --> 03:09:39,055
build back later, if you want to build

3978
03:09:39,055 --> 03:09:40,895
back better, it will require all

3979
03:09:40,895 --> 03:09:43,315
stakeholders thank you