Choose local firms as investment advisors—Dusk Capital CEO

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Ghanaian entrepreneurs and businesses must make use of licenced investment firms in the country rather than relying on foreign ones for sound investment advice, Bernard Osei-Tutu, Chief Executive Officer of Dusk Capital has said.

“Local businesses and entrepreneurs must make use of credible investment firms that will advise them on their investment portfolios. This will ensure that Ghanaian businesses grow and any amount charged as advisory fees stays in the country,” Mr. Osei-Tutu said.

His comments follow the reported signing of an investment advisory agreement between Gyan Investments Ghana Limited, owned by Black Stars captain Asamoah Gyan, and New York-based investment advisory firm Development Capital Partners (DCP).

Gyan Investments Ghana Limited is the holding company for the business interests of Asamoah Gyan – including Baby Jet Airlines, Mama Vits Investments Ghana Ltd, Baby Jet Promotions and Goldstar Consult Ltd.

Mr. Osei Tutu believes: “Once the businesses are registered and operate in Ghana, it is only prudent to seek advice from local investment bankers who have a better understanding of the local and Africa terrain”.

Investment advisors in Ghana are strictly regulated by the Securities and Exchange Commission (SEC). The Broker-dealers and Advisers Department of the SEC oversees the activities of broker-dealers and investment advisors. This includes on-site and off-site monitoring of their activities, as well as the processing of licence applications.

Indeed, the SEC regulations also strictly regulate the business of hedge funds and private equity funds. “A person shall not carry on, or purport to carry on, the business of a hedge fund, a private equity fund or a venture capital fund except under and in accordance with a licence granted for that specified purpose by the Commission under the Act,” the SEC Act notes.

The licence is also given to a company incorporated under the Companies Act, and which is determined by the Commission to be a fit and proper person to be licenced under the Act as a hedge fund, private equity fund or venture capital fund; or an external company that is a fit and proper personage with a place of business in the Republic.

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