Regaining investor trust transparency, education and ethics top agenda at The Money Summit 2024

The panel in discussion
By Ebenezer Chike Adjei NJOKU ([email protected])
Data accessibility, targeted financial literacy initiatives and clear communication are at the top of the chain in restoring faith in a financial sector, where recent developments have eroded investor confidence. This was the primary takeaway from the first plenary session at The Money Summit 2024, organised by the B&FT in Accra.
Speaking on the theme ‘Accelerating Savings and Investment Climate for Sustainable Economic Growth: Ethical Standards and Professionalism are Key’, they highlighted the impact of recent policies such as the mark-to-market directive and the domestic debt exchange programme (DDEP). While these policies aim to achieve economic stability, they have created anxiety and uncertainty among investors.
They were, however, of the opinion that the current situation provides ample opportunity to reset the domestic savings and investment culture. They warned, however, that this transformation would not happen overnight and must not be artificially hurried. This sentiment resonated across the room.
Akwasi Adu-Boahene, Executive Director of Fidelity Securities acknowledged the anxiety stemming from recent policies but emphasised that ethical conduct is paramount in restoring investor confidence. “There is a lot of anxiety and uncertainty in the minds of investors,” he stated, whilst calling for a cultural shift within the financial sector.
“Ethics are very important,” he stressed, emphasising that it goes beyond simply following regulations. He added that it requires “due care and prudent judgment” when handling client funds.
He argued for a fiduciary duty where client concerns become the top priority, ensuring fair and equitable treatment regardless of the investment amount. Thankfully, he acknowledged, collective investment schemes have played a positive role, but for true revival, ethical behavior must be ingrained throughout the financial sector.
Dr. Gabriel Odeh Apotey, Vice President of the Chartered Institute of Financial & Investment Analysts, Ghana, argued for clear and timely communication.  “Information must be given on time, it must be well understood and it must be useful,” he declared. More importantly, the panellists argued that transparency and accessibility of financial data empower investors to make informed decisions based on accurate information, fostering a sense of security and control.
Financial literacy emerged as another crucial aspect in attracting and retaining investors. Allen Quaye, Head of Retail Banking at FBN Bank highlighted the gap in financial literacy, particularly in rural areas. “Banks, to a large extent, are operating in the urban and peri-urban areas, with limited presence in rural areas. Language is clearly a barrier. We haven’t developed the vernacular in our local dialects as far as finance is concerned,” he said.
The panelists concurred that there is a need for increased financial literacy programmes tailored to different levels of financial understanding and cultural contexts. Specifically, they emphasized the importance of developing educational materials in local dialects and focusing on demystifying financial terms as critical steps.
Dr. Rejoice Wodomdedzi Foli, a consultant, banker and UN Peace Ambassador, offered a nuanced view on regaining investor confidence. She recognised that a one-size-fits-all approach would not be effective. “Efforts at reigniting investor confidence must not be wholesale but targeted at different segments,” she said.
Dr. Foli explained that different investor groups have varying risk appetites, financial goals and levels of financial literacy.
Explaining further, she said a young professional just starting their career will have different needs and concerns compared to someone nearing retirement. Therefore, tailoring investment education and communication strategies to resonate with each segment is crucial. She emphasized the importance of understanding the “why” behind investment decisions, saying “investors need to not only understand the product but also feel confident that it aligns with their specific goals.”
Building bridges
The forum was not solely focused on rebuilding trust with existing investors. Panelists acknowledged the need to attract new participants, particularly young adults and those on lower incomes.
Ankit Tandon, Director of FX Sales at Regulus Investment & Financial Services Ghana Ltd. cited the example of his native India, where early exposure to financial services played a significant role in developing a culture of savings and investment.
Creating similar pathways in Ghana, he argued, would build a more robust and inclusive financial future. “Compound interest is the silent wealth builder. Starting early and investing consistently, would see people grow out of poverty, not just for themselves but also for their families and this will trickle to the wider economy,” he added.
TMS 2024, an initiative of the B&FT, was held under the broad banner of ‘Investing for the Future: Re-thinking Investment and Savings to Drive Economic Growth and Development’.

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