The Chartered Financial Analyst Society Ghana is urging all players in the investment space to abide strictly by the code of ethics to avert any situation that could lead to another financial sector clean-up.
The financial sector cleanup exercise which began in 2017 led to the revocation of licenses of 53 Fund Management Companies.
The collapse of the institutions left clients in distress as many of the customers have been struggling to retrieve their savings and investments.
President of the Chartered Financial Analyst society Ghana, Nana Wiafe Boamah, who agrees the clean-up exercise was necessary he urged his colleague investment analyst to ensure they always put the interest of their clients first always.
“As investment managers, we are duty-bound to uphold the highest level of integrity and ethical conduct. Our clients are the reasons why we are in the industry, and we must vow to ourselves that we will act very ethically in the interest of our clients and not in our self-interests.
“I dare say if we put clients and ethics and responsibility at the heart and focus of what we do, the industry can only grow forward.”
Even though the sanitising of the sector significantly improved the financial front of the country, it raised the level of scepticism of some sections of the public on investments.
Many are unsure whether investments are a worthwhile venture considering the losses suffered by customers of the collapse financial institutions.
Mr Boamah says things are gradually turning for the better, but he stressed that a lot more effort will be required to gain the confidence of the investing community.
“It is looking better but we still need to win the confidence of clients. Because if you were a client and you lost money or your money got locked up in any of the financial institutions that went down, you’d be very sceptical in taking your next investment move.”
“So we are at the point where we need to win back the confidence of our clients through responsible and ethical investments”