In the wake of the crisis in the financial services industry and banking, Gold Coast Holdings Company Limited, a full-blown investment banking firm, has assured its loyal clients that it will continue to work with discipline to ensure their investments are safe.
Consequently, the company has encouraged its customers to be comforted and not panic.
According to a statement, issued by management of Gold Coast over the weekend, it stressed that for the past twenty-five (25) years, it has created and preserved wealth for its clients with sound investment advice.
“Gold Coast has never lost a pesewa for any of its clients,” itt affirmed.
This, Gold Coast said, was a sign of “TRUST and loyalty.”
Furthermore, the statement noted that Gold Coast has made invaluable contributions to the Ghanaian economy.
This, the company has done, by pre-financing over 600 infrastructure projects across the country, including roads, schools, hospitals, bridges, market complexes etc.
Continuing, the statement company added that it has created thousands of jobs and developed a large core of Ghanaian contractors.
Unfortunately, the statement said it has faced panic redemptions of investments by clients
“This year alone, the company has paid out over GHS1.3 billion of investment funds to its customers. No investment company can survive if even 25% of its customers run to it to redeem their funds invested in productive activities prematurely and at the same time.”
Against this backdrop, the company said it will control the pace of redemptions as part of efforts to preserve and protect all client funds and the investments.
However, the statement indicated that the bulk of the funds with Gold Coast today was invested in the pre-financing of government’s infrastructure projects to the tune of over ghs1.5 billion.”
“For the past three years, some of the contractors whose projects have been completed have not received any payments.
And though payments from the government agencies have started coming in smaller amounts, the statement urged the government to make good on “these receivables.”
Therefore, Gold Coast emphasised that from now on, it will limit payments to the amounts received from government agencies to be made for matured investments.”
Also, as a senior member of the fund management industry, the statement gave the assurance that Gold Coast fully embraced the new industry reforms and directives by the regulator, affirming that it will work to ensure full compliance to eschew market discipline and create value for its customers.
Meanwhile, the company on Saturday honoured its customers in the Brong Ahafo regional capital of Sunyani,
General Manager of Gold Coast Trustees, (the pension advisory wing of Gold Coast Holding), Victoria Aligboh Armah, representing the Chief Executive Officer of Gold Coast Holding, recounted how the company was incorporated in 1993 as Gold Coast Securities, providing Brokerage services and later Fund Management and pension advisory services.
She thanked the customers for being a part of the 25 years successful journey of the company.
“I would like to thank all customers for choosing to do business with us and for making it possible for us to practise our trade and take care of your financial needs. Your trusts in us have urged us to give our all”.
The event formed part of the company’s annual ritual of touching base and strengthening ties with its customers.
As the company marks its 25th anniversary this year, key stakeholders who have been with them from its inception could not be left out.
However, in the wake of the crisis that has hit the financial sector in recent times, Ms Aligboh Armah “assured customers of their safety, as the company has for the past 25 years not lost a pesewa of any customer.” She urged customers to be comforted and assured that even though the market appears turbulent “we are working tirelessly to protect the funds of our customers and preserve the Integrity of Gold Coast Holding.”
For his part, General Manager of Asset Management, Percival Ofori Ampomah spent time to educate clients on the new regulatory directives from the Security and Exchange Commission, the Industry’s regulator and how Gold Coast is positioned to comply fully while creating value to its customers.
The team also comprised General Manager of Gold Coast Advisory, Effa Ahenkorah; Internal Auditor, Benjamin Asante Ayeh, Head of Brokerage, John Awuku, and; Manager of Real Estate Portfolio, Roger Danladi.
The team has so far been to the Brong Ahafo Region, Ashanti Region, specifically Kumasi and Obuasi, Upper East, Northern, Western and Central Regions.
At Elmina in the Central Region, the team was joined by Chairman and President of Groupe Nduom, Dr Papa Kwesi Nduom, who spoke to the customers on ‘the need to keep faith with the best investment house in the country, as Gold Coast Holding was determined to help create real wealth for Ghanaians through sound investment.’’
He also mentioned some of the invaluable contributions that Gold Coast has made to the Ghanaian economy by helping to pre-finance over 600 infrastructural projects across the country.
Madam Victoria Aligboh Armah with PenTrust also used the stakeholders’ engagement to reiterate, “we are committed to providing a discipline and customer focused Investment and Pension services to customers. We look for even more opportunities in the future to grow bigger.”
She added that “as part of our 25th anniversary, we are investing in our physical evidences across the country to create a more convenient and comfortable atmosphere for our clients. We are also investing in technology to keep up with recent trends and would also continuously invest in our human resource through learning and development to continue to deliver superior service to our clients.”
Some of the customers also took the opportunity to testify about how Gold Coast has helped them create and preserved wealth over the past years while ensuring safety of their investments. They also encouraged others to patronize services of Gold Coast Holding.
The team would proceed to honour other stakeholders in the Upper West, Volta Region-Ho and Hohoe to be precise, Greater Accra and Eastern Regions.
Gold Coast Holding has been recognised and awarded for its excellent services in the industry. The awards include; Best Investment Adviser for 2011, Best Fund Manager for 2013 & 2014, Second Best Brokerage Firm for 2017 and Best Research Company for 2017.
Gold Coast Holding is a group of financial services company within the bigger Groupe Nduom umbrella which includes Gold Coast Fund Management, Gold Coast brokerage, Gold Coast Advisors and Gold Coast Trustees.
Gold Coast, a fully Ghanaian-owned company started business in August 1993 as the 4th dealing member of the Ghana’s Stock Exchange.
In 1993, the four were Gold Coast, Databank, SAS and NTHC. The company which started as Gold Coast Securities is now Gold Coast Holding Company, a full blown investment banking firm with pension, brokerage, fund management, asset management, corporate finance & other specialised divisions.
It operates the Gold Fund Unit Trust, Gold Money Market Fund, Provident Funds and provides project financing.
Gold Coast is the only fund manager in Ghana with the most diversified retail outlets in all the 10 regions with 19 branches. This offers convenience to clients, provides a safe opportunity for investment, promotes financial literacy and financial inclusion in Ghana.
Gold Coast is the biggest fund manager in Ghana with over 800,000 individual clients. This accounts for about 30% of the entire clientele base of the investment banking industry.
Clients of Gold Coast include soldiers, police men/women, public servants, teachers, lawyers, rural banks and other finance houses, traders, medical and other professionals. Many of our clients started business with us as early as 1993 – when the firm was incorporated and are still with us. Many people on pension rely on regular payments from Gold Coast for their living.
Story: Ato KEELSON
Writer’s email: denniskeelson@yahoo.co.uk