GOVT ADOPTS PRUDENT MEASURES (PAGE 3)

THE government has adopted policy measures to ensure that the country’s economy is placed on the path of growth.
Mr James Agyenim-Boateng, Deputy Minister of Information, who announced this yesterday said within the next 24 hours the government would outline these measures to Ghanaians.
He explained that the government remained committed to a prudent management of the economy for it to emerge more robust to ensure a marked improvement in the living standards of Ghanaians.
Mr Agyenim-Boateng, who delivered the keynote address at the launch of Home Finance Company’s (HFC) Future Plan Trust Scheme in Accra, said some of those measures had started bearing fruits.
He said the government remained confident that the economy would bounce back soon, saying the Mills administration was committed to its social contract with Ghanaians, which was to make Ghana a better place.
He stressed, however, that building a better Ghana ought to be a collective exercise by the government and its people, with the private sector as one of the key stakeholders.
Mr Agyenim Boateng said the launch of the investment policy, against the background of the global financial crisis, underlined the confidence HFC had in the future of the economy.
He noted that the financial sector had witnessed some growth over the years, with many more banks being opened across the country.
The deputy minister, however, said there was room for improvement, since the un-banked population was still very high, and threw a big challenge to the financial institutions to continuously develop products and design them to meet the needs of the prospective banking public.
Mr Asare Akuffo, Managing Director of HFC Bank, who launched the new product urged Ghanaians to cut down expenses on fashion, entertainment and funerals and inculcate the habit of saving especially among their children, starting with their pocket money.
He said the saving rate in Ghana was low, compared to other West African countries, adding that the growth of macro finance in poor countries demonstrated that Ghanaians also could make some savings, despite their meagre salaries.
Mr Joseph Nketsiah, General Manager of HFC Investment Services, explained that the Future Plan Trust was a scheme designed to meet the future plans of different classes of people to invest in areas such as children’s education, pension and dream houses.
He said the scheme was the fourth product HFC Investment Services had introduced into the Ghanaian market since 1991, the other three being the HFC Unit Trust, Real Estate Trust and HFC Equity Trust.