Govt urged to commit to long-term fiscal consolidation
The Executive Director of Bora Capital Insurance Limited, an investment-banking firm, William Mensah, has called on the government to commit to long-term fiscal consolidation by enhancing the productive sector, expanding the revenue net, prudent management of expenditure to stabilize the economy.
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He explained that any short-term relief measures would ultimately be ineffective is long-term measures were not taken to address the volatile economic environment.
“I think that the focus should be on long-term fiscal consolidation. We want to have the real economy doing very well. That would create jobs, give government revenue, then we will be able to support the expenditure that we have to create economic stability, and then everything will follow from there.
But if we don't focus on fiscal stability, and we want to do short term, short term measures, we will move from one crisis to the other,” he said.
Anniversary
Mr Mensah was speaking to the Daily Graphic on the sidelines of the company’s 10th anniversary celebrations in Accra last Saturday (Sept 14).
Shareholders, directors, staff, clients, and key industry players gathered at the Christ the King Parish in Accra to thank God for his guidance over the company which currently has over GH¢5.4 billion as funds under its management.
The anniversary celebration was on the theme, “Grateful hearts, strong foundation: celebrating 10 years of successfully helping clients and customers plan, save, and invest for the future.
The thanksgiving was followed by an awards dinner, which saw stakeholders and staff receiving awards for their contribution to the success of the company, which provides fund management, investment research and financial advisory services.
Portia Obeng Ayeh, a staff who joined the company in its formative years as an intern received the ultimate prize, the longest service award at the event, which was chaired by Rev Father Andrew Campbell, a retired priest of the Catholic Church.
Offshore investment
Mr Mensah advocated the need for investment management companies particularly in the pension space to be allowed to invest a portion of pension funds offshore.
That, he said could help mitigate the impact of high inflation and currency volatility on the returns for pension contributors.
“I understand the reluctance of the Finance Minister to allow significant offshore investment, as it could put pressure on the local currency looking at our current situation. However, offshore investment could also be beneficial in the long run,” he said.
In the interim, he suggested that focus should be on using pension funds to develop local infrastructure and the domestic economy, rather than overly emphasizing offshore investment, which could only make up a small portion of the investment portfolio.
Moving forward, he said the company would remain committed to its mission of providing exceptional financial services and maintaining the trust of its clients, partners, and stakeholders.
Appreciation
The Board Chairman of Bora Capital Advisors, Paul Baah-Sackey, expressed his profound appreciation to clients and stakeholders.
“As we reflect on the Lord's abundant blessings over the past decade, we are deeply grateful for the trust you have placed in us.
Your loyalty and confidence have been invaluable, especially during challenging times such as the financial sector clean-up, the COVID-19 pandemic, and the Domestic Debt Exchange Programme (DDEP). Together, we have weathered many storms”.
The Founder and Chief Executive Officer CEO of Bora Capital Advisors, Nana Sarfo, attributed the company’s success to the grace of God and the unwavering support of its clients.
“Our growth has been driven by the trust and repeat business of our clients, who appreciate Bora’s simple yet effective financial solutions.
“This achievement is reflected in our yearly increase in market share and strong financial results, fuelled by our commitment to serving clients with dedication and excellence,” he added.
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