There are no short-cuts to wealth creation – Controller and Accountant-General

• The Controller and Accountant General of Ghana has cautioned the public to be careful about schemes that promise huge interest rates

• He said the only way to create wealth is to save and not spend much

• The Universal Merchant Bank has launched a new product called the ‘Lock Saver Account’ to enable customers save more money before their retirement

The Controller and Accountant-General of Ghana, Kwasi Kwaning-Bosompem, has stated that there is the need to invest more into savings since it is the only way forward for wealth creation.

He said there is no other way to create wealth except through savings through a reputable institution stressing that savings is done little by little and not as huge as it is perceived.

Speaking at the launch of the ‘Lock Saver Account’ a product by Universal Merchant Bank, he called on customers to be careful of schemes that promise a fast path to wealth with sky-high interest.

“In urging us all to save a bit, I want us to be reminded by the clear fact there is no shortcut to wealth creation. You need to save to invest and saving is done little by little consistently over a period of time. Let us be careful of schemes which promise a fast path to wealth creation, often with sky-high interest, we have to be very careful, we are all witnesses to what has just happened in recent years such schemes could ruin your entire savings,” he said.

Kwaning-Bosompem also urged all workers to subscribe to the UMB Lock Saver Account and enjoy the benefits it offers to workers during their active services and even when on retirement.

The Controller and Accountant-General of Ghana reiterated that the doors are open to other financial institutions to come on board with innovative products that will benefit civil servants.

The Universal Merchant Bank (UMB) launched a new banking product called the ‘UMB Lock Saver Account’ which will help customers save while they bank with the entity.

The ‘Lock Saver Account’ is an initiative by the bank in partnership with the Controller and Accountant-General’s Department to help public sector employees save before they retire.

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