With a vision ‘to achieve a comparative advantage among leading investment companies…’ and a mission ‘to become an outstanding provider of legitimate investment services…’ Onward Investment Limited, an indigenous Ghanaian company with registration number CA-75,073 is experiencing the sanction of Bank of Ghana (BOG) as they operate without a license in the financial market.
Bank of Ghana vs. Onward Investment Limited, Power vs. Fraud?
BOG is making a relentless effort to protect ordinary investors in the system hence would stop any organization that flouts its regulations.
Onward Investment Limited has an aim to contribute to the economy by developing the Forex market through the offering of Forex training services and online forex trading for individuals in the country and even foreigners. But it’s very unfortunate on their part that the BOG had to put a hold on their operations and warn the public about them, on the basis of not having a license to receive deposits from the public. What is the point in trying to achieve those great visions without passing through the right processes?
How many of these unlicensed financial service providers are in the system? What is the Securities and Exchange Commission doing to protect investors? Why do companies refuse to get a license if that could boost their businesses? Are the licensing processes too rigid or demanding? These are questions the average investor is asking.
On the part of Onward Investment ltd.; who are the owners? , what is their expertise? , what are their records and what are the clear benefits for the investment community. If potential partners and investors find it difficult to answer these questions then there is something wrong.
The only ‘known’ Board of Directors of this company includes; Lawrence Mensah, Mohammed B. Saleh , Kwesi T. Ababio and Simon Y. Nyarko.
We hope to know more about this company and the progress of their restriction by the Bank of Ghana.