Barclays Bank relaunches NewGold Exchange-Traded Fund to strengthen gold investments

Business News of Tuesday, 4 December 2018

Source: www.ghanaweb.com

2018-12-04

play videoThe relaunch of the NewGold Exchange-Traded Fund took place at the Labadi Beach hotel

Barclays Africa Group Limited has relaunched the NewGold Exchange-Traded Fund to fortify gold investments within the Ghanaian market.

The NewGold Exchange Traded Fund (ETF) offers customers the opportunity to invest in gold bullion, as it tracks a specific market index. Gold ETFs act as a hybrid between individual stocks and mutual funds, in that they serve as funds that hold an entire portfolio of assets such as mutual funds, but trade on stock exchanges like individual stocks, making them easy to buy and sell.

In 2012, Barclays Bank listed the NewGold exchange-traded fund on the Ghanaian market, with approval from both the Stock Exchange and the Securities and Exchange Commission.

Giving her remarks at the event, the Managing Director of Barclays Bank Ghana Limited, Abena Osei-Poku asserted that the financial market, as well as the banking sector, is in dire need of the NewGold Exchange Traded Fund since gold transactions are secured and worthwhile.

“Right now, we believe the market needs this product and asset managers, insurance companies, and other investors need gold in their portfolio. You know, gold is safe, value-preserving. Today, we are reintroducing this great product to further strengthen your investment portfolio. This is in line with our NewGold strategy which offers us the opportunity to bring pioneer propositions and play a shaping role in our societies,” she said.

Mrs. Osei-Poku expressed high hopes about the reintroduction of the product on the Ghanaian market, with the view that it will enhance the reformation of the financial market.

“We are very optimistic about the outlook for Ghana and we are very keen to cooperate and collaborate with like-minded stakeholders and partners like yourselves to identify and capitalize across the various opportunities that exist in Ghana and work together to reform the financial market,” she added.

Director for Financial Institutions at the Finance Ministry, Sampson Akligoh lauded Absa Africa for relaunching the EFT and charged its management and other banking firms to focus more on activities that will contribute to the progress of the banking sector.

“A lot of work has gone into protecting [the good] institutions and the sacrifices on that front are many. Government and private sector institutions like Barclays must find a way to work together if we are to succeed. That is why Barclays and other firms must invest more resources and time in industry associations, promote analyst clubs, and engage in platforms where their professionals can make their views known on industry issues,” he stated.

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