IGS Financial Services Increases Stated Capital to GHC 5 million
February 13, 2018
IGS FINANCIAL SERVICES INCREASES STATED CAPITAL TO GHC 5 MILLION
IGS Financial Services Limited, one of Ghana’s leading investment firms, has increased its stated capital from GHC 3,000,000 to GHC 5,000,000 as part of efforts to remain highly solvent and in line with its strategic and operational objectives.
The announcement comes at a crucial time as the Securities and Exchange Commission (SEC) is working closely with stakeholders to increase the minimum capital requirement of GHC 100,000.00 for companies in Ghana’s investment banking industry.
Announcing the enviable feat at a staff durbar on December 22, 2017 at Elmina Beach Resort, the Chief Executive Officer of IGS Financial Services, Mr. Raymond Ashrifie Gogo, expressed delight over the company’s steady and gradual rise since its inception in 2009. He attributed the company’s sound financial standing to its cherished and loyal clients who have placed their unwavering confidence in the company. He also recognised the firm’s efforts in prudent financial management, cost-efficiency, and long-held values of Client-Focus, Integrity, Teamwork and unrelenting endeavours at pursuing Excellence as contributing factors.
Narrating the company’s journey towards its current position, Mr. Gogo recounted that ‘‘increasing our stated capital from GHC 265,000.00 to GHC 3,000,000.00 in 2017 and to GHC 5,000,000.00 in January 2018, is not only aimed at cushioning IGS Financial Services proactively ahead of an anticipated increase by the regulator, but this milestone demonstrates our efficiency and profitability as a business and commitment to promptly respond to the expectations of our cherished clients.”
The movement of funds from retained earnings to equity means that IGS becomes one of the industry’s highly capitalised companies in the country providing assurance of safety of investors and stakeholders funds. In his closing remarks, Mr. Gogo lauded clients and employees of IGS Financial Services for their invaluable contributions to the company over the years.