Friday 17th April 2020, Accra: The COVID-19 pandemic has caused a global public health crisis. In Ghana, we seem to have initiated early action to control it and yet we continue to see a rise in the number of infections.
We are being asked to practice frequent hand washing, not touching our faces, and, maintaining appropriate social distances. The closure of our schools, places of worship, the ban on funerals, weddings, and all gatherings of more than 25 persons have been harsh. The toughest part of all the inconveniences of the COVID-19 pandemic has been the total lockdown of Accra and Kumasi over the past few weeks.
You delay gratification to invest your funds (with Dalex Finance) for superior wealth in future, likewise, I believe that you and I are suffering these inconveniences as an investment for superior health. Your continued investment in your health and wealth in these trying times is a testament to the wise choices that you continue to make.
The COVID-19 Social Distancing rules and Lockdown have induced a severe slowdown in the Economy with attendant adverse consequences. My Investment tips for you for the coming months are:
1. Ensure you have enough cash to manage yourself, your household, and medications, for three months. The coming months may be a time of uncertainty.
2. Keep the rest of your money in Fixed Deposit Accounts that you can readily redeem when necessary. Inflation may rise as the authorities are tempted to “stimulate’ the economy to alleviate the effects of the COVID-19 economic slowdown. Money kept in current accounts will lose value.
3. Do not start any investments with a long gestation period e.g. real estate. Again, the coming months may be a time of uncertainty. Wait till the economy calms down before making long term investments.
4. Do not panic. Even though the economy may look worse before it gets better, we will get through this. Do not cash out of existing investments simply out of fear. Give it some time. The market will surely rebound as the world brings COVID-19 under control as it has done with every other virus to date e.g. Spanish Flu, Ebola, HIV, Hepatitis B, etc.
Dalex Finance will continue to give value to our stakeholders during this period.
• Our digital lending model allows us to make salary loans without the client coming to a physical branch.
• We have implemented a total Work-From-Home (WFH) protocol that allows our business to continue with all staff working from their homes.
• Our lending is primarily to Ghana Government salary workers who will continue to be paid and repay their loans during this period.
We have also instituted a Zero interest rate loan for our most vulnerable investment clients for this period. These are our DalexSWIFT clients who contribute anything from one Cedi a day. They are primarily from the informal/ micro-business sector which will be hard hit by the COVID-19 economic slowdown. Our Zero interest rate loan provides these clients with significant relief at a relatively low cost to DALEX.
At this moment our only interest is in the health of our clients and staff.