Waxson Financial Services Limited

Waxson Financial Services Limited

Trade and SME Financing, Micro Financing, Investment Management, Credit Union Management and General Business Advisory Services


Waxson Financial Services (WFS) has launched a new product, WFS Treasury Plus Investment (TPI), to offer good returns for investors.

WFS Treasury Plus Investment TPI is a Government of Ghana Treasury bill market-link instrument to offer higher potential yields than traditional fixed income investment with similar maturities. It offers 10% above GoG Treasury Bill rate or 12% if inflation increases above 25% of the prevailing rate.

“Our TPI is an inflation sensitive product and provides a unique opportunity to take advantage of superior yields while providing principal and interest protection for conservative investors”, Mr. Korsi Dzokoto, Chief Executive Officer of WFS said.

“In order to protect your privacy with regards to your investment, we commit to the highest standards of confidentiality in managing your investment. Annual accrual compound interest is paid at maturity. “Our TPIs are designed for investors looking to manage investment risk in order to protect wealth, as well as provide guaranteed higher returns”.

The minimum investment amount for the individuals under the WFS Treasury Plus Investment (TPI) is GH¢ 10,000.00 and GH¢ 20,000.00 for institutions.

[11/20/13]   |A to Z of Finance|
Fiduciary Money - Money that depends for its value on confidence that it is an accepted medium of exchange. It originated as a paper certificate that was a promise to pay a certain amount of gold or silver to the bearer. From the Latin fiducia meaning confidence or trust.

[11/15/13]   |A to Z of Finance|
A general fall in price levels caused by a decline in the supply of money or credit or by a fall in demand and spending. Individuals and companies will postpone making purchases in the expectation of lower prices in future. It can lead to severe economic recession and to high levels of unemployment. Central banks may respond by cutting official interest rates close to zero and increasing the money supply in an attempt to stimulate an increase in prices.

[11/14/13]   |A to Z of Finance|
PARI PASSU - Securities issued with a pari passu clause have rights and privileges that are the same as those of existing securities of the same class. Pari passu means 'with equal step' in Latin.

[11/12/13]   |A to Z of Finance|
ROCE (%) - rate of return on the capital employed - is another useful comparison tool that measures a company's profitability. It is calculated as earnings divided by net assets (assets minus debts). Generally, the higher the figure the better and it is best used to compare companies from the same industry sectors. An oil company, for example, will have higher capital outlay than an online retailer.

[11/04/13]   |A to of Z|
PEG FACTOR (X) - This is another measurement of value and investors should look at price to earnings to growth, known as PEG factor or ratio. This measure a company's value at present against how quickly it may grow in the future. It is calculated by dividing the PE ratio by forecast EPS growth. So a company with a PE of 20 and expected earnings growth of 10% would have a PEG of two. As with PE ratios, the lower the PEG the cheaper the shares.

[10/31/13]   |A to of Z|
EPS (UNDILUTED) - this is an important ratio for showing how much profit after tax and other deductions (net profit) is actually being earned per share. You divide the net profit by the number of shares in issue. It is usually expressed as x pence per share. Looking at whether the EPS is rising or falling over time is one of the most important indicators of whether a company is really making money for its shareholders. (Undiluted means that exceptional costs have not been included.)

[10/30/13]   |A to of Z|

PE RATIO - The price to earnings ratio is a way of gauging whether a company's share price is cheap or expensive compared to similar companies in the same sector. You get the PE by dividing the share price by the earnings per share (EPS) figure. For example, Company X with an EPS of 5p and a share price of 250p would have a PE of 50. Investors are prepared to pay more for shares whose earnings they think are going to rise strongly, so demand pushes the share price up. But if the EPS doesn't rise proportionately, the company's PE will rise. So if Company X's share price rose to 400p, but its EPS remained at 5p, the PE would rocket to 80. A high PE can indicate a high-growth company, but it can also indicate that the company's earnings have taken a sudden, maybe temporary hit. Generally the PE ratio is seen as a kind of barometer of confidence in a company's prospects.

[10/29/13]   |A to Z of finance|

In this post we will understand two types: loan and bonds.

LOAN – A loan is the simplest form of debt. It is the most easily understood one. It involves an agreement to lend a principal amount for a fixed period of time. At the end of the period, the principal amount is repaid with interest. In certain kind of loans which are for more than a year, interest is required to be paid on a periodic basis till it is repaid. In some other forms, the borrowed amount is repaid in equal installments (monthly or yearly) over a period of time. Loans can be classified in two ways-


SECURED LOAN- A loan where borrower pledges some asset as the collateral for the loan.

MORTGAGE LOAN – These are borrowings meant specifically to buy certain asset like home or a vehicle. This is very common among individuals who want to purchase a house. The amount borrowed is used to buy a house, and the lender is given security in the form of lien on the title of the house. In case borrower defaults on repayment, the lender has a legal right to recover money selling the house.

UNSECURED LOAN – These do not have any assets attached as security for the lender. Examples are credit card, personal loan, bank over drafts. Individuals use this form of borrowing for many purposes. Examples – Individuals take loan from Banks to buy house (home loan). Credit cards to buy goods and repay after a period of time. Employees take loan from employers to pay deposit to take house on rent.

BONDS- Bond is a debt issued in the form of a Security. The transaction remains similar to that of a Loan except that in case of a bond a security is created and hence, the terminology changes. The borrower is known as issuer. The lender becomes the investor and interest becomes the coupon. These are used by businesses or government to borrow money from investors. The government, financial institutions, public sector units, private sector companies, banks and non banking finance companies all need to borrow money for various purposes. They borrow money by issuing debt securities (bonds) to investors.


Issuer borrows amount from investors and issues then a financial instrument known as a bond against the borrowing.
Bond usually has a standard denomination, like GH¢100.00. Every bond represents that the issuer has borrowed GH¢100.00 which is repayable as per the conditions of issue of the bond. These conditions normally include time of repayment, interest rate of borrowing, frequency of interest payment and manner of repayment of the principal amount. This standard denomination is known by many ways like the face value par value or the principal value of the bond.

Interest is calculated on the face value (amount borrowed). Interest is paid either on periodic basis (coupon bearing bonds) or on maturity (zero-coupon).
The principal amount is normally repaid by the issuer on the maturity date. This kind of bonds is called as bonds having “bullet” maturity. There can be bonds which provide for payment of principal amount in a phased manner, mostly equally spread over last few years of the tenure of the borrowing. Such bonds are called as mortising bonds.



Rev. Sister Cecilia Kudexa is a catholic religious sister, who was born on the 18th of April, 1959. She holds a Masters Degree in Education Administration and a Bachelors Degree (Hons) in Biology all from Ursuline College, USA. She also holds a diploma in High School Administration from the same college. She has worked as a science teacher in Ola Secondary school in Ghana as well as St. Timothy School and Beaumont High Schools in the USA.
A few of her other working experiences include; Ho Diocesan Director of Pontifical Mission Works, Regional Chairperson, Association of Heads of Catholic Higher Institutions (AHCHI) Volta Region, Executive Secretary for Conference of Major Superiors of Women Religious-Ghana (CMSWR-G), President of CMSWR-G.
She has also served on the board of OLA Senior High School and she is currently a Board Member of Associates for Sustainable Rural Development (ASRuD). She’s passionate about rural development, youth empowerment and poverty alleviation.

Korsi Dzokoto – Board Member & CEO

Korsi Dzokoto holds a Bachelor of Science Degree in Economics with major in Econometrics from Ghana Institute of Management and Public Administration (GIMPA), and a Diploma in Accounting, Finance and Economics. He is also a student member of Institute of Chartered Accountants Ghana (ICAG). He has over thirteen (13) years of experience in Treasury Management, Corporate Finance, Brokerage, Portfolio Analysis & Management, Marketing and Insurance Underwriting after working in various capacities in Commercial Banking, Investment Banking and Insurance.
Prior to joining Waxson Financial Services, Korsi worked with Provident Insurance Company, Strategic African Securities Finance Group (SAS), First Capital Plus Savings and Loans. Korsi also serves on board of Governance Accountability Ghana (GAG), and Waxson Investment & Pension Management Limited.

Mr. Thompson Dwumah - Board Member

Mr. Thompson Dwumah is the Senior Vice-President Treasury & Investment at The Royal Bank Ghana. Prior to that he was the General Manager (Treasury and Investments), at First Capital Plus Savings and Loans Ltd.
Mr. Dwumah has also worked as Head of Treasury at Unibank Ghana Limited, Manager for Treasury and Finance at Africa Export-Import Bank in Cairo and as Treasurer, Chief Accountant and a Deputy Internal Auditor at First Atlantic Merchant Bank Limited. He has also previously held various positions at Ernst and Young, Ghana, and Capital Group Ltd.
Mr. Dwumah holds a Bachelor’s degree in Commerce and is also a member of the Institute of Chartered Accountants, Ghana.

Dr. Charles Andoh - Board Member

Charles Andoh holds a PhD from Technical University of Kaiserslautern (Technische Universitaet Kaiserslautern) in Germany. He also holds Msc degrees in Mathematics and Financial Mathematics from the Norwegian University of Science and Technology and the University of Kaiserslautern, Germany respectively as well as a Bsc. Mathematics Degree from the Kwame Nkrumah University of Science Technology (Ghana).
He is currently a lecturer at the University of Ghana Business School (UGBS) where he teaches Actuarial Mathematics. Prior to joining University of Ghana Business School, Dr. Andoh worked as a Scientific Assistant at the Technische Universitaet Kaiserslautern, for over three years. He was also an Adjunct lecturer at the Department of Statistics at the University Ghana and the Ghana Institute of Management & Public Administration (GIMPA) where he lectured a number of courses such as Risk Management and Insurance, Quantitative Methods for Decision Making and Analytics Skills for Decisions for three years. Areas of teaching interest include time series analysis, financial time series analysis, complex analysis, univalent functions, differential equations, statistics, optimization and finance theory.
Dr. Andoh’s research interests are in the areas of risk evaluation in investment decisions, time and financial time series analysis, finance theory, artificial intelligence and its application in finance. Some of his works have been published in journals such as Neural Computation, Annals of Management Science, Decisions and the International Journal of Applied Management and Technology. He has made international presentations at the Indian Institute of Management Calcutta, Massachusetts Institute of Technology, China University of Petroleum in Beijing, University of Kaiserslautern among others.
He is a member of the University of Ghana Business School Board, Course Advisor for Insurance students and Chairman of Weekend MBA/MPA programme. Dr. Andoh was a visiting scholar at the Sloan School of Management in Cambridge.

Dr. Charles Kingsley Akuetteh - Board Member

Charles Kingsley Akuetteh is an Economist and banker by profession and he holds a PhD from Durham University in the UK and an MBA in Finance from the University of Ghana, Legon. He is a Chartered Banker and an associate member of the Chartered Institute of Bankers, Ghana.
Dr. Akuetteh is currently the General Manager, Risk Management at First Capital Plus Bank. Prior to joining First Capital Plus he worked at UniBank Ghana Limited as a Senior Manager, Credit and Relationship Banking and as Corporate Finance Manager at Sterling Financial Services. He also served as the Credit Risk Officer at Eximguaranty Company Ghana Limited and a Research Fellow with Plan Consult.
He has published severally in Academic Journals such as International Small Business Journal, Regional Studies and Entrepreneurship Theory and Practice. His research interests are in the areas of Entrepreneurship and Small Business financing and development.

Stephan Antoh - Board Member

Stephan Antoh is a member of the Ghana Bar Association and he holds a Post Graduate Professional Law Diploma from the Ghana Law School, a Postgraduate Bachelor of Laws Degree and a Bachelors of Arts degree in Theatre Arts and History, with specialization in Television and Radio Production all from the University of Ghana.
He is currently an Executive Director with Weston Group responsible for Legal and Corporate Strategy. Prior to that, he worked as General Manager in Charge of Corporate Affairs, Legal and Human Resources at First Capital Plus (FCP) as well as the Secretary to the FCP Board. He was instrumental in developing structures for setting up the Legal and Human Resource Departments at FCP as well as developing strategies for brand promotion.

Prior to joining FCP in August 2009, he worked as an Associate in the Litigation and Dispute Resolution Department of Bentsi-Enchill, Letsa & Ankomah; a reputable law firm in Ghana for 3 years. He also had various stints as a Legal Officer at First Atlantic Merchant Bank and Ghana Telecom (now Vodafone).
He is passionate about Charity work and commits his time to noble causes.

Amina Montia - Board Member

Ms. Montia is a Chartered Accountant, with over 19years of post-qualification experience in a variety of industries internationally and locally.
Locally she has held executive positions including Director of Finance and Administration at PHC Motors Ltd and Executive Head, Finance and Administration at the Microfinance and Small Loans Centre. Internationally, she has worked as Financial Controller of Leoshield Exploration, an Australian company, as Management Accountant at Sema Group Facilities Management PLC in the United Kingdom as well as GEC Plessey Telecommunications Ltd.
Her working experiences has involved organizing, evaluating, setting up and monitoring the operations and systems of companies, governments and non-governmental organizations. She has helped these organizations to meet their objectives and social responsibility goals in communities where they work. Through capacity building programmes, she has trained associations of women on entrepreneurial skills development (business startup and development), marketing, financial management, microfinance, leadership, assertiveness and effective communication.

Fred Dotse- Board Member

Fred Dotse is a member of the Ghana Bar Association and associate of the Chartered Institute of Arbitration London. He holds a Bachelor of Law (Hons) Degree from the University of Ghana. He also has Masters Degrees in Law and International Business respectively from the Bucerius Law School, Hamburg, Germany and the Otto Beisheim School of Management, Vallendar, Germany where he studied as a Zeit scholar.
Fred Dotse also has an MBA (Finance option) from the University of Leicester, UK and a certificate in banking at the National Banking College in Accra, Ghana.
Fred Dotse is currently a Managing Partner of Awoonor Law Consultancy. Prior to that, he was the Managing Partner of Legal & Financial Associates.
Fred has worked with the United Nations in Switzerland, Southern Sudan, Liberia and the German African Business Development GmBh, (Afrika-Verein) in Hamburg, Germany.
He has also worked at the Ghana Commercial Bank as a Legal Officer and later as Head of the Accra Zonal Legal Unit as legal advisor to 15 branches of the Bank where he offered legal advice on various areas of law such as banking and finance, corporate law, commercial law, international bilateral and multilateral transactions and international law amongst others.




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