FirstBank’s Idowu Thompson Advises Investors to Avoid Fraudulent Schemes and Diversify Investments
FirstBank Group Executive for Private Banking & Wealth Management, Idowu Adebayo Thompson, has advised investors to exercise caution and diversification when making investment decisions in 2025.
Speaking at the introduction of FirstBank Ghana’s Private Banking & Wealth Management service to its customers on Friday, March 14, 2025, Mr. Thompson provided key insights into prudent investment strategies amid economic uncertainties.
Emphasizing the risks of fraudulent schemes, he warned against investments that appear “too good to be true.” Citing past financial scams, including money-doubling schemes, he urged investors to avoid esoteric investments they do not fully understand.
“If it’s too good to be true, then it’s too good to be true,” he stressed.
He also cautioned against pyramid schemes, which depend on new entrants to sustain returns for existing investors until confidence collapses, leading to financial losses. “A lot of African economies are dealing with that, and I believe Ghana is not an exception as well,” he noted.
On asset allocation, Mr. Thompson discouraged overconcentration in a single asset class, particularly real estate, despite its booming market in Accra. “You can be house rich and cash poor,” he warned, advocating for a well-balanced and diversified portfolio.
He further underscored the importance of geographic diversification, advising investors to align their international investment strategies with their financial stage and goals. “Even with a sense of patriotism, depending on your life stage, be well-diversified by geography,” he stated.
He, however, clarified that he was not advocating for indiscriminate currency conversion but rather a prudent approach to international investments.
FirstBank Ghana’s Private Banking & Wealth Management service is designed as a comprehensive solution for affluent clients, leveraging the bank’s advanced Information Technology (IT) infrastructure and highly trained personnel to deliver premium banking experiences.
Private Banking is a specialized service offered to HNIs, providing bespoke financial solutions, including investment advice and financial planning. Wealth Management, on the other hand, takes a holistic approach to managing clients’ financial needs and objectives.
FirstBank’s PB&WM service will offer a tailored suite of financial products and services, exclusive access to investment opportunities, discounted pricing, and personalized advisory services.
Clients will also benefit from the expertise of dedicated bankers who will provide strategic financial guidance to optimize wealth growth and preservation.
