The Ghana chapter of the Association of Certified Chartered Economists (ACCE) on Saturday held its maiden induction ceremony and professional development seminar in Accra.

In all, 31 students including a fellow were inducted at a colourful ceremony at the Coconut Groove Hotel after taken an oath administered by Mr Henry Adusei, the Administrator of ACCE.

Mr Vincent Joseph Dela Selormey, Former Head of Banking Supervision, Bank of Ghana said, the economic crunch that the world is experiencing currently once happened in the year 1930 with the name ‘the great depression’ and it lasted for 10 years.

He said even though the western world had been hit hard by the current economic crunch, Ghana was not experiencing any big impact with the reason that its exposure to the global financial system is not very deep.

Mr Selormey advised the government to ensure a strict regulation on the financial system of the country while putting in place measures to further ensure that banks were well capitalized to be in the position to absorb losses if they occur.

He, however, noted that like the great depression of 1930, the current economic crises is likely to end in 10 years but not very soon as some economists are predicting.

In his acceptance speech after being conferred with an award of a fellow member, Mr John Gatsi, thanked ACCE and American Academy of Financial Management for admitting him into the pinnacle of professional attainment in the association.

He appealed to all members of ACCE especially the chartered members to use their acquired certificates to contribute meaningfully to the economic development of the various organizations, private businesses and national development.

“Passing as a chartered member alone is not sufficient to fully contribute your best but should be seen as the beginning of more focused learning period to become experienced to provide faultless professional service devoid of emotions and sentiments.

A chartered economist must be professional, objective and critical to be able to contribute effectively to national discourse and development”, he advised.

Mr Gatsi said chartered members need to consider mentorship in order to fast track their experience and confidence building, adding that they should adhere to professional code since ethical requirements are meant to ensure that they practice professionally and objectively.