Business News of Saturday, 10 November 2018
Securities and Exchange Commission Ghana – SEC has cautioned fund managers against promising guaranteed returns to clients in a bid to sanitise the capital market.
Director General of SEC Ghana; Rev. Daniel Ogbarmey Tetteh added anyone saying to clients that SEC Ghana has halted their operation leading to their liquidity challenges is false. “Anyone making such claims already had problems and now wants to use SEC Ghana’s directive as an excuse.”
“What we did was to give these fund managers a window to restructure their operations with the help of the Securities and Exchange Commission. Fund managers must not guarantee returns as stipulated by law,” he pointed put.
The commission will hold a conference with various stakeholders on November 21 and 22 touching on the monetary and fiscal policies.
Rev. Tetteh noted the capital market input is an integral pillar in the economic workings of the state.
Head of Policy Research at SEC Ghana; Mr. Emmanuel Ashong-Katai disclosed the conference theme is ‘Ghana Beyond Aid: Role of the Capital Market.’ “China has found a way to find capital and its now doing wonders,” he intimated.
According to Mr. Ashong-Katai, Finance Minister; Ken Ofori-Atta will tell the gathering government’s policy regarding the capital markets noting other issues such as corporate governance and agriculture will be touched on.
He also submitted 14 commodities are to trade on the commodities market touching on the ecological zones of the country.