Gov’t Endorses SEC’s Decision On Fund Managers

Rev Daniel Ogbamey TettehSEC Boss

GOVERNMENT
HAS commended Bank of Ghana (BoG) as well as the Securities and Exchange
Commission (SEC) for the roles they are playing to sanitise the country’s
financial sector.

Vice
President Dr Mahamudu Bawumia, who was speaking at the launch of the ‘Guidelines
for Repurchase Agreements in Ghana and the Ghana Fixed Income Markets’ in Accra,
Tuesday, stressed government’s commitment to support the financial sector to
play its rightful role in the “Ghana Beyond Aid” agenda.

According
to him, such commitment explained Government’s support to the BoG, the SEC and
all relevant stakeholders in the recent financial sector clean-up.

He
said by the time the different clean-up activities were complete, “We would
have positioned this country on a solid foundation for economic growth.”

“The
government is acutely aware that a vibrant financial sector requires a stable
macroeconomic environment,” he noted.

That,
he said, remained one of the core themes underlying the government’s growth and
developmental agenda, insisting, “We have demonstrated in the last three years
that Ghana can have a stable macroeconomic environment when we subject
ourselves to strong fiscal discipline.”

He
continued that government had demonstrated its commitment to ensuring a sound
financial system and social stability by investing nearly GH¢13 billion to
safeguard the deposits of about 4.5 million Ghanaians in the financial sector
bailout.

“Let
us give confidence to all depositors that we are committed to ensuring the
safety of their deposits, the trading capital and lifetime savings.”

In recent times there have been concerns from some critics of government including the opposition National Democratic Congress (NDC) over the rationale behind the BoG’s decision to merge some banks and also SEC’s latest decision to revoke the licences of 53 fund management companies.

By Charles Takyi-Boadu, Presidential Correspondent

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