{"id":762003,"date":"2019-12-10T15:39:50","date_gmt":"2019-12-10T15:39:50","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/12\/10\/gh%c2%a26-3bn-locked-up-in-risky-investments\/"},"modified":"2019-12-10T15:39:50","modified_gmt":"2019-12-10T15:39:50","slug":"gh%c2%a26-3bn-locked-up-in-risky-investments","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/12\/10\/gh%c2%a26-3bn-locked-up-in-risky-investments\/","title":{"rendered":"GH\u00a26.3bn Locked Up In Risky Investments"},"content":{"rendered":"

<\/p>\n

\n

Rev. Daniel Ogbamey Tetteh<\/strong><\/p>\n

ABOUT GH\u00a26.3 billion of funds invested by asset
\nfund managers in Ghana\u2019s asset management industry are locked up in risky
\ninvestments.<\/p>\n

This comprises short-term unlisted bonds,
\ndirect private-equity stakes and related-party deals for small and medium-sized
\nbusinesses. <\/p>\n

The Securities and Exchange Commission (SEC),
\nwhich made this known, courtesy to a forensic review it undertook of the asset
\nmanagement industry last year, said fund managers invested heavily in fixed
\ndeposits within the non-banking sector. <\/p>\n

\u201cWith the failures of some banks, savings and
\nloans companies as well as microfinance firms, these investments have become
\ntoxic,\u201d it emphasised.<\/p>\n

SEC said it was as a result of the foregoing
\nthat the licences of 53 asset management firms were revoked in November 2019.<\/p>\n

And such reasons underlie why the Ministry of
\nFinance has written to Parliament to seek approval for a total amount of GH\u00a215.6
\nbillion to enable it pay off investments and funds that have been locked up
\nwith some insolvent banks and financial institutions.<\/p>\n

According to SEC, the asset management industry
\nin Ghana had a total asset of over GH\u00a219 billion (as at end 2018), held up in
\npension funds, collective investment schemes (CIS) and other funds
\n(discretionary funds). <\/p>\n

A memo by the Finance Ministry to Parliament
\nwhich lends credence to the above-stated, said: \u201cIt is worth noting at this
\npoint that the financial sector is highly interconnected. A mapping exercise
\nconducted by BoG on exposures between and across financial institutions in the
\nGhanaian economy shows that as at September 2019 total exposures of banks to
\nother financial institutions were approximately GH\u00a21.54 billion.<\/p>\n

\u201cTotal exposures of banks to the securities
\nindustry was approximately GH\u023b839.42 million.
\nBanks\u2019 total exposure to the insurance industry was approximately GH\u00a233.44
\nmillion. Total exposures of banks to SDIs was approximately GH\u00a2 669.51 million.\n<\/p>\n

It continued that \u201cThe pension industry\u2019s exposure
\nto banks was approximately GH\u023b863.63
\nmillion.\u00a0 Insurance industry have place
\nan amount of GH\u00a2839.33 million with banks. Total exposure of SDIs to the universal
\nbanks was approximately GH\u00a2933.64 million,\u201d it stated. <\/p>\n

Additionally, it said the total exposure of savings and loans institutions to other financial institutions were approximately GH\u023b637.61 million while the savings and loans industry held approximately GH\u023b467.73 million of other financial institutions funds.<\/p>\n

BY Samuel Boadi <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Rev. Daniel Ogbamey Tetteh ABOUT GH\u00a26.3 billion of funds invested by asset fund managers in Ghana\u2019s asset management industry are locked up in risky investments. This comprises short-term unlisted bonds, direct private-equity stakes and related-party deals for small and medium-sized businesses. The Securities and Exchange Commission (SEC), which made this known, courtesy to a forensic […]<\/p>\n","protected":false},"author":1,"featured_media":707327,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-762003","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\nGH\u00a26.3bn Locked Up In Risky Investments - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/12\/10\/gh\u00a26-3bn-locked-up-in-risky-investments\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"GH\u00a26.3bn Locked Up In Risky Investments - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Rev. Daniel Ogbamey Tetteh ABOUT GH\u00a26.3 billion of funds invested by asset fund managers in Ghana\u2019s asset management industry are locked up in risky investments. This comprises short-term unlisted bonds, direct private-equity stakes and related-party deals for small and medium-sized businesses. 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