Reverend Daniel Ogbarmey Tetteh, the Director-General of the Securities and Exchange Commission (SEC) has been branded as an 'incompetent failure' in his current office and has subsequently been asked to resign.

A group calling itself the African Institute of Health, Safety and Policy Development

In a statement signed by its Chief Executive Officer (CEO), Mr. Clement Blay, copied to MyNews.Gh.com, stated that SEC has failed to perform its function well to help depositors to recover their investments at the various banks which have been affected by the bank clean-up exercise.

The statement reads in part: “observation and witnessing of happenings in the regulatory ambit of the SEC over a period of almost two years especially with fund managers and advisors, has left many Ghanaians who chose the option of investing for the future with the hope and assurance that SEC is competent in regulating bodies it has duly registered and monitors”.

The statement added: “It is long overdue that SEC was told that they have failed Ghanaians and posterity due to obvious exhibition of incompetence in the powers that they have been granted under the Act”.

It also bemoaned the emerging challenges out of the reforms saying, “cleaning has been done in the Banking, microfinance and with the savings and loans, and attempts are being made to pay back the hard earned money of depositors but to my surprise and the surprise of many Ghanaians, SEC appears unconcerned and insensitive to the nationwide problems of hugely locked up cash with bodies such Gold Coast fund management, Axe capital advisors, Legacy fund managers and many more”.

“SEC as a body appears unconcerned, taking no known steps to recover the huge funds of Ghanaians, as if all is well with the investment and securities industry as they continue to enjoy their salaries from the same Tax payers suffering”.

Below is the full statement

THE SECURITIES AND EXCHANGE COMMISSION- GHANA, HAS FAILED THE NATION

The Securities and Exchange Commission, SEC, was established by the Securities Industry Act of 2016(Act 929), with the object to regulate and promote the growth and development of an efficient, fair and transparent securities market in which investors and the integrity of the market are protected.

The functions of SEC include but not limited to registration and licensing, maintenance of surveillance over the activities of the institutions under its regulation, formulation of guidelines of operation of these bodies etc.

Observation and witnessing of happenings in the regulatory ambit of the SEC over a period of almost two years especially with fund managers and advisors, has left many Ghanaians who chose the option of investing for the future with the hope and assurance that SEC is competent in regulating bodies it has duly registered and monitors.

It is long overdue that SEC was told that they have failed Ghanaians and posterity due to obvious exhibition of incompetence in the powers that they have been granted under the Act.

Cleaning has been done in the Banking, microfinance and with the savings and loans and attempts are being made to pay back the hard earned money of depositors but to my surprise and the surprise of many Ghanaians, SEC appears unconcerned and insensitive to the nationwide problem of huge locked up cash with bodies such Gold Coast fund management, Axe capital advisors, Legacy fund managers and many more.

Surprisingly the Director General and other top officials are invited and boldly appear and speak on issues regarding investment and to me this is a shame.

SEC as a body appears unconcerned, taking no known steps to recover the huge funds of Ghanaians, as if all is well with the investment and securities industry as they continue to enjoy their salaries from the same Tax payers suffering.

SEC has proved grossly incompetent in the functions that it has been established to perform upon my critical analysis this is currently a huge danger for Ghana now and in the future.

I therefore call for the resignation of the Director General of SEC, Rev. Daniel Ogbarmey Tetteh and all his deputies.

I will finally call on the government of Ghana to come in as it is long overdue and effect a total shut down and restructuring of SEC to serve Ghanaians better.

Let us all work to prosper

Ghanaians and Ghana.

Thank you.

Signed!

Clement C. Blay, CEO SHAIP Africa.