Financial Market Needs Total Clean Up – Ken

The Finance Minister, Ken Ofori Atta has charged industry players in the capital market to abide by the regulations.

This according him is necessary to ensure sanity in the financial market.

The call comes in the wake of the growing trends of Ponzi schemes and panic withdrawals in the financial sector.

Government through its decisions, according to the Finance Minister, has saved jobs and secured depositors.

The Finance Minister who was speaking at the 2018 Capital Market forum called for a total clean up in the financial market.

“Our decisions have saved some jobs and secured depositors. We must have a total clean up as we exit the IMF. The capital market must be wary against directors and officials who break laws and regulations.”

On his part, the Director General of Securities and Exchange Commission (SEC), Rev. Ogbarmey Tetteh said players in the capital market would from now onwards would be severely dealt with and even barred from operating so as to regain confidence in the sector.

He said SEC would strengthen its sanctions regime and introduce measures such as failure to supervise and barring of directors/officers.

“If we are really sincere about growing and transforming the capital market in Ghana, we must not pay lip service to the need to practice good corporate governance but we must commit to an avowed adherence to best practice in corporate governance throughout the securities industry,” he stressed.

The 2018 Capital Market Week was themed, the role of good corporate governance in the transformation of Ghana’s Capital Market. The 3-day forum ends on Friday, August 26.

It brought together significant stakeholders from the industry including Policymakers, Investors and Research analysts who explored innovative ways of deepening corporate governance in the capital market.

The conference also highlighted the arising opportunities in Capital Market of Ghana after the significant merger of International Finance Corporation and Ghana Stock Exchange.

Speakers took turns to identify challenges such as lack of laws and regulations pertaining to the commodity exchange; inadequate financial support; lack of trading infrastructure; inadequate volume; liquidity problem; smallholder farms; lack of understanding of trading instruments; breach of regulations among others.

By: Emmanuel Yeboah Britwum