Resign Now – Group Orders SEC Boss

The African Institute of Health, Safety and Policy Development wants Reverend Daniel Ogbarmey Tetteh, the Director-General of the Securities and Exchange Commission (SEC) to resign from his post.

The call follows what the group describes as ‘incompetent failure’ in his current office.

In a statement signed by its Chief Executive Officer (CEO), Mr. Clement Blay said, the 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”.