Investments of collapsed Ghanaian banks are safe, SEC assures customers

The Securities and Exchange Commission (SEC) has assured customers of five collapsed fund management firms in Ghana that their investments are safe.

SEC Boss, Rev. Dr. Daniel Ogbarmey-Tetteh

This follows after the SEC revoked the licenses of the companies for breaching rules guiding their operations.

The five companies were Georgetown Capital Partners Ltd, Equity Capital Ltd, Index Analytics Ltd, DM Capital Ltd and Oxygen Advisory Ltd.

The regulator indicated people who do business with these companies do this on their own risk.

However, SEC has come out to assure customers who save with the five firms that their monies are safe hence there is no need to panic.

The Head of Policy and Research at the SEC, Emmanuel Ashong Katai who made the revelation in an interview said investors, market operators and the public are secured to work in the market.

He noted that the SEC has all the list of customers and all funds have been refunded to them so there is no cause for alarm.

“We are taking serious actions against those who have become persistent flouters of the law. Others too are using the license for shadow banking purposes and shadow banking is doing banking without the backing of the Bank of Ghana,” he added.

He further pointed out that, investment companies are not required to do that in most cases since they do not have huge reserves which can be easily liquidated.

“Some are even lending money. Instead of investing and managing investments, they will be lending money to SMEs and other sectors,” he said.

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