The Director General of the Securities and Exchange Commission (SEC) Rev. Daniel Ogbarmey Tetteh has disclosed that the proposed Investor Protection Fund is scheduled to take off from 2024.
According to Rev. Tetteh, the necessary works are being done to get the fund almost operational by the end of 2023.
“The consultant working on the Fund is doing the necessary fine tuning to ensure that the Investor Protection Fund can attract the required funding when it takes off and deal with all the sustainability concerns”, he affirmed
He, however assured that the regulator will do all it can to make sure the market does not renege on its checks to avert failures on the part of players.
“This should not be seen as an initiative that should encourage market failures or encourage fund managers not to be prudent with their portfolios well”, he warned.
As part of measures to make the Fund sustainable, Rev. Tetteh stated that all stakeholders must uphold good practices to prevent abuse of the system.
“We need to be careful how it is designed and not encourage people to be reckless with their investment as well”, he advised.
Mr. Tetteh said the SEC will do all it can to restore confidence in the capital market, particularly after cleaning up the sector.
SEC, and Government
Touching on SEC’s collaboration with government and other relevant institutions, Mr. Tetteh rejected suggestions that his outfit has failed.
“It is not everything that we do or undertake comes to government that we put it out in the public”.
“I can assure you that the necessary engagement has been done behind the scene to ensure that investors are protected when it comes to Government dealings” he pledged.
Rev. Tetteh stressed that the SEC has always operated within the remit of the law.
Local Credit Ratings Agency to give verdict on bonds
Mr. Tetteh announced that there will soon be a local Credit Ratings Agency licensed by the regulator, which will rate various issuances and papers on the market.
This, he said would help guide investors on which instruments to placed their funds.
“When this Agency is up and running, investors can depend on the verdict of the agency to guide their investments”.
He stated that the SEC will soon come out with guidelines that will supervise the ratings and review.
The move by the SEC is coming at time some financial observers have raised concerns about the Domestic Debt Exchange Programme.
Status of the Domestic Debt Exchange Programme
Rev. Tetteh further confirmed that the Domestic Debt Exchange Programme has been completed.
He is optimistic that securing the IMF programme on time may help in restoring market confidence and stabilizing the market.
Latest Stories
-
Providing quality seeds to farmers is first step towards achieving food security in Ghana
5 mins -
Give direct access to Global Health Fund – Civil Society calls allocations
3 hours -
Prince Harry jokes in tattoo sketch for Invictus
4 hours -
Akufo-Addo commissions 200MW plant to boost economic growth
4 hours -
Smallholder farmers to make use of Ghana Commodity Exchange
4 hours -
I want to focus more on my education – Chidimma Adetshina quits pageantry
4 hours -
Priest replaced after Sabrina Carpenter shoots music video in his church
4 hours -
Duct-taped banana artwork sells for $6.2m in NYC
5 hours -
Arrest warrants issued for Netanyahu, Gallant and Hamas commander over alleged war crimes
5 hours -
Actors Jonathan Majors and Meagan Good are engaged
5 hours -
Expired rice saga: A ‘best before date’ can be extended – Food and Agriculture Engineer
5 hours -
Why I rejected Range Rover gift from a man – Tiwa Savage
5 hours -
KNUST Engineering College honours Telecel Ghana CEO at Alumni Excellence Awards
5 hours -
Postecoglou backs Bentancur appeal after ‘mistake’
6 hours -
#Manifesto debate: NDC to enact and pass National Climate Law – Prof Klutse
6 hours