SEC to sanction financial institutions

Institutions that are under the supervision of the Securities and Exchange Commission (SEC) have been asked to put their house in order or face public exposure.

The Commission explained that it would soon begin a quarterly briefing and conduct reviews, investigation and evaluation of companies within the securities and capital market to expose the bad nuts.

According to the Director General of SEC, Rev Daniel Ogbarmey Tetteh, the financial market thrives on public confidence.

To this end, the quarterly briefing will be used to name and shame bad companies and operators, who are not going according to the rules, regulations and guidelines of the sector.

“Companies that are engaged in all kinds of questionable practices will not be spared,” he stressed.

Furthermore, the SEC will also assess the financial health of companies under its supervision for the public to make informed decisions.

Rev Ogbarmey Tetteh disclosed this while briefing members of the Institute of Financial and Economic Journalists (IFEJ) on the operations of SEC during a workshop on the capital market.

The workshop, organised by UAID-Financing Ghanaian Agriculture Project (FINGAP), focused on alternative financial sources for agribusinesses and Small and Medium-scale Enterprises (SMEs).

The SEC boss noted that apart from the quarterly briefings, his outfit will review some of its laws to meet the demand of the market and encourage players to strictly comply with the guidelines, rules and regulations of the sector.

ADB-uniBank Saga

Touching on this, he said “even with BoG approval, a takeover cannot be complete without SEC approval, and therefore the claims would not be possible. That notwithstanding, SEC would look into the matter.

Rev Obgarmey Tetteh also used the occasion to announce the launch of the Ghana Commodity Exchange (GCE) to boost the commodity market this year.

He was hopeful GCE would attract investors, create world class industry players and improve the macro-economy.