NANA KOBINA Nketsia IV, Omanhene of Essikado Traditional Area in the Western Region, has charged the Securities & Exchange Commission (SEC) to take steps to curb the proliferation of Ponzi schemes in the market.
According to him, such schemes have lured many people into bad investments and caused them untold hardships and in many instances death.
Speaking at a regional education campaign organised by SEC in Takoradi dubbed, ‘Time with the SEC’, he stated that it was however refreshing to see the SEC undertaking various investor engagement programmes to increase public trust, confidence, and a better understanding of the capital market.
He also applauded the SEC for their decision to begin their regional outreach programme in the Western Region.
Kwabena Okyere Darko Mensah, Western Regional Minister, in a speech, the public education programmes were vital to the development of the entrepreneurial mindset and enterprise in the region. He highlighted the need for the SEC to also help make the region an attractive financial hub in the country.
Director-General (DG) of the SEC, Rev. Daniel Ogbarmey Tetteh, in a comment, explained the rationale for the introduction of ‘Time with the SEC’ to protect investors. He pointed out other important steps that had been taken to strengthen the securities industry including issuing important guidelines for market operators, the introduction of more stringent licensing requirements and the launch of a 10-year Capital Market Master Plan to serve as a blueprint for the growth and development of the Ghanaian capital market.
He assured the audience that there would be a series of capital market educational programmes under the ‘Time with the SEC’ investor education programme rolled out across the country.
The SEC Director-General also provided the latest updates on the implementation of the Government Bailout programme and the next steps. He said there was also an engaging open forum which allowed investors and other members of the public an opportunity to ask questions and make their issues known directly to the SEC.
The programme covered topics including ‘Understanding the role of the SEC in the Capital Market’, ‘ The Regulatory Framework of the SEC’, ‘Understanding how the Capital Market works’ and ‘Capital Raising and Investment’.