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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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    ‘E-levy not the solution to revenue shortfall, go to IMF’ – Assibey Yeboah

    Airport workers call for sanctioning of operators who flout regulations

    Hospitality industry players confident of a rebound in business this year

    Tema ECG invests over GH¢3M into system improvement efforts

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    AfCFTA members conclude negotiations on rules of origin to enhance free trade

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    Rate of increase in value of MoMo transactions dipped in 2021

    IEA calls for changes in current inflation targeting structure

    Bank of Ghana maintains policy rate at 14.5%

    Kwamina Bentsi Enchill Duker appointed as 1st CEO of Development Bank Ghana

    Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP

    Expect another fuel price hike in February – IES

    Too many tax policy inconsistencies worrying – Tax Analyst

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    Telco’s committed to March deadline for sim registration exercise – Dr. Ken Ashigbey

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    MTN to sue road contractors for fibre cuts

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    Strict enforcement of AfCFTA regulatory framework will ensure smooth implementation of PAPSS – Bawumia 

    President of Cote d’Ivoire Alassane Ouattara meets Eni’s CEO Claudio Descalzi

    South African president calls for increased trade with Ghana

    More partnerships needed to drive intra-Africa trade – Wamkele Mene

    AfCFTA member states urged to develop right policy frameworks to promote SEZ development

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SEC probes fund managers for GH¢5bn locked up in ‘shady’ deals

August 1, 2019
in Banking And Finance, Top Stories
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The Securities and Exchange Commission is investigating money managers for locking up as much as GH¢5 billion in risky investments they’re struggling to retrieve for clients.

The funds are stuck in short-term unlisted bonds, direct private-equity stakes and related-party deals for small- and medium-sized businesses, said Paul Ababio, deputy director-general at the Securities and Exchange Commission.

With efforts to retrieve the money proving futile, the SEC is starting forensic audits to determine how to retrieve money for investors, which may include selling off the fund managers’ assets, he said.

“If part of their portfolio is distressed, we have to understand it to know what solution to deploy,” Ababio said in an interview in Accra. “We’ll look at what can be done for investors — we’ll look at liquidation.”

Cleaning up the nation’s 25 billion-cedis fund management industry became necessary after a recapitalization exercise by the central bank exposed weaknesses in the system. While the drive strengthened the banking industry and reduced the number of lenders by almost a third, the early stages of the programme spurred panicked withdrawals from depositors trying to access their savings, drying up liquidity among fund managers.

Twenty-one firms are being audited, which will be completed by the end of the year, Ababio said.

In all, 9 billion cedis was reported by fund managers as being tied up, of which GH¢4 billion was held in Treasury bill-linked instruments with banks, savings and loans companies or microlenders, he said.

After setting aside GH¢11.2 billion to bailout the banking industry and GH¢925 million to rescue microlenders, the government plans to invest at least 3 billion cedis to help savings and loans companies, the finance ministry said in April. The funds will be used mainly to ease pressures from investments linked to T-bills, Ababio said.

SEC rules forbid fund managers from directly underwriting corporate debt or taking straight private-equity positions, even though they can lend to businesses through reputable financial institutions and invest in a private-equity firm, which then acquires stakes in companies, Ababio said.

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Source: Bloomberg
Tags: Security and Exchange Commission
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