Director-General of the Securities and Exchange Commission (SEC), Reverend Daniel Ogbarmey Tetteh, has urged credit unions in the country to learn from the recent financial sector clean-up.
Speaking at the biennial conference of the Ghana Co-operative Credit Unions Association (CUA) in the Central Region, Rev. Ogbarmey Tetteh noted that it was necessary for Credit Unions to enforce compliance to ethical financial standards to avoid becoming insolvent so as to improve on Ghana’s systems and capacity to deliver a world-class financial sector.
“A regulated activity means compliance with standard, rules and procedures. I want to suggest that you must be big on compliance as it is germane to the success of financial institutions,” he stated.
“Ethical behaviour must take the front seat in the financial industry, and it is important to help people to become compliant by defining clearly, the standards of ethical behaviours, as well as introducing a regime of sanctions against unethical behaviour,” he added.
Speaking further at the event, Rev Ogbarmey Tetteh touching on the partial bailout package recently announced by his outfit, assured customers of the various collapsed Fund Management Companies of receiving their locked-up funds after the elections.
Adding that, the partial bailout intervention by government was a sincere move to bring relief to affected persons and not a political gimmick.
Even though he failed to give timelines, he insisted that government, the Commission and other relevant institutions were committed to the bailout process, stating that “it is just a question of following due process.”
Also speaking at the event was the General Manager of CUA, Emmanuel Coffie, who entreated the public to be wary of fraudulent financial institutions that promised unreasonable returns on investments.
“And so if you are looking for a safe place to invest, I will recommend that you find the nearest credit union,” he stated.
The association’s biennial conference participated by over 500 credit unions, was christened: Sustenance in the Era of Financial Challenges, Our Role as a Co-operative Credit Union.