Committee

The Association shall have permanent standing committees and special ad hoc committees as determined by the Governing Council.
The committee shall be made up of a minimum of six (6) members and a quorum is formed by a simple majority.

The following Standing Committees shall assist the Governing Council in the management of the Association:

1. Broker-Dealers
2. Investment Advisors
3. Committee of Service Providers
4. Regulatory & Legislative Affairs
5. Ethics & Professional Standards
6. Education, Training & Public Affairs

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PRESS RELEASE

STATEMENT BY THE GHANA SECURITIES INDUSTRY ASSOCIATION (GSIA) ON THE REVOCATION OF LICENCES OF FUND MANAGEMENT FIRMS BY THE SECURITIES & EXCHANGE COMMISSION (SEC)

On Friday November 8, 2019 the (SEC) revoked the licences of 53 fund management companies. The action was meant to protect investor interest and the integrity of the capital market. We welcome any moves that will shore up the industry and ultimately boost investor confidence. We wish, however, to state the following:

There is no need for panic withdrawals by investors. The industry is no worse off today than it was before the action by the SEC. Twenty One (21) of the firms whose licences had been revoked were already not operational and several of the 32 who were operating were already facing serious governance, operational and liquidity challenges. There are several robust fund management firms that are liquid and operating with healthy balance sheets and we are confident that these will continue providing solid services to the investing public.

The Ministry of Finance (MOF), SEC and Bank of Ghana (BOG) must urgently support the investment industry by pushing the Receivers of failed Savings and Loans (S&Ls), Finance Houses and Microfinance firms (MFIs) to pay liabilities to Fund Management firms with validated exposures. Poor governance and ethics played a part in this industry’s current challenges but the banking sector clean-up was the final trigger causing the liquidity challenges that some firms face. Piecemeal pay-outs for validated exposures exacerbate these liquidity challenges and given that pronouncements have been made that no depositors will lose their funds, it is important that validated claims by Fund Managers are immediately honoured.

The SEC must provide clarity on the path forward for investors whose monies were with collapsed firms. This will reduce investor panic and help to forestall a run on the industry. There must also be a clearly spelt out process for firms whose licences have been revoked and who feel they may have a genuine case for review.

The investment industry is the understated complement to the banking sector. Its average growth – 69.5% per annum over the past decade and its size (Ghs 40 billion) are clear pointers to its importance to the broader economy. In order for it to continue playing its intermediation role in the economy it will need a better resourced and engaged regulator, a well-informed investing public and robust, well governed firms that act in the interest of clients.

We wish to assure the investing public that the GSIA will engage with all key stakeholders in order to promote a healthy and vibrant industry that creates wealth for all.

Thank you.

Executive Secretary
Issued on behalf of the Governing Council


11/11/2019 
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