James Klutse Avedzi, the former chairman of the Public Accounts Committee and current Director General of the Securities and Exchange Commission (SEC), has called for stricter measures against corrupt officials, emphasizing that merely recovering stolen funds is not enough.
In an interview with Joy News on Thursday, Avedzi stressed the importance of retrieving misappropriated government resources but insisted that accountability must extend beyond just refunding stolen money.
“The recovery of the money is good. It’s okay. We should do that,” he stated, underscoring the necessity of reclaiming public funds.
However, he raised concerns about weak financial accountability, pointing out a major loophole in the system and questioning the fairness of penalties for financial misconduct.
He illustrated his argument with a striking example: “Someone takes $10 million of government money and trades on that money, makes an additional $5 million, and is caught. They have to pay only the $10 million. How about the $5 million profit or interest that the person has made?”
Avedzi argued that such cases expose the shortcomings of existing measures, which fail to address the illicit gains made from corruption.
“We recover the money, but we must punish the person,” he insisted, stressing the need for accountability to deter future wrongdoing.
He also questioned the ethics of individuals who misuse public funds, stating, “In any case, why do you want to take government’s money and then later give it back? Government needs money to do projects for everybody, but you want to take it as an individual. It’s wrong.”
His remarks highlight the urgent need for stronger enforcement mechanisms to ensure that corrupt officials are not only made to return stolen funds but also face appropriate consequences for their actions.
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