- The Securities & Exchange Commission (SEC) boss said he has also lost an investment like Menzgold customers
- He warned the public against investing with companies that offer juicy packages
- The SEC boss advised that people do strict background checks before deciding to invest with a firm
Director General of SEC, Rev. Dr. Daniel Ogbarmey-Tetteh, has revealed that he was also a victim of a failed investment.
According to Ogbarmey-Tetteh, he had investment a huge sum with an investment company, but few days later, “it fell flat”.
This is contained in a report sighted by YEN.com.gh on Ghanaweb.com.
He, however, failed to mention the name of the investment company with which he lost his money
“I wouldn’t want to mention the organization but I also lost an investment. I put some money in some company and after a week or so it fell flat. I just have to lick my wounds and move on,” the SEC boss revealed.
He was speaking on the struggling situation of Menzgold which has the funds of many Ghanaians locked up.
Ogbarmey-Tetteh urged Ghanaians to do strict background checks of investment firms before they decide to do business with them.
He noted that the juicy the promised package, the riskier the investment is, and that was what the SEC wanted to guard against.
“When there is a big juicy package from an agency then there is a higher risk so our commission was to inform and create awareness that was why we issued several notice to the public,” he said.
He added that the key thing to look out for is whether the investment firm was licensed and the details underlying its operation.
“If you need economic development, you need patient capital and you can only get that in the security industry. If an agency promises you higher returns but low risk, look for the exit doors,” Dr. Ogbarmey-Tetteh advised.
He further refuted claims that the SEC was responsible for Menzgold woes.
“I don’t think SEC is responsible for the collapse of Menzgold. There was something fundamentally flawed in the business model and so it was bound to happen,” the SEC boss revealed.
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