Surviving fund management firms to get government support – Dr. Addison

Dr Ernest Addison

The Governor of the Bank of Ghana (BoG) has assured the public that government would put the necessary efforts together to support the remaining fund management companies after licences of 53 others were revoked.

The Securities and Exchange Commission (SEC) last Friday revoked the licences of 53 fund management companies in the country for breaching the laws regulating their operations.

Governor of the Central Bank, Dr. Ernest Addison told 3news’ Central regional correspondent Kwame Kakraba, on the sidelines of the Mfantsipim School’s 143rd Speech & Prize Giving Day in Cape Coast, that what led to the revocation of the licences is similar to the banks and specialized deposit institutions clean up.

”As we know this is the government that has committed itself to fiscal discipline and it means Bank of Ghana has to draw a budget which will set the sealing that we have adopted in the fiscal responsibility law.”

He added that the financial stabilities committee of the Bank of Ghana will do everything to ensure that the instability in financial sector is addressed.

Read also: SEC cracks the whip; revokes licenses of 53 investment firms

Source: | Ghana

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