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Business News of Wednesday, 26 February 2020

Source: peacefmonline.com

It's unfair to pay only MFI, S&L customers to the detriment of Fund Managers - Jinapor


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Former Deputy Energy Minister in the erstwhile Mahama Administration, John Jinapor says it is unfair for President Akufo-Addo to pay only deposit-taking institutions customers leaving out customers of Fund Managers.

According to the Member of Parliament for Yapei-Kusawgu Constituency, the Fund Managers are regulated like Bank of Ghana regulating deposit-taking institutions which are both enshrined in the 1992 Constitution.

Speaking on Okay FM’s 'Ade Akye Abia' Morning Show, the member of the Finance Committee of Parliament indicated that Fund Managers like Gold Coast Security and others are regulated by the Security and Exchange Commission (SEC).

“My major point with regards to the President's assurance to pay all customers of DKM and other Financial Institutions has to do with those with the Fund Managers. It is not everybody that deposit for safe-keeping, some people invest in banks, people invest in Fund Managers. The Fund Managers are regulated by the Security and Exchange Commission . . . These are all regulators under the law . . . " he opined.

He reiterated that the decision of the President to pay customers of the defunct Savings and Loans Companies and Microfinance institutions, and leaving out customers of Fund Managers who are both regulated by mandated bodies, is not proper and fair.

“...Any such decision by any government to pay customers of deposit-taking institutions to the detriment of Fund Managers is unfair, unethical and not proper,” he stressed.

He emphasized that microfinances and Fund Managers must be treated equally and equitably.

"Savings and Loans give more interest than Fund Managers and so why will you choose microfinance customers, pay them and leave out those who invested with Gold Coast Security and others? What crime have they committed?" he rhetorically asked.

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